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

[inca]

We need to get back to 285 in order to put an end to this 5 day downtrend.

A single 5k market buy moves the price immediately back up to 300.

And all the new shorts in the decline have covered already.

[natewelt]

We need to get back to 285 in order to put an end to this 5 day downtrend.

A single 5k market buy moves the price immediately back up to 300.

And all the new shorts in the decline have covered already.

During this entire downtrend I've noticed traders are very unwilling to raise their bids and "slap the ask" as I like to say. That's why its just been a slow trickle down. Sellers are selling right into traders hands rather than traders gobbling up coins moving us higher with market orders.

We need someone or a couple people to aggressively buy in order to break this downtrend...like you said a 5k market order would def do it!

[inca]

We need to get back to 285 in order to put an end to this 5 day downtrend.

A single 5k market buy moves the price immediately back up to 300.

And all the new shorts in the decline have covered already.

During this entire downtrend I've noticed traders are very unwilling to raise their bids and "slap the ask" as I like to say. That's why its just been a slow trickle down. Sellers are selling right into traders hands rather than traders gobbling up coins moving us higher with market orders.

We need someone or a couple people to aggressively buy in order to break this downtrend...like you said a 5k market order would def do it!

Patience. We are resetting all the momentum indicators.

[inca]

The same could be said of bears. The onus is upon them to break this uptrend by breaching 270. Everything else is just noise and a chance to accumulate before the trend does it's thing.

[ask]

... break this uptrend...

This uptrend?

Yes it is, but I am sorry because you are blind. My advice: go three steps backward, and you will see bigger picture

[ChartBuddy]

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[natewelt]

... break this uptrend...

This uptrend?

That's a clear downtrend that has yet to be broken. Inca was likely talking about the uptrend that started about 2 months ago at 220.

[sAt0sHiFanClub]

We need someone or a couple people to aggressively buy in order to break this downtrend...like you said a 5k market order would def do it!

Maybe we should ask inca & ask to do it?  Kinda surprised they haven't thought of it themselves, cheap coins...

+1.

Clinging to an idea that makes no logical sense to informed players is about par for the course.

[natewelt]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

[inca]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

Look at the volume on the decline and guess what happens next.

[GaliX]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

Look at the volume on the decline and guess what happens next.

Volume can be an indicator for tops/bottoms in the rest of the time volume is not so important...

[natewelt]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

Look at the volume on the decline and guess what happens next.

Decreasing volume during a downtrend means sellers have exhausted their selling pressure.  

WE GO UP

[natewelt]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

Look at the volume on the decline and guess what happens next.

Volume can be an indicator for tops/bottoms in the rest of the time volume is not so important...

Not true. Periods of abnormally low volume are normally the calm before the storm. Usually the move following a period of low volume is substantial. Lower volume during an uptrend usually indicates buyers are losing interest and lower volume during a downtrend means sellers are almost done selling.

[GaliX]

Here's what the technical picture looks like right now. Obviously we need to break to the upside from this 5 day downtrend soon or we may see lower prices still in the immediate near term.

Look at the volume on the decline and guess what happens next.

Decreasing volume during a downtrend means sellers have exhausted their selling pressure.  

WE GO UP

well it means there are more sellers then buyers even if the volume is low...
It does not indicate what the next big move is going to be.

[gentlemand]

Not true. Periods of abnormally low volume are normally the calm before the storm. Usually the move following a period of low volume is substantial. Lower volume during an uptrend usually indicates buyers are losing interest and lower volume during a downtrend means sellers are almost done selling.

There've been a ton of low volume phases in the last year or more. Lots of people wheel out the calm before the storm line then not a goddamn bean occurs for another few weeks or months. Sometimes low volume just means good old sideways and boredom.

[natewelt]

Not true. Periods of abnormally low volume are normally the calm before the storm. Usually the move following a period of low volume is substantial. Lower volume during an uptrend usually indicates buyers are losing interest and lower volume during a downtrend means sellers are almost done selling.

There've been a ton of low volume phases in the last year or more. Lots of people wheel out the calm before the storm line then not a goddamn bean occurs for another few weeks or months. Sometimes low volume just means good old sideways and boredom.

Absolutely, which is why I try not to talk in certainties with my analysis by frequently saying "normally" and "usually." All technical analysis and volume analysis is merely speculation based on history and repeating patterns. The hope is to simply be right at least 51% of the time.

[ChartBuddy]

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Explanation

[billyjoeallen]

Is the weekend sale over? I was promised $275 coins!  That wasn't even a decent assault on support. C'mon, teddy bears. Gimme yer coinz. 3600 get mined every day taking almost a million new dollars daily just to support the price. BTC swap costs are next to nothing and you have a full 360 days until the halving, so what are you waiting for?

You wanna be patient and regroup for the next attack? Fine. I'll wait for you. Just remember that each coin you sell at $280 is one less coin you can sell at $270-275. 

[Crumbles]

You should be used to it by now

[ChartBuddy]

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