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Question: What happens next?
$7,500 - 32 (62.7%)
$9,500 - 19 (37.3%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21433875 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (129 posts by 23 users deleted.)
MR1
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January 06, 2017, 01:16:22 PM

So China "bans" BTC once again?  Old Chinese trick LOL
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ImI
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January 06, 2017, 01:19:52 PM

So China "bans" BTC once again?  Old Chinese trick LOL

Funny thing is they never said anything about banning. They just say "manage your risk".
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January 06, 2017, 01:25:26 PM

Couldn't see this posted already:

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Officials from the People's Bank of China (PBOC) met with representatives of major bitcoin exchanges this week to urge their compliance with "relevant laws and regulations", according to statements from the central bank.

In total, two press releases were issued today, one by the PBOC's office in Beijing, the other by its Shanghai regional office, in which they revealed the meetings, as well as some information about what was discussed behind closed doors.

http://www.coindesk.com/chinas-central-bank-issues-warnings-major-bitcoin-exchanges/

It doesn't sound like a ban - just 'caveat emptor' (buyer beware).

So 'China ban' is pure FUD


You'd think they'd get the exchanges out of china ....not a good place to be imho as an exchange operator...in that for example that book seller that p/o
the chinese was kidnapped from hong kong...hate to be such an operator if China got all medieval......

If China really wanted to Ban BTC imho.they would just have to outlaw any mining crypto machines..that would put a kink in the works price and otherwise

just like in the USA ...stuff is just noise sometimes..(hope this is so) you don't have to build a wall in the usa for immigration .just make it a 100,000 buck fine
per instance of hiring such.....simple.but the power lies with the folk that employ such ..so that won't happen

it is not banning of btc in china it is making all involved in the exchanges with BTC and such 'uncomfortable' enough that they fade away..how it is usually done there
what they are trying to do in hong kong now imho with little sucess

lots of FUD ...fun times Smiley
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January 06, 2017, 01:28:53 PM

Scaling issue still not solved, launch aborted.

Average fee is like what, 50 cents?

WTF is this, paypal?
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January 06, 2017, 01:32:26 PM

Scaling issue still not solved, launch aborted.

Average fee is like what, 50 cents?

WTF is this, paypal?

Privacy issue neither!
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January 06, 2017, 01:40:59 PM

So China "bans" BTC once again?  Old Chinese trick LOL

Funny thing is they never said anything about banning. They just say "manage your risk".

Yeah, I was surprised to see CoinDesk not using that in their title (they normally love a good bit of clickbait)
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January 06, 2017, 01:41:59 PM

So China "bans" BTC once again?  Old Chinese trick LOL

Funny thing is they never said anything about banning. They just say "manage your risk".

Exactly LOL

Deliberated attempt to stop the rocket.
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January 06, 2017, 01:47:34 PM

I don't see why anyone is surprised by the drop. I've watched BTC's price since 2012. I've seen almost all the bubbles. This has only happened a thousand times already.

BTC has fundamental issues that still need to be solved before "moon" can finally be reached. And I don't think "moon" is anything less than 10K+, which we all know bitcoin is capable of if it's finally allowed to reach its full potential.
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January 06, 2017, 02:01:10 PM

I don't see why anyone is surprised by the drop. I've watched BTC's price since 2012. I've seen almost all the bubbles. This has only happened a thousand times already.

BTC has fundamental issues that still need to be solved before "moon" can finally be reached. And I don't think "moon" is anything less than 10K+, which we all know bitcoin is capable of if it's finally allowed to reach its full potential.

Actually I see it as a bullish, it Bitcoin was not that important in China, they wouldn't bother with it Wink
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January 06, 2017, 02:08:44 PM

There is no doubt in my mind that the peoples of this world desperately need cryptocurrency. They NEED bitcoin.

Governments all over the world are trying to eliminate cash, they are confiscating gold, stealing wealth from the people. They want all your money in a bank account so it can be tracked or taken from you at any time.

The Central Bankers, in their endless greed profit from this system in many ways, endlessly concentrating the vast majority of the world's wealth in the hands of only a few dozen people. This is creating untold suffering and a system of economic slavery that is destroying the planet itself.

The fucking world needs this fucking technology to succeed, god damn it.

We better get our fucking shit together and make this shit fucking work. The scaling issue MUST be solved, one way or another. Core needs to get on board or they need to get kicked the FUCK out.

This isn't just about personal profit, although we will all certainly be billionaires if we succeed. A convenient side effect.

But what it's really about is breaking the yoke of oppression that has been forced on this world by those who have betrayed humanity itself for their own personal wealth.

