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

[adamstgBit]

did you miss that crash below 600?

here comes the instant replay!

[Derek492]

Say goodbye to your little BTC friend. Sub $600 just hit

[HyphyBTC]

If anybody needs proof of "whales"

http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfbfxnaorder060216.pdf

"However, corporate users compromised a significant portion of Bitfinex's trading volume during the Relevant Period. In 2015, 88% of the dollars deposited to and withdrawn from Bitfinex were by corporate users."

Bottom of page 3

[DaRude]

So how was everyones weeken... ohhhhh  

Just gonna quote myself there.

It is frightening that we went into $500s and 0 f*cks werer given by longs, still above $38MM on finex   we might have more room to fall, at least shorts are creeping up BTC25k or $15MM

Need to shed about $10MM in those pesky longs, who went full retard for the halfening before we can resume uptrend

How far down will BTC prices have to go in order to achieve such an objective?  will $610 do it, or do we need to go below $580 in order to shed that quantity of longs?

They are some resilient buggers, it'll be pure speculation on my part but wouldn't be surprised to see $560 again. The short term halfening speculators need to give up hope and exit their position

[HyphyBTC]

BillyJoeAllen was the only person I know that sold because of the block size. Speculators trade on price alone and traders are short term. Miners mine for profit in fiat not BTC, they aren't sitting on piles of BTC, if they were they wouldn't sell because you can't get free BTCC to sell for profit if you don't have BTC at the fork. Nobody is selling shit because of a hard fork. ETH fell due to DAO but barely moved once the fork happened weeks later. You people are delusional if you think that's why the price is moving. Whales and exchanges move the price, them and only them. All of you other small fish just try to keep up, and they use it to their benefit. If everyone hodls they lose.

Yeah, I generally agree with you about the whales; however, if it was about the whales, they would have preferred to keep prices below $500, which they were not able to do.

Do you think that we are returning below $500 anytime soon, and do you believe that "the whales" are going to be able to keep prices below $500 for any sustainable period of time?

The failed to keep it under $500 part.... Whales can take a break from time to time. With the insider knowledge they have, they know when a large sum of fiat enters an exchange, and can either front run or at least hold of selling. When they see the "newcomer" is done buying they can sell for a profit. That's what we are seeing now. What's better than a pump and dump? One where someone else does the pumping and you do the dumping. It makes for much greater profit than any other method. You might even coax the newcomer into selling at a loss, and profit from that too. I just made a post here about BFX being 88% corporate aka whales, when this falls under 50% they lose all their power. So expect to see this over and over.

Bringing it back under $500 seems like a 30% chance to me, as in if they will only barely break into the high $400s. I think they have no incentive to do it because margin longs are so heavily backed that we would need $300s to see a significant margin call of longs. I'm thinking sideways between $580 and $620 until another newcomer enters or we see another hype cycle.

[Lionidas]

610 ISN'T going to hodl! it will break...

For the worst right?

[Elwar]

We're in price discovery mode right now. Between $420 and $666 there is no stable price. Above $666 to $1337 there will be no stable price either. People like their significant numbers.

[Elwar]

10,000 alt coins, no decisions on block size...this is why libertarians can't have nice things

 

[Ted E. Bare]

Max FUD and the price is still above 600. Not too bad.

[savetherainforest]

Max FUD and the price is still above 600. Not too bad.

Yep!!!


But it actually happens to be a lot of buying... Everyone could just stop and say...: "Wait a minute!!!... ... What is this? What's with all the buying?? ... I can sell for a higher price!!!"

So that stuff is a thing...   ... And as it seems, judging by the volumes...  ~600$ is the new low for buying.

[Denker]

Max FUD and the price is still above 600. Not too bad.

Wait a bit.I think we are not finished yet.
I could imagine a drop down to $580 within the next 24 hours if not some good news for example by core due to the latest meeting with chinese miners get released.

[European Central Bank]

Wait a bit.I think we are not finished yet.
I could imagine a drop down to $580 within the next 24 hours if not some good news for example by core due to the latest meeting with chinese miners get released.

the only good news that'll come out of it will be how much they all enjoyed doing the conga together. perhaps they claimed it was a social only occasion to get people off their backs. it must be a grind knowing that everything you do is gonna have a few thousand maniacs joining you in spirit to breathe down your neck.

[kobilica]

I imagine meeting was just fun time of pressing sell button and smiling at angry people on forums 

[silverfuture]

On the plus side...volume is up!

[Lionidas]

On the plus side...volume is up!

Atleast some good news in what seemed like along time. 

[savetherainforest]

On the plus side...volume is up!

Time to be retarded and go full in 100% BTCitcoin ... Go full retarded!  

[silverfuture]

On the plus side...volume is up!

Time to be retarded and go full in 100% BTCitcoin ... Go full retarded!  

Full retard mode: engaged!

[Ted E. Bare]

I'm fully bitcoin since 300-USD/bitcoin was a thing. Feels good.

[savetherainforest]

I'm fully bitcoin since 300-USD/bitcoin was a thing. Feels good.

I buyed when it was ~300$ as well... but I doubled my coins since then on the trade games with Pokemons!!!  


I'm a magician...  :

        



*Edit: If you are a holder you need to make the world bleed from all bank accounts if they want them coins!

[Torque]

If only I wasn't all out of dry powder, I'd be buying the crap out of this dip.

This thing is going to boomerang back to previous levels.