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

[tarmi]

Best to zoom out and not sweat the little movements on the 15m chart or you're likely to get shaken out.

even better: just stop buying near the resistance line/local top. let others do that for you.

[bassclef]

Best to zoom out and not sweat the little movements on the 15m chart or you're likely to get shaken out.

even better: just stop buying near the resistance line/local top. let others do that for you.

The resistance is what, $247.5? Not much wiggle room there if you're looking to position. I think that trader saw a chance to buy into those hidden walls with no slippage and took it.

[ChartBuddy]

Coin
Explanation

[Fatman3001]

Greece is gonna hold a referendum on whether to stay or leave the EU... the people will probably vote to stay in. However The EU is threatening to kick them out of the EU before that process... (a clue to their evil intentions, and possible reverse psychology) But It's an empty threat, they'd be in worse shape for doing that, and look very bad.

But if the EU does kick them out, they would probably start black ops on the nation in order to destroy it and regain control by force, like they did in Ukraine.

You're thinking of Russia. Greece won't have to worry about them. Yet.

[klee]

Banks closed whole week until referendum and capital controls confirmed....

[empowering]

Greek debt crisis: Banks 'to stay shut on Monday'


http://www.bbc.co.uk/news/world-europe-33305019


"Banks are expected to shut while capital controls are put in place. That in turn could push Greece towards leaving the eurozone."


Shocking /s

[coinableS]

Banks closed whole week until referendum and capital controls confirmed....

I just heard Monday. Where do you see that it will be for the whole week? Honestly I don't doubt it, but I still wouldn't mind seeing a source on this.

[dakota neat]

give up, greeks. buy now.

[klee]

Banks closed whole week until referendum and capital controls confirmed....

I just heard Monday. Where do you see that it will be for the whole week? Honestly I don't doubt it, but I still wouldn't mind seeing a source on this.

I am Greek..

[empowering]

Banks closed whole week until referendum and capital controls confirmed....

I just heard Monday. Where do you see that it will be for the whole week? Honestly I don't doubt it, but I still wouldn't mind seeing a source on this.

http://en.protothema.gr/breaking-capital-controls-taken-banks-to-remain-closed-for-one-week/

http://www.forexcrunch.com/greece-to-announce-one-week-bank-holiday/

[gentlemand]

http://en.protothema.gr/breaking-capital-controls-taken-banks-to-remain-closed-for-one-week/

Holy sheeyit. That's pretty far out. What provisions will be made for the normal functions of society?

[empowering]

Going to be an interesting few days

[Patel]

Lol I think Bitcoiners are the only ones happy about the Greece drama

[empowering]

I will give you one loaf of bread, for one jar of olives...

Okay okay okay, 1.5 jars of olives...

You drive a hard bargain

[gentlemand]

Lol I think Bitcoiners are the only ones happy about the Greece drama

I think the whole thing's pretty gross. Normal life is being fucked with by people who are totally removed from it. Such is the world. I wouldn't wish financial chaos on a single soul. It must be a vile feeling to have your security ripped away from you Argentina style.

[Fatman3001]

Lol I think Bitcoiners are the only ones happy about the Greece drama

There is no guarantee that this will benefit Bitcoin. If this turns bad Bitcoin can just as well be dragged down into mud as well. Tarmi will be shorting everything. He will buy a boat.

[empowering]

I do not see a Grexit having a direct effect, i.e Greeks buying BTC en masse.

However I do think that each case of capital control that is imposed, or even suggested, and each case of bail in's or potential bail ins that occurs, it does have an effect on the use case for Bitcoin for the rest of the world.

Also, in the event of an actual Grexit , it would send a shock wave around the entire globe, effecting most/all markets,  though it may be short lived, it would most likely happen, and there would be a knock on effect, and part of that effect could mean flight to perceived safety on a global level,  and in this case that could actually mean funds moving out of Bitcoin. Problem comes if the markets start to wobble,  there are people covering positions, getting margin calls, and moving to safety, and often in these situations, people do not sell what they have.... they sell what they can which means that the illiquid markets are stuffed, liquid markets are not so.

I would not discount the effect of a Grexit.

I do not think it would be good for most.

I do not see BTC being used as a safe harbour, maybe gold, bonds, yen, swissy... I could see some people that are already BTC investors could give it a kick up, perhaphs, but I would not count on it.

As far as BTC goes I think it would be more to do with how much exposure BTC investors have to other markets, that they could have to scramble to cover, in reality I do not think it would be too much of a problem.

If a grexit does occur and capital controls are put into place, then after the dust starts to settle, I can imagine the argument for the use case for BTC to have strengthened on a global scale... but this is not in any particular way useful for the people of Greece now... and I do not see them using BTC en masse to evade capital controls.. they are just not set up for it imo, barring a few tech savvy Greeks.

http://www.telegraph.co.uk/finance/11680077/Bank-of-Greece-issues-grave-warning-of-Grexit-as-British-government-prepares-for-fallout-live.html


(four months are almost up lets see if we get another last minute reprieve, or a giant kick into the collective balls....)

<putsontinfoilhat>  Maybe they are going to use the next four months (or do I mean days?) to prepare for a soft grexit, rather than dealing with a hard grexit sooner. Or maybe they are just trying to figure out how to phrase the word "default" so it sounds more like "perpetual bond"

<leavestinfoilhatonbecausesinceputtinghatonhavebecomeconvincedthattheNSAarereadi ngmythoughts>

Forgive my ignorance but what does Greece have to do with the price of BTC?

Directly... at this point in time.... very little.

Indirectly... a lot.


I am not sat here with my cock in hand hoping for a financial crash in hopes of escaping capital outflows benefiting BTC, because well at this point in time I do not see it happening.

However, there is an increasing possibility no matter how the current situation pans out, that we may see capital controls put in place (not just in greece either) due to the situation in Greece.  there is a perfect storm scenario where the Greece leaves the union, and the ECB declare they will not provide temporary liquidity to cover the capital flight from greece.  In fact there is the scenario where even if it does not go that far, the billions of euros a week that are currently leaving the greek banking system, continues and accelerates, even without a grexit. Basically capital controls could be put in place, and directly at this point in time, the effect for BTC will be very little.. but, it will be yet another exhibition of capital controls, and even if the greeks are not thinking about it, others will be.

So if the Swiss unpeg was the first canary in the mine.... perhaps Greece is our second canary..

Plus also BTC does not operate in a vacuum anymore than Greece or Europe does...  as I said earlier if Greece leaves it is relevant to most, and certainly to anything to do with the economy/investments etc. I have posted on here in the past about my view of how BTC may be impacted by a (medium sized) financial crisis.

NO BIG SURPRISE !

fuBAr THOUGH

[ssmc2]

[ChartBuddy]

Coin
Explanation

[rememberme]

Yea its going down too bounce 230