Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Andre#]

If it was an attempt at squeezing longs think it's safe to say that so far it's a failure (to my surprise as well was expecting more closed longs)

And that is gentleman. 

[ChartBuddy]

Coin
Explanation

[dreamspark]

I see some people are talking about bears and bulls?  What the heck does this have to do with bitcoin anyhow?  I'm a total newb by the way....

In stocks there are "bear markets" and "bull markets."

For an over simplified description:

Bears are pessimists
Bulls are optimists

Bears believe the price is going down
Bulls believe the price is going up

Why anyone who is involved with BTC enjoys being a "bear" is beyond my understanding.  Sure, bear markets are a part of the cycle but I would think logically being a long term "bull" makes more sense.

Because it is the way you make money in a bear market like this one for 16 months?
Follow the trend and make money. Don't fight against it.

I get that.  Taking advantage of the trend is smart, if you have the ability to do so.  But when the price starts to swing the other direction do these same people become "bulls" or do they just stay "bears?"  I have respect for those that are bears in a bear market and bulls in a bull market and have the wisdom to see which market we are actually in!  

Of course they become bulls but lets not forget we're in an overall 15 month long downtrend. Each time making lower highs. $315 was the top of the "coinbase pump" if we go down from here its still a bear market imo after not convincingly breaking $300 and retesting the previous bottom is not out of the question. Anyone who tells you thats impossible are the same people saying we could never go below 400300 200. People would make so much more money if they didn't fight the trend. Yesterday was an epic day, profits were over 300%. Just ride the trend and don't sit there staring at the screen wondering why. 

Yesterday was black swan news driven. Technicals were overbought but you had no idea that would happen. Show off your profits though

The 'news' was just the grease for the wheels, its not like these guys were dumping thousands of coins and that's what bought it down. The market was ready for a drop, too much hopium and too many leveraged longs. Was saying for days before we were going down so actually yes did know it was going to happen. Would have at least thought longs would come down but nope we just keep piling them on. Bulls were out of steam and couldn't even break past $300. We're at ~1/5 of the ath and couldn't even break $300 that's a sad state of affairs particularly as were in a bull market now, right? You think I like $50 drops, even if my profits were that on my trading stash my fiat value still took a huge hit.

[TankHankerous]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

[dreamspark]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

[inca]

I see some people are talking about bears and bulls?  What the heck does this have to do with bitcoin anyhow?  I'm a total newb by the way....

In stocks there are "bear markets" and "bull markets."

For an over simplified description:

Bears are pessimists
Bulls are optimists

Bears believe the price is going down
Bulls believe the price is going up

Why anyone who is involved with BTC enjoys being a "bear" is beyond my understanding.  Sure, bear markets are a part of the cycle but I would think logically being a long term "bull" makes more sense.

Because it is the way you make money in a bear market like this one for 16 months?
Follow the trend and make money. Don't fight against it.

I get that.  Taking advantage of the trend is smart, if you have the ability to do so.  But when the price starts to swing the other direction do these same people become "bulls" or do they just stay "bears?"  I have respect for those that are bears in a bear market and bulls in a bull market and have the wisdom to see which market we are actually in!  

Of course they become bulls but lets not forget we're in an overall 15 month long downtrend. Each time making lower highs. $315 was the top of the "coinbase pump" if we go down from here its still a bear market imo after not convincingly breaking $300 and retesting the previous bottom is not out of the question. Anyone who tells you thats impossible are the same people saying we could never go below 400300 200. People would make so much more money if they didn't fight the trend. Yesterday was an epic day, profits were over 300%. Just ride the trend and don't sit there staring at the screen wondering why. 

Yesterday was black swan news driven. Technicals were overbought but you had no idea that would happen. Show off your profits though

The 'news' was just the grease for the wheels, its not like these guys were dumping thousands of coins and that's what bought it down. The market was ready for a drop, too much hopium and too many leveraged longs. Was saying for days before we were going down so actually yes did know it was going to happen. Would have at least thought longs would come down but nope we just keep piling them on. Bulls were out of steam and couldn't even break past $300. We're at ~1/5 of the ath and couldn't even break $300 that's a sad state of affairs particularly as were in a bull market now, right? You think I like $50 drops, even if my profits were that on my trading stash my fiat value still took a huge hit.

