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

[Fatman3001]

Monkey has revised his estimate for the turn to tomorrow, and his support number is now 236.  Intraday, should rise a bit over the next 3 hours.

I have to admit, that f@cking monkey is smarter than me.

[ChartBuddy]

Coin
Explanation

[LFC_Bitcoin]

Really hope this price holds until pay day Friday.

[Fatman3001]

Really hope this price holds until pay day Friday.

It looks rather uneasy. Maybe you'll get an even better discount.

[damiano]

Really hope this price holds until pay day Friday.

It looks rather uneasy. Maybe you'll get an even better discount.

we just keep swinging from 245-247

[JimboToronto]

Good afternoon Bitcoinland.

Just got home and put the coffee on.

Had to run out quickly and buy some coins when I woke up and saw the price. Buy the dips.

Seems I could have waited. It's still muddling along in the $245-$247 range.

[bassclef]

Sentiment-wise, the fact that the longs haven't really budged much may indicate that they are the strong hands in this case.

Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional
Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

[aztecminer]

The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying.

Is this for real?  

http://www.infowars.com/feds-urge-banks-to-call-cops-on-customers-who-withdraw-5000-or-more/

i will be getting the cops called on me at least once or twice a month ..

[JimboToronto]

Sentiment-wise, the fact that the longs haven't really budged much may indicate that they are the strong hands in this case.

Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional
Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

That's a biggie.

[Fatman3001]

Really hope this price holds until pay day Friday.

It looks rather uneasy. Maybe you'll get an even better discount.

we just keep swinging from 245-247

Until Friday?

[aztecminer]

The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying.

Is this for real? 

http://www.infowars.com/feds-urge-banks-to-call-cops-on-customers-who-withdraw-5000-or-more/

What are they expected to charge them with, receiving funds from sold bitcoins? I didn't know it was a crime to sell your bitcoins. Having your account closed is bad enough without being arrested too.

they are getting setup for the 'big block of cheese day' is all .... carry on.. and pretend u not notice as you slowly get ur money out the bank.

[JimboToronto]

The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying.

Is this for real?  

http://www.infowars.com/feds-urge-banks-to-call-cops-on-customers-who-withdraw-5000-or-more/

i will be getting the cops called on me at least once or twice a month ..

All the more reason to avoid using banks unless it's absolutely necessary.  Earn cash, spend cash.

Write your own paper trail.

[bassclef]

Sentiment-wise, the fact that the longs haven't really budged much may indicate that they are the strong hands in this case.

Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional
Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

That's a biggie.

Good traders are good because they know how to manage risk. They won't risk 100% or their account on a margin trade. 50% is max, so if you have 10btc in your trading account you risk 5. That's a 15btc position if you're on 3:1.

[Dump3er]

Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional

So you mean the bears!

Hodling my shorts  
(Although one does not even need strong hands to hold his shorts these days, so smooth they are)

experienced chart reader: another short term bearflag forming!

[ChartBuddy]

Coin
Explanation

[JimboToronto]

experienced chart reader: another short term bearflag forming!

Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

 

[tarmi]

well capitalized longs = sending more coins to bitfinex right now to cover longs opened at 295

but houbi and stamp are empty.

I say again> if we go under 210 for a second sell everything from your brain/cold wallets and dont look back.

[Dump3er]

experienced chart reader: another short term bearflag forming!

Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

A bear flag isn't an indicator 

[sAt0sHiFanClub]

experienced chart reader: another short term bearflag forming!

Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

A bear flag isn't an indicator 

In fairness, bassclef talks a lot of bollixnonsense.

[michaelGedi]

Sentiment-wise, the fact that the longs haven't really budged much may indicate that they are the strong hands in this case.

Strong hands = profitable traders, experienced chart readers, well-capitalized, logical, non-emotional
Weak hands = newb traders, gamblers, simple indicator-based analysis, panicky, easy to shake out

That's a biggie.

Good traders are good because they know how to manage risk. They won't risk 100% or their account on a margin trade. 50% is max, so if you have 10btc in your trading account you risk 5. That's a 15btc position if you're on 3:1.

My reading of it is all based around an interpretation of the bitcoin "hodl" philosophy. At this stage my understanding is most of the recent bull run accumulation was done 220s - 240s (I don't have a chart, but the one below might help )

There is a quote here, at the bottom of this thread:

https://www.tradingview.com/v/RyzPvDn8/

This can't possibly bode well with respect to the 236 support. It's bound to be tested over the next 7 days, and judging from how weak BTC has been in the face of almost all support, I don't have high hopes. But I'm not selling my long position yet because in my experience, it is right after that when the thing turns around and RIPS. So basically I have no idea what to do.

This, as far as I can read, is the sort of mentality most bitcoiners have. It fits neatly with loss aversion: http://en.wikipedia.org/wiki/Loss_aversion


It also fits neatly with the fact that trading experiences, impatience and inability to trust ones decisions can all have a psychological toll (I know this from personal experience, as I'm sure most traders do from some stage in their lives).

I assume that most bitcoiners on the whole are not experienced traders, and they have had their past experiences mostly painted with success. The best strategy has been, by and large, to hold. These past lessons paint present actions. Also, psychologically the risk of securing a loss by selling is more damaging than holding on for the potential of future gains. In general statistically speaking people sell winners too soon, and hold losers too long.

I wonder what will happen around the 220 mark and below to all the longs. I noticed they twitching today at last...


In short I think you are giving the whales, and the masses, too much credit