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

[Miz4r]

i think the block chain technology is a very bad idea. it will result in a cashless society where all transactions are recorded. sounds more like another 'gather all your records' scheme..

yes, everyone should diversificate into gold and silver too. But to be mobile crypto is infinitely better. And there is Darkwallet and a couple of other projects which can help with privacy.

i always have been a metals person..... i did believe crypto was a good idea because i cannot put a gold or silver coin through the internet .. privacy would definitely help with crypto ... there is another problem with bitcoin... imagine a currency system that has the ability to lock out and ban individuals from that system.... bitcoin has serious flaws that need to be exposed to public awareness.

Please explain how you can lock out and ban individuals from using Bitcoin.

[ChartBuddy]

Coin
Explanation

[JerryCurlzzz]

We keep tappin' on that $300 resistance (well, not quite ) and can't seem to break it. I'm seeing a big assortment of Cup-and-Handles being drawn on Tradingview from the $315 spike to now. Is it time to retrace and form that handle?

Any targets?

[Sitarow]

can someone plz tell me wtf is going on?

News like those below adds to the rumors and panic.


https://www.cryptocoinsnews.com/wtf-just-happened-to-litecoin-and-bitcoin/

https://blog.bitmex.com/chinese-promoter-pumping-litecoin-via-ponzi-scheme/

https://coinplorer.com/LTC/Addresses/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou?skip=20

BTW ^ this address has been receiving LTC even before the LTC rise.

https://coinplorer.com/LTC/Addresses/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou?skip=8000

4/20/2015 1:25:02 PM (UTC)   34ya1Bx4MQQnQJEnyG1G914fPTKZnPSrj2, LRTCpLKySqh5m39VuBvbMZYRjhwYr3kdNT   
 see tx
+ 500 LTC
4/20/2015 12:53:21 PM (UTC)   388R1NB8w28Rid3MBXPbhp7rG5ojdx2Udf, LRTCpLKySqh5m39VuBvbMZYRjhwYr3kdNT   
 see tx
+ 3,000 LTC
4/20/2015 12:29:08 PM (UTC)   3FnCGzkGuYTUy8kqEVJLiwcD45HDna3V6n, LRTCpLKySqh5m39VuBvbMZYRjhwYr3kdNT   
 see tx
+ 500 LTC
4/20/2015 9:12:56 AM (UTC)   3Nh3pRKbyEi8tWP5DvF43tzb9sLabqHNH2, LRTCpLKySqh5m39VuBvbMZYRjhwYr3kdNT   
 see tx
+ 1,000 LTC

9AM EST 2015-07-10


6:28PM EST 2015-07-10

Those that claim that that address is may wish to reevaluate their conclusions as to the caused the LTC/BTC dump.

https://bitinfocharts.com/litecoin/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou

tx: f8281149e...d0cb   813259   2015-07-10 04:57:20   -500 LTC   1,068,047.7324 LTC   $6,397,658 @ $6 <---- That is when withdraws started on the wallet. After the dump.

[spike420211]

290-295
steadily sailing the seas of cheese...

[Sitarow]

[ejinte]

i think the block chain technology is a very bad idea. it will result in a cashless society where all transactions are recorded. sounds more like another 'gather all your records' scheme..

yes, everyone should diversificate into gold and silver too. But to be mobile crypto is infinitely better. And there is Darkwallet and a couple of other projects which can help with privacy.

I didn't write this. Please get your quoting right next time.

[JorgeStolfi]

In case this has not been posted:

Bitcoin Magazine,  July 11, 2015
Chinese exchanges claim litecoin volatility driving bitcoin price gains, Chinese stock market has little effect

[JorgeStolfi]

Here is a tinfoil hat theory for your amusement: the stress test was part of a pump-and-dump plan for Litecoin.

I have read on /r/bitcoin that some Chinese entity had been pumping Litcoin in China for some time, with ads etc..   Also there I read a testimonial by a BTC day-trader who said he used LTC regularly for arbitrage, to move funds between exchanges -- because of Litecoin's much shorter block interval (2.5 min). 

So, perhaps those same Litecoin pumpers contracted the stress test, for the purpose of pushing as much of that inter-exchange traffic to LTC instead fo BTC, driving up its price even futher -- before the final dump.

[ChartBuddy]

Coin
Explanation

[shmadz]

Am I the only one looking for a small scalp short for a correction?

I mean yes sure it's bullish, but it doesn't mean it doesn't follow any general market behavior ...

Don't you remember the "general market behavior" of bitcoin from November 2013?



What if this time it's *not* different?

-------------------------------------------------
I'm not trying to advise or chide you for your strategy, everyone does it there own way, based on their own preference and experience. I'm sure you're not the only one looking to scalp the market and that's why it will probably work like a charm...

I'm just posting a reminder that sometimes the market does not act as you think it should. If we have anything like a repeat of that fateful month in November 2013, I will be glad to be well set in a long term, non-leveraged position that was accumulated slowly in the 200's rather than  trying to buy back in after a scalping attempt gone wrong as the market runs away from me.

