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

[LMGTFY]

There should be more than enough FUD news in the shitload of new threads started today by newbies with random user names like FW8Dt5, Jd19bW, C6H68g, and ALlYg8. I haven't got round to reading any of them yet because they all look like the work of the same person whose choices of user names are so random that they would make good passwords.

<edit>

That was fast, the mods have deleted all those threads apart from one by ALlYg8.

I skimmed them on the way to the "report" button. Sadly there was no new FUD It was all copy-n-paste trollery.

It's not all sad, uninspiring news however. We can deduce from the trollage that the trolls' pay-master wants to buy, albeit at slightly cheaper prices. Bullish?!

[oda.krell]

re: price. $340 is the first obvious level of interest (current DSMA20). Not saying this is 'hard' support, but price action around there should tell us something about the current market appetite. Next one down is around $330, today's value of the so far unbroken upwards trendline since October. Finally, I expect that any sharper decline we might see will at least take a deep breath at around $280 (weekly SMA20). Note: I'm not saying price will inevitably go there, just that if daily downwards momentum drives price into this region, weekly sma will likely prove to be a strong 'congestion' zone, if not hard support.

(EDIT) To get a bit more concrete: I'd say another ~10% drop to ~$310/2000CNY is currently my most likely short-to-mid term scenario. In addition, I  see some evidence that this region is starting to act as support (even if the level itself is briefly pierced).

[oda.krell]

That was fast, the mods have deleted all those threads apart from one by ALlYg8.

A few days ago, Lauda posted in here, telling everyone to report more often -- the mods are willing to fight the spam, but need us to report the posts.

[ChartBuddy]

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Explanation

[kingaltcoins]

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Explanation

What software is that buddy? I like the presentation

[JorgeStolfi]

I think the crop failure was supposed to be because increasing CO2 leads to more unstable weather patterns leading to events like flooding and drought.

For the last year or two Brazil's economy suffered badly by the tumbling oil price and record droughts. And by the usual consequences of a presidential re-elction.

The droughts were nominally the effect of the El Niño cycle, but were worse than usual.  The city of São Paulo (over 10 million hab.) almost ran out of water, as the dam lakes that feed it got completely emptied; the State govt even had to install extra pipes and pumps to collect the muddy "dead volume" at the bottom.  Fortunately, this year rains have returned and those lakes are slowly re-filling.

Vast oil reservoirs were discovered some years ago in the Brazilian continental shelf, at record depths under a km-thick salt layer. Dilma was counting on the revenue from those fields, which went into production a year or two ago, for a number of ambitious social programs.  But the tumbling oil price made those extra-deep wells uneconomical.  The expected billions did not materialize, and she has been forced to make deep cuts in the budget.  (But not in the 60% of the budget that goes to the banks to service the public debt, of course).  

The low oil price was disastrous for Venezuela, whose economy has long been entirely based on oil exports and has very little domestic industry and agriculture.  That is basically why the bolivar tumbled so spectacularly in recent years.

[Morecoin Freeman]

New support at $350?

[Fatman3001]

The low oil price was disastrous for Venezuela, whose economy has long been entirely based on oil exports and has very little domestic industry and agriculture.  That is basically why the bolivar tumbled so spectacularly in recent years.

Venezuela has had every opportunity to diversify its economy. Their oil reserves and oil revenues for the last decades should have put them in an extraordinary well off position. Poor leadership and the peoples appetite for corrupt populist leaders is what's standing in their way.

[ChartBuddy]

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[peonminer]

New support at $350?

This is what i'm seeing too.... the volume is a bit reversed of the last fallout. Are we going to see a reversal or is it a fake out?

EDIT: It's a fake out!!! Shorters, start your engines! (The volume just went non-existent.)

EDIT: Double juke! F#$%!!!

[galdur]

If the volume is drying up that´s bearish I guess. This new range formation is still very young so it´s difficult to draw conclusions yet but the new bottom could be 300-320.

[galdur]

Prepare your ass for sub $200 coins!

ymmm, sounds promising, but we need some FUD news

There should be more than enough FUD news in the shitload of new threads started today by newbies with random user names like FW8Dt5, Jd19bW, C6H68g, and ALlYg8. I haven't got round to reading any of them yet because they all look like the work of the same person whose choices of user names are so random that they would make good passwords.

It's one of lambie's new hobbies.

Yup. 24/7/3666
All the world was asleep. Only Baba Yaga sat awake, in her creaky rocking chair, scowling, gnawing on a bone...

BTW, re. overpriced coffee: Bitcoiners think that the cost of a cup of coffee is (the price of coffee grounds) + (usurious profit).
The thought that (price of coffee grounds) = (insignificant, compared to the overheads) never enters the mind.
No wonder you think that trustless blockchain is going to save banks billions quantillions of $.

Yeah, there´s probably staggering overheads, making a cup of coffee is such a complex operation that you probably need extremely high paid staff.

[ChartBuddy]

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Explanation

[Torque]

So whoever is controlling this market right now decided that a higher price would = greater consumer bitcoin spending from Black Friday to Cyber Monday.

But the only bitcoiners right now are computer geeks.  So who's in control then, NewEgg or Dell?

^{(Did you see what I did there?  Har har)}

[noobtrader]

yep... price rising again back to 360 

[peonminer]

[Fatman3001]

If I were trading I'd be screaming "BULL TRAP" right now.

[LMGTFY]

Yup. 24/7/3666
All the world was asleep. Only Baba Yaga sat awake, in her creaky rocking chair, scowling, gnawing on a bone...

BTW, re. overpriced coffee: Bitcoiners think that the cost of a cup of coffee is (the price of coffee grounds) + (usurious profit).
The thought that (price of coffee grounds) = (insignificant, compared to the overheads) never enters the mind.
No wonder you think that trustless blockchain is going to save banks billions quantillions of $.

Please tell me you don't play professional poker or work for an espionage agency, wee lamb. Your tells are as blatant as they are cutely naive in a "I'd be offended at the gross and incorrect assumptions, if I didn't know the poor wee lamb has a saviour complex and deserves our pity, not our scorn" sort of way.

[peonminer]

[Tzupy]

If I were trading I'd be screaming "BULL TRAP" right now.

Well, I hope not yet... I jumped on this pump at 354$ and hope to close my long above 370$.