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

[LFC_Bitcoin]

More or less sideways action for the last 48 hours, pretty boring but I guess it was to be expected after a pretty significant upwards move recently. Not sure if any of you guys have seen chessnut's EW thread but he said there's a possibility we could move to 1900 CNY in the next few days. That's approx 305-306 USD. He does have a pretty good record at predicting price movements. I really hope he's right.

We have rallied off the 62% fib in the mid 1650 as expected in wave ii of any primary wave. While the price still has some freedom within wave ii context this is probably the crux of the move arriving if the count is correct, and I dont see any appealing alternatives. Be prepared for a very bullish move in the coming days that could easily reach 1900.

[Morecoin Freeman]

I call below 260 within 48 hours.

24 hours remaining...

12 hours...

[Karartma1]

I call below 260 within 48 hours.

24 hours remaining...

12 hours...

I call above 270 within 24 hours.

[inca]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

[ChartBuddy]

Coin
Explanation

[eerygarden]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

[nanobrain]

He does have a pretty good record at predicting price movements. I really hope he's right.

Congrats...you win the most hilarious post of the month award.
Chessnut has a fucking awful record, if you'll discover if you actually read his 'predictions' over time, especially when he posted in this thread.  He just makes a lot of predictions -- you may as well go see Gypsy Rosie Lee.

[nioc]

Although a new Fararri I'm not so sure about.

My very first car... On blue though; 1.4lt, 180Km/h top speed. Top Fiat machine...

How do you know it has a top speed of 180Km/h?

I call below 260 within 48 hours.

24 hours remaining...

12 hours...

I call above 270 within 24 hours.

It was already above 270 yesterday.  I had my remaining fiat burning a hole in my pocket and with little time and not even looking at the charts I hit the buy button at 273

[Torque]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

[8up]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

[ChartBuddy]

Coin
Explanation

[wlefever]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

[hdbuck]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

simple, from its previous ATH, ltc lost 98% (from $50 to $1) whilst btc is at -77% now. ((270-1200)/1200)

at $7, ltc is now at -85% so we may continue the surge to catch up with btc at around $12.
by then all the capital should flow back to btc to "secure" earnings, which would then result in btc surge, followed by ltc crash and rise again to catch up etc etc...

[wlefever]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

simple, from its previous ATH, ltc lost 98% (from $50 to $1) whilst btc is at -77% now. ((1200-270)/1200)

at $7, ltc is now at -85% so we may continue the surge to catch up with btc at around $12.
by then all the capital should flow back to btc to "secure" earnings.

First, if you are going to use litecoin low of $1 (lowest I saw was $1.40) then Bitcoin hit a low around $165 so more like -86% for Bitcoin at its lowest.  Second, its more about the LTC/BTC rate (low of .0059 now at .02692) then a $USD price argument.  Then again i'm not sure what you were getting at with your post.

Litecoin to me has value with Bitcoins success regardless.

[ChartBuddy]

Coin
Explanation

[hdbuck]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

simple, from its previous ATH, ltc lost 98% (from $50 to $1) whilst btc is at -77% now. ((1200-270)/1200)

at $7, ltc is now at -85% so we may continue the surge to catch up with btc at around $12.
by then all the capital should flow back to btc to "secure" earnings.

First, if you are going to use litecoin low of $1 (lowest I saw was $1.40) then Bitcoin hit a low around $165 so more like -86% for Bitcoin at its lowest.  Second, its more about the LTC/BTC rate (low of .0059 now at .02692) then a $USD price argument.  Then again i'm not sure what you were getting at with your post.

Litecoin to me has value with Bitcoins success regardless.

ah yea im using large numbers here. jsut to get a quick estimation.

but you can put it the other way around:

comparing ATHs: $50/ltc vs $1200/btc => 50/1200=4,16%
comapring now: $7/ltc vs $270/btc => 7/270=2,6%

hence ltc is still "underpriced" because at the most bullish scenario it reached 4,16% of btc's value.

but thats just my 2cents

[wlefever]

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

simple, from its previous ATH, ltc lost 98% (from $50 to $1) whilst btc is at -77% now. ((1200-270)/1200)

at $7, ltc is now at -85% so we may continue the surge to catch up with btc at around $12.
by then all the capital should flow back to btc to "secure" earnings.

