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

[BlindMayorBitcorn]

I heard there were new rules in place with a minimum prison sentence for any mainlander caught moving over $120,000 out of China. Things like that probably helped.

[Dajackal]

$700 USD incoming guys, after that its a straight shot to $1500

[JimboToronto]

$700 USD incoming guys, after that its a straight shot to $1500

Let's get past $660 first.

On that note, I see we just set yet another new high at over $634.

[Denker]

Oh MY GOD!!!
Morning gentlemen!
What a way to start a beautiful day right?!
What triggered the actual break out?

[notme]

Oh MY GOD!!!
Morning gentlemen!
What a way to start a beautiful day right?!
What triggered the actual break out?

Somebody bought a lot of bitcoins.

[TERA]

Is the dollar backed by bitcoin yet?

[windjc]

Is the dollar backed by bitcoin yet?

Yes.

[JimboToronto]

Looks like we have resistance at around $630.

I'm ready for bed but I hope I don't miss too much exciting action. We're probably overdue for a real correction but it could just as easily climb a little higher. Or of course it could just keep going sideways around $630 just as it did around $580 all last week.

Hopefully $600 is behind us now. I guess I'll see in the morning.

'Night all.

[gogodr]

Looks like we have resistance at around $630.

I'm ready for bed but I hope I don't miss too much exciting action. We're probably overdue for a real correction but it could just as easily climb a little higher. Or of course it could just keep going sideways around $630 just as it did around $580 all last week.

Hopefully $600 is behind us now. I guess I'll see in the morning.

'Night all.

Night Jimbo, I'll keep an eye on the charts for ya.

[jbreher]

What happened to Stolfi?

jstolfi is still active in some corner of that cesspool called reddit. Imagine dumping the *ahem!* intellectual discussion here for that swamp! I don't get it myself. But he still is espousing interesting insights.

While he always seemed to be a non-believer, he always had cogent analysis to offer.

[jbreher]

Auftragen, rechte Hand. Polieren, linke Hand. Auftragen, polieren. Einatmen durch Nase, ausatmen durch Mund. Auftragen, polieren.
-Herr Miyagi

Dafuq? Can you translate the battle for Willie's soul into swahili too?

[jbreher]

Thor[/b]: [taking coffee for the first time] This drink... I like it!

And to think I had you pegged as an Iowan... nobody from the midwest 'takes' coffee. *pshaw*

[jbreher]

http://www.zerohedge.com/news/2016-06-11/bitcoin-spikes-above-600-2-year-highs-sudden-massive-chinese-buying

And once again it appears the dominant buyer is in China (OKCoin exchange - which reportedly has 90% of global Bitcoin traffic).

wait... what!? When did OKCoin garner 90% of all transactions!?

Look... I'm as bullish as your average bitcoiner - but WT actual F? Is zerohedge just making shit up, or does one exchange actually have that much volume?

Last time we had a single exchange responsible for such a large share, we got .... Willybot. Followed by implosion.

[TERA]

They're referring to that fake Chinese exchange volume of 1 million coins per day on OKCoin and Huobi,  which seems to be going away lately.

[gogodr]

They're referring to that fake Chinese exchange volume of 1 million coins per day on OKCoin and Huobi,  which seems to be going away lately.

But how do we know its truly fake? Do we?
I mean. It makes sense if that much volume is traded to assume most is fake, but what if its not and the Chinese are going mad for bitcoin.

[TERA]

It's not necessarily fake but it's zero-fee which makes those trades meaningless. The CNY exchanges have zero fees and they can technically washsale coins as much as they want all the way to infinity. It could be intentional washselling or it could be high frequency bots going nuts. Every day in March, 6 million coins were traded on OKCoin and Huobi. That's 200 million coins in a month. There are only 16 million coins. It would not be possible for that much trading to happen with real trades with the corresponding price stability and the exchanges could not hold that many coins either. I've also never seen a wall over 1200 coins, and they hide the order book. Mtgox used to have walls of 20,000+ coins.

Anytime a news reporter talks about how "China does 90% of btc volume" it makes them look so stupid and I know not to trust that news source.

[savetherainforest]

HaHaHa! ... $630! ... It is a good thing I set my longs on !666$.

[julian071]

This all makes my hangover a lot more bearable =D

[TERA]

I wonder if you're going to find Youtube videos of these moves on Bitcoinity with background music from Ducktales or something.

[Fatman3001]

Is zerohedge just making shit up [?]

general remark: duh