Sure i said it was overbought. Even i said the day before we would probably dip to the 250's. Clearly the drop was just whales dropping the hammer trying to encourage a cascading waterfall.

What is interesting is that bulls havent thrown in the towel. My guess is they never will and are using bitcoin as collateral for long positions - probably miners. In my mind this is the reason why even at the worst sell off I have ever witnessed down to 160 on finex the long interest failed to collapse.

Shorters are loading up again and will drive us back up into the next assault on 300..and the log downtrend line which lurches towards us with every day we sit in this range. Next price positive good news will propel us through IMO.

Until we break the log downtrend line we wont get a lot of technical traders jumping on board - that is when i consider us in a bull market (bitcoin style).

[TankHankerous]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

silly bitch

[nioc]

Monkey thinks price will be downish until Monday-Wednesday turn starts a steady upward move, but 250 will hold the bottom.

I ask again, has your monkey got this bitcoin thing down yet?  I know he/she was a bit weak several months ago.

My Cargo Cult TA© says buy as of an hour ago.  I already bought yesterday as I anticipated the change due to the quickness of the dump.

Remember so far this past week it was
buy at 282
sell at 290
buy an hour ago at 260 (I bought at 253)

[dreamspark]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

silly bitch

Cya later newb

I see some people are talking about bears and bulls?  What the heck does this have to do with bitcoin anyhow?  I'm a total newb by the way....

[soullyG]

Monkey thinks price will be downish until Monday-Wednesday turn starts a steady upward move, but 250 will hold the bottom.

Nice to see yourself and Mr. Monkey back again

[inca]

Monkey thinks price will be downish until Monday-Wednesday turn starts a steady upward move, but 250 will hold the bottom.

Nice to see yourself and Mr. Monkey back again

I concur!

[Cassius]

Until we break the log downtrend line we wont get a lot of technical traders jumping on board - that is when i consider us in a bull market (bitcoin style).

Where is that right now?

[tarmi]

the bull brigate is out of the woods.

give us another good opportunity for shorting, please.

[inca]

Until we break the log downtrend line we wont get a lot of technical traders jumping on board - that is when i consider us in a bull market (bitcoin style).

Where is that right now?

336 by my reckoning. It arcs down to our current price in June 2015, and 200 by October 2015.

[Andre#]

I am expecting the price of Bitcoin to rise up to atleast 300 or over by monday but then again that is my speculation...what do you guys think?

300 this week seem " hard " , i think it can rise 260 by this week-end and then we may see a dump
or pump   l you are from sellers right ?? you like that bitcoin price go to the top   !

Weekend arrived in one hour already: $265. 

[Andre#]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

silly bitch

Why silly? (Because she's right.)
Don't know about the bitch part, though. 

[okthen]

Well, I voted 290 by Monday.
Really doubt we'll cross the 300 line (it's taking long and should still take a while), but I definitely think we'll rebound.

[dreamspark]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

silly bitch

Why silly? (Because she's right.)
Don't know about the bitch part, though. 

I must have missed the part where I changed into a female lol.

[TankHankerous]

lol can't catch a break!

[BitChick]

I'm out.

These price fluctuations are a testament to bitcoin's volatility.

Smell ya later when the price is a bit more stable and reasonably priced.

See you in the thousands then, thats the only time there will be enough liquidity for stable prices.

silly bitch

Why silly? (Because she's right.)
Don't know about the bitch part, though. 

I must have missed the part where I changed into a female lol.

If the comment had been made to me it would have worked.

But that said,  volatility is part of the "fun" in this early phase of BTC.  When BTC becomes less volatile the price will be so much higher that there will no longer be the ability to achieve as much gains as those that invest now will have.

I have said it before, and I will say it again, people often think about the risks of buying BTC, but what people often seem to overlook is the risk of NOT buying right now.  Lost opportunities are a risk too.   I could have purchased some coins at $1 when my husband first mentioned BTC to me.  At that point we were concerned about the legality of it all so we did not invest for that reason but we still lost out on some amazing gains which is unfortunate.  We still got in at a good price in early 2013, but only invested a small amount we were willing to lose 100% of because we were not sure of where BTC was really going.  But I am glad we took that risk early on.  

For those of us that have been through a couple Bitcoin bubbles, we know how crazy fast the price can rise when it finally decides to do so.  I believe it is more painful to miss out on that than just riding out these crashes, or equally so.