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

[podyx]

Good AM Bitcoinland.

This is starting to get monotonous... still $775USD/$1023CAD at Bitcoinaverage.

As expected, $780 has proven to be a formidable barrier.

Maybe this weekend we'll see some real movement.

I have kind of been wondering about this matter of the price lingering at the top of a newly formed channel, and taking considerable time to break through.  Does anyone have any solid theory or technical analysis terms for that dynamic? 

I am kind of considering the whole dynamic as bullish, and maybe it has kind of been occurring for 4 months since the lower $600s?  Eat away at resistance go up a little bit, eat away at resistance go up a little bit, etc etc etc...

Sitting near resistance without breaking through it usually means it's bearish and vice versa for sitting near support.

If we don't break through 780+ before christmas, I will be cautious.

[JayJuanGee]

Good AM Bitcoinland.

This is starting to get monotonous... still $775USD/$1023CAD at Bitcoinaverage.

As expected, $780 has proven to be a formidable barrier.

Maybe this weekend we'll see some real movement.

I have kind of been wondering about this matter of the price lingering at the top of a newly formed channel, and taking considerable time to break through.  Does anyone have any solid theory or technical analysis terms for that dynamic? 

I am kind of considering the whole dynamic as bullish, and maybe it has kind of been occurring for 4 months since the lower $600s?  Eat away at resistance go up a little bit, eat away at resistance go up a little bit, etc etc etc...

Sitting near resistance without breaking through it usually means it's bearish and vice versa for sitting near support.

If we don't break through 780+ before christmas, I will be cautious.

O.k.... fair enough.. .Christmas is two weeks away, and I would be quite surprised if we are still pushing in the $760 to $780 range in two weeks... but yeah, you could be correct that if we are in the $760 to $780 range, then that is not necessarily a good sign for breaking to the upside.

[becoin]

If we don't break through 780+ before christmas, I will be cautious.

Christmas?... We shall break 780 within next 48 hours.

[Fakhoury]

If we don't break through 780+ before christmas, I will be cautious.

Christmas?... We shall break 780 within next 48 hours.

Because of the breakout.

[r0ach]

Logarithmically speaking, we are right on track....

I thought everyone was here because we're on the wrong track:

http://www.youtube.com/watch?v=GVSDfCzkzCA

[BlackSpidy]

So, we're right at the door of a rally. Bitcoin is stable, people are regaining confidence in purchasing the thing as an investment and I'm as ready as I can get with my minuscule trading budget. So, to commemorate this day, I made a chart. I haven't had any formal teaching of forex/exchange/commodity market markets and finance, but I think it paints a good picture. An accurate picture. I have seen people trying to draw trend lines from the bottom up. I thought to myself "what if I draw from the top down? This is basically what I came up with. I hope it's at least somewhat entertaining/informative.

I'm using bitfinex, because that's what I'm using nowadays. I wanted the "wishful thinking" part to have the two peaks closer, time-wise... but I had already written "Enter the bull" and was too lazy to move it. Good luck, everyone. It's been a wild (almost) two years, I look forward to spending another two years here.

[mymenace]

So, we're right at the door of a rally. Bitcoin is stable, people are regaining confidence in purchasing the thing as an investment and I'm as ready as I can get with my minuscule trading budget. So, to commemorate this day, I made a chart. I haven't had any formal teaching of forex/exchange/commodity market markets and finance, but I think it paints a good picture. An accurate picture. I have seen people trying to draw trend lines from the bottom up. I thought to myself "what if I draw from the top down? This is basically what I came up with. I hope it's at least somewhat entertaining/informative.

I'm using bitfinex, because that's what I'm using nowadays. I wanted the "wishful thinking" part to have the two peaks closer, time-wise... but I had already written "Enter the bull" and was too lazy to move it. Good luck, everyone. It's been a wild (almost) two years, I look forward to spending another two years here.

great work. under the tools menu on bitcoinwisdom use the Fibonacci fan from the top down like you just did

very close

[Killerpotleaf]

i want to go on a bit of a rant.
its not price related but here's the chart anyway.

what would be best for bitcoin right now is unity.image core devs and bu devs and Gavin! coming out of the wood work all collaborating to give us segwit + free market BlockSize. that IMO is gold. that will yield small reasonable blocks size increases along side a LN network cooking to perfection. this outcome would yield 32,000$ a coin.. admit it. fight for this outcome. run a BU client if for no other reason as to express your desire for more diversified set of bitcoin BIPs on the table at any one time.
anyway you look at it bitcoin is a buy right now, if it go segwit if it goes bu if it dose both in short order and then some.
time is now.
buy.

[DaRude]

i want to go on a bit of a rant.
its not price related but here's the chart anyway.

what would be best for bitcoin right now is unity.image core devs and bu devs and Gavin! coming out of the wood work all collaborating to give us segwit + free market BlockSize. that IMO is gold. that will yield small reasonable blocks size increases along side a LN network cooking to perfection. this outcome would yield 32,000$ a coin.. admit it. fight for this outcome. run a BU client if for no other reason as to express your desire for more diversified set of bitcoin BIPs on the table at any one time.
anyway you look at it bitcoin is a buy right now, if it go segwit if it goes bu if it dose both in short order and then some.
time is now.
buy.