That's all I have to say.



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January 06, 2017, 02:10:35 PM



molecular
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January 06, 2017, 02:17:00 PM

Either this will hold now or we will go down to ~850USD is my guess.
Touching the lower bband in the hourly and the mid bband in the daily.

Quote
From the times today.....

....

....
23 years old?? Cheesy
....

Satoshi mined thousands of BTC secretly for years before releasing anything to public in 2008. HUGE dump coming soon! ..   Cheesy

"thousands in years"? lol.

he *actually* mined roughly a million without any supposed fuckery.
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January 06, 2017, 02:23:06 PM

Under the assumption that we are currently forming the handle of a three year cup and handle, how low would the price need to go and how low could it go?

A very good question!

As a rule of thumb the handle can retrace up to 1/3rd of the runup from the floor to the rim.

If we put the floor to roughly 220 and the rim to 1100, we could go down as much as ( 1100 - 220 ) / 3 = 293. That would put the breaking point of this pattern at USD 807.

Incidentally that point ($800) is interesting for other reasons:

  • it's the point where the rally really picked up steam and the trend got a lot steeper
  • if you believe in "matroska cup & handle" pattern, 800 was the rim of the previous cup

Now let me pray $800 will hold.
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January 06, 2017, 02:23:48 PM

So China "bans" BTC once again?  Old Chinese trick LOL

Funny thing is they never said anything about banning. They just say "manage your risk".

Exactly LOL

Deliberated attempt to stop the rocket.

Now we all see how idiotic sheeps are... Undecided
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January 06, 2017, 02:25:59 PM

Under the assumption that we are currently forming the handle of a three year cup and handle, how low would the price need to go and how low could it go?

A handle tends to be a drop of between 30% and 50% from the top of the cup rim (i.e. between $587 and $820)

source?

I got "1/3 of the runup but not more" from http://www.stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_continuation

EDIT: of course this is bitcoin and there's some leeway. I'd still like to see your source.


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January 06, 2017, 02:31:33 PM




Got greedy, cancelled the order and moved it up somewhat...serves me right!  Roll Eyes
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January 06, 2017, 02:33:10 PM

Couldn't see this posted already:

Quote
Officials from the People's Bank of China (PBOC) met with representatives of major bitcoin exchanges this week to urge their compliance with "relevant laws and regulations", according to statements from the central bank.

In total, two press releases were issued today, one by the PBOC's office in Beijing, the other by its Shanghai regional office, in which they revealed the meetings, as well as some information about what was discussed behind closed doors.

http://www.coindesk.com/chinas-central-bank-issues-warnings-major-bitcoin-exchanges/

It doesn't sound like a ban - just 'caveat emptor' (buyer beware).

So 'China ban' is pure FUD


Yep
https://twitter.com/SatoshiLite/status/817367976961830914
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January 06, 2017, 02:35:34 PM

https://s27.postimg.org/hmfmb959f/ffs01.png
https://s27.postimg.org/ccanjyl0j/ffs02.jpg

Got greedy, cancelled the order and moved it up somewhat...serves me right!  Roll Eyes

Didn't have this chance and now stuck with a running position which I can't reasonably close. Sometimes you've got to thank your intuition (or bugs, on Kraken)  Wink
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January 06, 2017, 02:48:52 PM

If you look at the charts, even a partially blind man can see that the leveraged pumping began in earnest on 12/20, when bitcoin price was around $800.

Not trying to be a bear and saying that the price will walk all the way back down to there.  But if it got down to mid-800s for a while, I can't really say I'd be surprised.  The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.  

It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.  Roll Eyes

I would say $800 is definitely a floor.
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January 06, 2017, 02:59:22 PM

If you look at the charts, even a partially blind man can see that the leveraged pumping began in earnest on 12/20, when bitcoin price was around $800.

Not trying to be a bear and saying that the price will walk all the way back down to there.  But if it got down to mid-800s for a while, I can't really say I'd be surprised.  The buying from 12/20 onward was just a massive pump, likely from only a few colluding traders.  

It certainly wasn't a mad rush by Average Joes all over the world, they were much too busy buying XMas presents and getting drunk to care.  Roll Eyes

I would say $800 is definitely a floor.

I share your views on the $800 level to a large extent.

As for reasons, I'm not sure it was "colluding traders", at least not only. This doesn't really matter much to me, though. It's clear (in hindsight) that something happened at $800 (even if it's just a cup & handle playing out or other technical reasons) and that this "something" was a bit over the top and had to correct.

From these views you correctly deduct that $800 should hold.
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