Best of luck everyone.

[dscotese]

It figures. My sell order was at $296.62 missed the top by 52 cents. This keeps happening to me. Look people, we don't have a central bank so it's up to us day traders to keep the price stable enough for bitcoin to be usable as a currency. if it jumps up 10% in a day, sell. buy when it retraces 5%. don't let it rise too far too fast. It's unsustainable, draws in the wrong crowd and drives out more cautious investors. 

I would be happy to see consolidation in this range for a few days before the assault on $300.

Remember, you have more money to buy the dips if you sell the spikes.

Thank you for providing this liquidity and stability, and I wish you every success with it.

I wrote a bot that maintains a dollar-value position in bitcoin for me using BitFinex margin trading.  Speculators like to take risks and push the price around, so I like to absorb the fruits of their labor.

[GaliX]

In case this has not been posted:

Bitcoin Magazine,  July 11, 2015
Chinese exchanges claim litecoin volatility driving bitcoin price gains, Chinese stock market has little effect

I totally agree. People said the same at litecoin... "This time it's different!" ... yea it was not different at all.


On top, Litecoin started this pump and was leading every leg up ahead of bitcoin.
The last leg up for bitcoin was also the biggest volume on a daily we had for a pretty long time. The last leg to the upside was directly from the LTC dump in China as many coins were dumped on the LTC/BTC pair, which would explain the crazy Pinbar we see on the chinese exchanges.


The recent push trying to break 300$ on western exchanges was in my opinion just a good indicator that this time it is not different.. Just like on LTC... To me this looks really toppish with RSI overbought at every time frame we could see a good retrace here even thought the candles look really bullish.

As for now I took all the profits of my long position and I decided to look for signs to go short.
If we have a strong move through 300 to 315$ I am letting my thoughts fall on this and get ueber bullish again.

If we see a bigger correction right here I am going to look really closely at the dip because if my LTC thoughts are right we will not see enough buy power to buy the dip back up. 95 000 btc margin longs looking for profit are crazy scary compared to just 9 000 btc margin shorts.


Maybe I am wrong and stupid but I am shorting this for now.

[TerraMaster]

I personally wouldn't be advising family members to invest in BTC. It's a massively risky investment & just because I believe in it doesn't mean I'd be willing to risk the wrath of family or friends by telling them to invest.
BTC could go either way, I wouldn't want anybody elses financial status riding on advice given by me.
Too much pressure.

Last time I advised or pointed out BTC as an investment was when it was reaching $90.00 lol, even then I felt nervous about informing a close friend of BTC as an investment   of course we all know where BTC went to later that year   that was the most exciting time, well cashing in on BTC at $1100.00 +  

Ahhhh the good old days"  

PS: My friend, well she felt it was to risky at $90.00  

[shmadz]

Maybe I am wrong and stupid but I am shorting this for now.

I'm pretty sure you're not stupid, and I hope you're not wrong. A sharp pull-back from here would keep us in the 200-300 range I've been hoping would last all summer. Also would be a real kick in the teeth to all the building hype, so there's that tendency to move in the direction of most pain thing...

But if we break above 300 and stay above 300? -- to me it would be analogous to when we broke and held above $10 after spending almost all of 2012 at +/- $5... meaning not a good time to be in a short position.

[Wary]

Don't you remember the "general market behavior" of bitcoin from November 2013?


What if this time it's *not* different?

There is no Willy this time.

[rolling]

Don't you remember the "general market behavior" of bitcoin from November 2013?


What if this time it's *not* different?

There is no Willy this time.

Were you watching OkCoin a couple days ago?

[foxbitcoin]

I am very content with holding 295 for a while. Its just one step closer to 300!

[GaliX]

Maybe I am wrong and stupid but I am shorting this for now.

I'm pretty sure you're not stupid, and I hope you're not wrong. A sharp pull-back from here would keep us in the 200-300 range I've been hoping would last all summer. Also would be a real kick in the teeth to all the building hype, so there's that tendency to move in the direction of most pain thing...

But if we break above 300 and stay above 300? -- to me it would be analogous to when we broke and held above $10 after spending almost all of 2012 at +/- $5... meaning not a good time to be in a short position.

Ofc I agree, if we break 315$ with confidence this time it could really develop to something different this time.

But for now we are under 300$ with a lot of things coming up next week. (possible Grexit, Chinese Stock market development, etc. etc.)

If there are really new forces buying Bitcoin we shouldn't have a problem going beyond 315$ this time and not become a instable critical mass.

[gentlemand]

Don't you remember the "general market behavior" of bitcoin from November 2013?


What if this time it's *not* different?

There is no Willy this time.

Were you watching OkCoin a couple days ago?

I'm sure China has plenty of willies pumping away but they're staying under the radar. The Gox willy was bright purple and 16 inches long. Subtlety is the key these days.