Nope. Having no restriction on a size of a block chain is suicide! If core goes full retard and actually try that i'm shorting BTC getting some popcorn and will watch that dumb ass idea collapse on itself in fireworks.

But don't let that discourage you. You go ahead and keep on shilling, BTW i like the rebranding from unlimited blocks to "free market BlockSize" how about "BestFlexibleBlocksThatSaveChildrenAndEndWars BlockSize"^TM   you too funny, but you try too hard

[criptix]

I think the power is out. Im awaiting a big dump close to xmas.

[becoin]

I think the power is out. Im awaiting a big dump close to xmas.

I'm waiting for such a dump to buy some cheap coins but day after day and only 2 weeks till Christmas I'm losing confidence. If there is such a dump it will be pretty anemic.

[Karartma1]

...the value is showing so much maturity. Volatility seems a thing of the past...

Maybe, but let's not forget that in 2012 volatility seemed to be done also. Then we had 2013.

I don't think we'll have quite the volatility as we had during the 3 great bubbles (or even last spring's micro-bubble) when it rocketed up in a few short weeks and plummeted just as quickly.

Hopefully the next bubble will take several months (or even years) instead of just weeks. The fractals of the bubbles are remarkably similar, but they are getting taller, longer, and with longer intervals between them.

Eventually one of them will be where the s-curve goes "vertical". Then the exponential growth phase will be done and the price will exponentially level off.

I lost this comment in the flow. When I say that volatility is a thing of the past I'm referring to recent times. Of course if we look at the past we could recognise some pattern which may likely happen again.
Anyway, good analysis I second that.

[hulla]

So, we're right at the door of a rally. Bitcoin is stable, people are regaining confidence in purchasing the thing as an investment and I'm as ready as I can get with my minuscule trading budget. So, to commemorate this day, I made a chart. I haven't had any formal teaching of forex/exchange/commodity market markets and finance, but I think it paints a good picture. An accurate picture. I have seen people trying to draw trend lines from the bottom up. I thought to myself "what if I draw from the top down? This is basically what I came up with. I hope it's at least somewhat entertaining/informative.

I'm using bitfinex, because that's what I'm using nowadays. I wanted the "wishful thinking" part to have the two peaks closer, time-wise... but I had already written "Enter the bull" and was too lazy to move it. Good luck, everyone. It's been a wild (almost) two years, I look forward to spending another two years here.

Yes, people are gaining their confidence back and my pray is that the hacking situation stop for real. If I get right. You're currently using bitfinex, isn't it? How is everything there now and how much is bitcoin on there?

[r0ach]

I think the power is out. Im awaiting a big dump close to xmas.

Lowest it can dump to is $720ish, while the current upside targets are $815 and $900.

[r0ach]

[Dafar]

r0ach is legendary now? Abandon ship   

[notme]

i want to go on a bit of a rant.
its not price related but here's the chart anyway.

what would be best for bitcoin right now is unity.image core devs and bu devs and Gavin! coming out of the wood work all collaborating to give us segwit + free market BlockSize. that IMO is gold. that will yield small reasonable blocks size increases along side a LN network cooking to perfection. this outcome would yield 32,000$ a coin.. admit it. fight for this outcome. run a BU client if for no other reason as to express your desire for more diversified set of bitcoin BIPs on the table at any one time.
anyway you look at it bitcoin is a buy right now, if it go segwit if it goes bu if it dose both in short order and then some.
time is now.
buy.

Nope. Having no restriction on a size of a block chain is suicide! If core goes full retard and actually try that i'm shorting BTC getting some popcorn and will watch that dumb ass idea collapse on itself in fireworks.

But don't let that discourage you. You go ahead and keep on shilling, BTW i like the rebranding from unlimited blocks to "free market BlockSize" how about "BestFlexibleBlocksThatSaveChildrenAndEndWars BlockSize"^TM   you too funny, but you try too hard

Allowing block size to be determined by emergent consensus is not the same as no restriction.  There are some issues surrounding the security implications of having potential time periods where multiple chains are competing because one has a block bigger than a large segment of miners will accept immediately.  But to portray it as no restriction on block size just shows how little you understand about the BU proposal.

[savetherainforest]

r0ach is legendary now? Abandon ship   

I find him entertaining...  ...  When the 5th Reich emerges, he will probably have his own battalion. So... I guess you should get in his good graces today and cash in your investment when the day comes! 

[Meuh6879]

They already have all loosed in Bitfinex ... 


https://www.youtube.com/watch?v=CN4RdrN80ic

[spud21]

The ECB has refused the Monte Dei Paschi Di Siena bank extra time to raise money to avoid bankruptcy. That means the bank will have to be bailed-in with some of its own depositors money before the Italian government can give it any bailout money. The EU rules won't let a state bail out a bank before its had a bail-in. A bank bail-in will be bullish for Bitcoin, and it's on the cards.

http://www.forbes.com/sites/francescoppola/2016/12/09/monte-dei-paschi-the-agony-of-italys-oldest-bank/#41693e027436

Trading in the shares of Monte Dei Paschi Di Siena (MPS) was suspended today when the share price tumbled on news that the ECB had refused to give the bank an additional five weeks to raise 5bn euros in new capital. Government bailout is almost certain now.