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

[cyclotronmajesty]

Sideways or down... is my guess.  

Upside is gonna be in a little while longer... I think a buy now would require some Hodl. Yet I'd not wanna wait for the surge so a bid on the current price is my move... i'm ready for some hodl.

I knew this drop was coming and I think testing the bottom limit is too risky. I'd be very surprised to see 250 give way... we've already had three waves of decline. There isn't any significantly bad news to push it down much farther. This drop is simply do to the unfulfilled promises of the 300+ BTC.

I think people suggesting lower than 250 should have a very good reason.

I see sideways as the foreseeable future. Then back up.

[cbeast]

totally awesome of bitfinex to refuse to file a $5000 NY bitlicense thus cutting off all people in the finance capital of fucking america and instigating +/-$300,000,000 in btc market devaluation

Gemini is coming.

[shmadz]

Sideways or down... is my guess.  

Upside is gonna be in a little while longer... I think a buy now would require some Hodl. Yet I'd not wanna wait for the surge so a bid on the current price is my move... i'm ready for some hodl.

I knew this drop was coming and I think testing the bottom limit is too risky. I'd be very surprised to see 250 give way... we've already had three waves of decline. There isn't any significantly bad news to push it down much farther. This drop is simply do to the unfulfilled promises of the 300+ BTC.

I think people suggesting lower than 250 should have a very good reason.

I see sideways as the foreseeable future. Then back up.

"Sideways all summer"

We've been trading in a wide band between 220 and 300 roughly for several months now. Patel had targeted 250 before another test of resistance at 300, and it's totally plausible.

Personally, I hope we continue within this range of consolidation as long as possible. High probability it lasts at least until the end of the month, medium possibility we could stay in this range till the end of the year, maybe until early next summer. VERY low possibility that we are still in this range by the time the next American puppet, err, president gets selected, err, elected.

[Erdogan]

erected

[ChartBuddy]

Coin
Explanation

[inca]

It's bizarre how there's no bounce at all. Hit like a sack of seed.  

Because people are expecting 245-255$ as a bottom, but i would rather be concerned about 30.300.000$ of longs which havent decreased at all which means that we might see a cascade margin calls pretty soon if btc falls below 250$. Something really fishy is going on. Btw finex started this quick dump, not goxobi/okgox as they usually do it .

As already established half the long position wasn't liquidated at 160. We are still at 260.

Also the long position is likely to be be comprised of one or many early adopters / investors / miners stash of coins used as collateral. Whilst the position is very assymetric it always has been.

[ChartBuddy]

Coin
Explanation

[stepmike]

guys, we fall and this fall will be painful rather than what they used to be. Your parachutes are ready to fall was softer.

[CEG5952]

Coin
Explanation

Chartbuddy is back with his charts! Hooray!

[ChartBuddy]

Coin
Explanation

[el_rlee]

How about this? https://translate.google.at/translate?hl=en&sl=zh-CN&u=http://news.xinhuanet.com/fortune/2015-08/01/c_1116109139.htm ? Are there any reports about this in english media?

[dreamspark]

It's bizarre how there's no bounce at all. Hit like a sack of seed.  

Because people are expecting 245-255$ as a bottom, but i would rather be concerned about 30.300.000$ of longs which havent decreased at all which means that we might see a cascade margin calls pretty soon if btc falls below 250$. Something really fishy is going on. Btw finex started this quick dump, not goxobi/okgox as they usually do it .

Long not decreasing != margin calls cascade. Longs closing and being margin called are likely being bought up by more people using margin hence why it doesnt seem to move. I doubt the $30mil from two weeks ago close to 300 are the same people now.

[LMGTFY]

Btw finex started this quick dump, not goxobi/okgox as they usually do it .

Are you talking about the last dump - the 21:45 UTC one? Because the dumps before that all looked they were like China-led. I had 1-minute charts open for OKCoin, Finex and Stamp, and the latter two definitely followed. Not saying OKCoin necessarily led, but it definitely looked to me like BTC/CNY leading BTC/USD.

[ChartBuddy]

Coin
Explanation

[redsn0w]

Come on guys, now it is the time to buy a few (hundred) of bitcoin  .

[dreamspark]

Where's tarmi at? I expected that name to pop up when we finally revisited this area.

Must have got really rekt on the run up from 220's

[eerygarden]

totally awesome of bitfinex to refuse to file a $5000 NY bitlicense thus cutting off all people in the finance capital of fucking america and instigating +/-$300,000,000 in btc market devaluation

Gemini is coming.

Waiting for Gemini is like being a prostitute that needs to service a 95 year old man who forgot his viagra.

[ChartBuddy]

Coin
Explanation

[bad trader]

I had 1-minute charts open for OKCoin, Finex and Stamp, and the latter two definitely followed. Not saying OKCoin necessarily led, but it definitely looked to me like BTC/CNY leading BTC/USD.

It's ridiculous to follow the Chinese exchanges with their tiny walls. Of course the NLC team is going to dump its two coins there and drop the price by ten dollars. How does it work, really?

[Fatman3001]

totally awesome of bitfinex to refuse to file a $5000 NY bitlicense thus cutting off all people in the finance capital of fucking america and instigating +/-$300,000,000 in btc market devaluation

Gemini is coming.

Waiting for Gemini is like being a prostitute that needs to service a 95 year old man who forgot his viagra.

I am struggling to relate, but I guess we all have different experiences to draw on