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

[Ted E. Bare]

Btc corrections after a multi week rally are typically violent and steep. This is nothing.  I called this yesterday.  It's still pretty bullish at this level.  You can start worrying of it goes below 650.

Good call TERA! So you agree that if we stay around $680 the uptrend will eventually continue? It seems as if the most violent dumping is behind us.

[JayJuanGee]

Seems like we have a double bottom...

yeah, additional dip down to lower $670s, so still seems to be too early to call. 

I personally am looking for a big volume dump and reversal - even though that is not a condition precedent that is required for a reversal.. In other words, we could still have a reversal at this point... even without any kind of meaningful battle.

[MovieBTC]

A new day. chart's just resetet. +0.45% Kraken. time for sleep, let's see what the day gives.

[marcus_of_augustus]

major earthquake window opens Nov. 11-17 ... be prepared if you are in/near fault zones.

[TERA]

That was one hell of a 1 minute candle going up 100 yuan.

[yefi]

So, flash crash and rebound or a longer downturn and another round of consolidation?

[Killerpotleaf]

what's going to happen to supply once they put up the great bitcoin firewall, and coins can no longer freely flow out of china?    

[JayJuanGee]

Seems like we have a double bottom...

[http://shrani.si/f/1f/tG/prbjnGN/2/image.jpg[/img]

yeah, additional dip down to lower $670s, so still seems to be too early to call. 

I personally am looking for a big volume dump and reversal - even though that is not a condition precedent that is required for a reversal.. In other words, we could still have a reversal at this point... even without any kind of meaningful battle.

I hate to quote myself, but since I am writing a continuation of the same topic, maybe it is just as good to quote myself?

Our price increase from $610 to $750 was nearly a 25% increase without any meaningful correction, and then this little bout today seems to have allowed for a bit more than a 50% retracement of that price increase, but then currently, we are floating around the 35% area of retracement.

That does seem like a sufficient enough correction and attempt to push prices down, but really we cannot really know whether bears or bulls are running out of ammo, even during what had seemed a pretty decent upwards price movement.

I am kind in the belief that our odds for continuing upwardly remain a bit better than our odds of further correction or changing direction - even though it could take a week or so for this train to continue its upward journey. - and maybe a test of upper $700s before the end of the month?  And I phrase that as a question because I become less sure the further out I attempt to predict and the higher the price that I attempt to predict.

[TERA]

Bitfinex has lost 60% of its bid depth since last night.

[TERA]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

[DaRude]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

After the Finex fuck up, China became more of a leader than before, and can take us any in direction they want. If you thought previous price manipulations from the dragon was something you haven't seen anything yet.

No idea where all USD traders went since clearly they're not on Finex anymore

[JayJuanGee]

Bitfinex has lost 60% of its bid depth since last night.

Are you suggesting that to be some kind of abnormal in these kinds of circumstances?   I would think not. 


When there has been about a 9% downward correction that only sprung back about 2%, then wouldn't the order book naturally be kind of emptied from that movement and that price action?   

Sure, maybe it went down more than usual, also, because 1) supposed scheduled maintenance and 2) when they did the supposed scheduled maintenance during a supposed non-volatile period, they ended up coming back on line and giving folks a 10-15 minute period to cancel orders. 

I, personally, cancelled only a few of my downward orders as much as the price had already moved downward, I did not assume doom and gloom upon their reopening.  In fact, I had kind of thought that when they reopened, then possibly the market would spring back a bit, instead of attempting another correction (even though on retrospect the second correction makes more sense to give the bitfinex folks an opportunity to participate in another test of downward support (which I am still a little bit unclear about whether everyone (well at least whale manipulators) is sufficiently satisfied with that support being decently and adequately (and with enough bitcoins that they may be willing to write-off) tested at lower $670s.

[JayJuanGee]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

I personally think that you are giving the Chinese quite a bit more credit than they deserve, and I don't really believe that they have as much market mover power as you are making them out to have (though I will concede that reasonable people can differ on this point and still be reasonable, so I am not necessarily asserting that you are being unreasonable in your belief and assertion).

[savetherainforest]

5150 yuans to 4730 yuans

for about 420 yuans @ $ 62  in a day.

seems not good for me.

Actually this is very good!!!... The little guys win the most on this stuff...    (too bad you where sleeping or hodling too hard)

This is how shortages become reality!  

[luckygenough56]

china bans bitcoin but china buys all ur bitcoins

[savetherainforest]

china bans bitcoin but china buys all ur bitcoins

Wuuuuuut!??    

China bans bitcoin??      #jokeoftheday

[luckygenough56]

16000 unconfirmed tx lol

[mixan]

china bans bitcoin but china buys all ur bitcoins

The ULTIMATE in market MANIPULATION if you ask me.
They are the masters at it afterall.

major earthquake window opens Nov. 11-17 ... be prepared if you are in/near fault zones.

Getting ready since late last night. It is climbing fast now.  

what's going to happen to supply once they put up the great bitcoin firewall, and coins can no longer freely flow out of china?  

So the headlines in those TMZ style bitcoin sites were true?

[OliynyK]

So the headlines in those TMZ style bitcoin sites were true?

So is it true that the price of bitcoin will go down and if it will go down how low it can get,will it go below $500 and is this news regarding china even true

[TERA]

I could see the next ATH being preceeded by something like a "Silk Road Flash Crash" to $400 where China completely outlaws Bitcoin and all the Chinese exchanges shut down but then BTC bounces all the way back to $700 anyway within days or weeks. I'm not saying it's going to happen but it would be amusing.

I personally think that you are giving the Chinese quite a bit more credit than they deserve, and I don't really believe that they have as much market mover power as you are making them out to have (though I will concede that reasonable people can differ on this point and still be reasonable, so I am not necessarily asserting that you are being unreasonable in your belief and assertion).

You don't fully understand the meaning of this. The point of the silk road crash was that it recovered and proved that Silk Road was not significant like people thought. They were finally ready to go the moon once Silk Road was completely behind them.