First, if you are going to use litecoin low of $1 (lowest I saw was $1.40) then Bitcoin hit a low around $165 so more like -86% for Bitcoin at its lowest.  Second, its more about the LTC/BTC rate (low of .0059 now at .02692) then a $USD price argument.  Then again i'm not sure what you were getting at with your post.

Litecoin to me has value with Bitcoins success regardless.

ah yea im using large numbers here. jsut to get a quick estimation.

but you can put it the other way around:

comparing ATHs: $50/ltc vs $1200/btc => 50/1200=4,16%
comapring now: $7/ltc vs $270/btc => 7/270=2,6%

hence ltc is still "underpriced" because at the most bullish scenario it reached 4,16% of btc's value.

I'm sorry i had to reread your post.  Yes litecoin looks underpriced at this stage, i agree!

[Torque]

Bitcoin is trading oddly at the moment. Highly volatile in a narrow range.

We may be shedding last few bears and profit takers before the next move.

BTC-e doesn't want to bash through $270. But it keeps trying only to be taken back down to $263. And then it slowly repeats.

My theory:

Bitcoin is intentionally being suppressed, but in a unique way.  The whales are busy pumping the litecoin market.  Bitcoins are being sold to the whales in exchange for litecoins, so that noobs can play the litecoin rally.  The whales are holding the bitcoin price fairly steady to make it seem unappealing and boring.  The whales are also attacking the Bitcoin network with spam to continue to delay things.

Once that is done and LTC maxes out, the whales will then take off the parking brake and Bitcoin will start to rally.  The whales will mass dump their remaining litecoin for bitcoin.  All the noobs will then rush in from LTC to BTC en masse, forcing the rally even higher.  The world will then start reading about bitcoin in the media and join in the Bitcoin party.

When that happens, Katy bar the door.

Agree. Litecoin works as the perfect overflow valve.

I think Litecoin works for a little more than an overflow valve, but what Torque posted above is an interesting theory.

simple, from its previous ATH, ltc lost 98% (from $50 to $1) whilst btc is at -77% now. ((1200-270)/1200)

at $7, ltc is now at -85% so we may continue the surge to catch up with btc at around $12.
by then all the capital should flow back to btc to "secure" earnings.

First, if you are going to use litecoin low of $1 (lowest I saw was $1.40) then Bitcoin hit a low around $165 so more like -86% for Bitcoin at its lowest.  Second, its more about the LTC/BTC rate (low of .0059 now at .02692) then a $USD price argument.  Then again i'm not sure what you were getting at with your post.

Litecoin to me has value with Bitcoins success regardless.

ah yea im using large numbers here. jsut to get a quick estimation.

but you can put it the other way around:

comparing ATHs: $50/ltc vs $1200/btc => 50/1200=4,16%
comapring now: $7/ltc vs $270/btc => 7/270=2,6%

hence ltc is still "underpriced" because at the most bullish scenario it reached 4,16% of btc's value.

but thats just my 2cents

I may agree that LTC is still "underpriced" at $7 to those that value it and think it's worth more in the long run.  But I've found that is fairly irrelevant in the grand scheme of things.  I watched LTC rocket from $2 to $48, then slowly fall for a year from $48 to $1.20.  All the while, the Litecoin camp was screaming that it was "undervalued" and "underpriced" at such and such prices... all the way down to $1.20 and finally stabilizing there.  So it really doesn't matter what the supporters think it should be, it only matters what the market supports.

Same goes for BTC, all the supporters were screaming that bitcoin was "undervalued" at ~$700, then $500, then $400, then $300.  But the market said No, it's market supported value was much much lower.

When the Litecoin rally deflates again, and it probably will, hopefully LTC will land somewhere higher than where it took off ($1.70).  But when the smoke clears and people are saying it's dead again, I don't give it much higher than maybe double that.

[wlefever]

Mr. Market is always right no matter what we think 

[Alley]

24hr ltc volume almost higher then btc...