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

[yonton]

http://www.reuters.com/article/us-global-markets-bitcoin-idUSKBN14P1ID

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[BlindMayorBitcorn]

Who's to say China won't release another "warning" about bitcoin when we're approaching $1100 again or $1500, etc.?

This is not all about China.
 
You are giving way too much credit to one factor

You mean China?

[JayJuanGee]

http://www.reuters.com/article/us-global-markets-bitcoin-idUSKBN14P1ID

Are you trying to assert that the mere fact that something is written in a news article, the prediction, analysis and assertion of causal connection(s) should be deferred to as "expert?"

Who's to say China won't release another "warning" about bitcoin when we're approaching $1100 again or $1500, etc.?

This is not all about China.
 
You are giving way too much credit to one factor

You mean China?

that's what I am trying to say... omg    

[monbux]

Who's to say China won't release another "warning" about bitcoin when we're approaching $1100 again or $1500, etc.?

This is not all about China.

You know as the bitcoin market grows (various network effects) it takes more and more factors to undermine its growth and momentum which also materializes in price, so upwards price pressures are going to continue, even if from time to time there are factors (including china) or other govs that may attempt to "crack down" on bitcoin...

And when you really think about it, a lot of times, gov claims to even be able to crack down on bitcoin are a bit overrated.

Bitcoin warning lol that's nothing. This btc rise was due to yuan weakness and the btc dump was caused by yuans one day record breaking pump. The correlation between the two are the main factor for Bitcoin. Imagine how high our btc rally could have went if the yuan didn't have that extremely rare increase right in the middle of our celebration

You are giving way too much credit to one factor (the chinese connection).  We were due for a correction.. did you see that we have not had any major correction since before the beginning of October (before lower $600s)... .  This correction was due and the chinese connection or whatever may have assisted but it was not the cause..

Have you seen fiatleak.com though?  China is a huge portion of the trading volume.  Crazy huge.

[criptix]

Good stuff i sold at around 1100 

Im ready to start a massive long anytime now

[Searing]

Who's to say China won't release another "warning" about bitcoin when we're approaching $1100 again or $1500, etc.?

This is not all about China.

You know as the bitcoin market grows (various network effects) it takes more and more factors to undermine its growth and momentum which also materializes in price, so upwards price pressures are going to continue, even if from time to time there are factors (including china) or other govs that may attempt to "crack down" on bitcoin...

And when you really think about it, a lot of times, gov claims to even be able to crack down on bitcoin are a bit overrated.

Bitcoin warning lol that's nothing. This btc rise was due to yuan weakness and the btc dump was caused by yuans one day record breaking pump. The correlation between the two are the main factor for Bitcoin. Imagine how high our btc rally could have went if the yuan didn't have that extremely rare increase right in the middle of our celebration

You are giving way too much credit to one factor (the chinese connection).  We were due for a correction.. did you see that we have not had any major correction since before the beginning of October (before lower $600s)... .  This correction was due and the chinese connection or whatever may have assisted but it was not the cause..

Have you seen fiatleak.com though?  China is a huge portion of the trading volume.  Crazy huge.

Truth be told...If China got BTCC in hand and simply did prudent (like the USA thinks anyway on bitcoin standards) and did the following

1) stopped the 'fake volume' and double buys to yourself and other games on the site.
2) put the coinbase type of controls on moving BTC around
3) had banks note suspicions on BTC (like happened to me in USA) on out of country move of money etc BTC related

Well hell ..if they just did what the USA has done...it may not stop BTC from leaving but damn it sure would slow it down. Add to the fact
of the amount of trading volume according to http://www.fiatleak.com/ well damn....

I mean the Yuan has great 3 days ..down 30% and say 10% of that was a stern letter from Peoples Republic Central Bank.

Does not take a lot of ...looking into the future IF China really wanted to just make noise on the above and FUD we'd be looking at 300 to 500 BTC
sure it would recover...but imho it would be 1/2 of the all time high..say about 500 to 600 and grow more slowly.

NOW if BTCC was OUT of China like some of the other exchanges I would not be sweating this as much.

(i know zip..just what keeps me a wondering and my views..which can change at a whim)

[yonton]

Too much credit? " Exchanges in China say they account for more than 90 percent of global bitcoin trading"!!! I have also mentioned this evening about the bubble that had formed. Ive read many Technical analysts theories and predictions who support the correlation between btc yuan and a bubble forming. Are you saying this is the first time you've heard of this? really? Ok I guess an "expert" is only an opinion. But do we need an experts opinion to agree on the fact that there is a strong correlation between the yuan/Btc?

[AlexGR]

I feel bad for the panic sellers. Look at the order books. How's everyone going to buy back? Or are you guys quitting bitcoin?

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

[Searing]

I feel bad for the panic sellers. Look at the order books. How's everyone going to buy back? Or are you guys quitting bitcoin?

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

nah..not gonna guit BTC. But all this China FUD and action there does make a guy wonder if the Chinese Gov't DID just put some controls on
of a modest level to all this and just get it over with ..ugly that it may be..might not be better for BTC in the long run...then 2013 crash
putters along...2016 crash putters along ..with all our eggs in china fever/etc dips and wanes.

If we do get 450 btc again and time warp back to Jan 2016....it would be nice to have some idea of how to control China. (The elephant
in the den)

Just starting to look like a repeat of 2013...with MORE of BTC action miners and buyers/sellers in China then back then. Getting weird again.

Again I know zip. Just broaching my dread/fears. I plan on getting to my 100 btc again hell or high water ( within like 4 btc got equip paid
off roi and it is still doing well ..how I will get such) anyway probably take me 2 months. Sure not getting any more scrypt miners at least
till fall and that will only be for equip depreciation reasons assuming I do make enough mining scrypt to make it worth it (at 3200mh)

fun times.....gets old feeling like a blind man lurching around in the dark groping...in a strip club ...sometimes you score on the exotic dancer...some times
its the bouncer....feels like the result of the latter on my BTC profits All beat the hell up!

Somebody shine a frigging light on already!

[bones261]

I feel bad for the panic sellers. Look at the order books. How's everyone going to buy back? Or are you guys quitting bitcoin?

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

Is that what is called a bull trap? I have no idea, I'm not much of a trader.

[JayJuanGee]

Who's to say China won't release another "warning" about bitcoin when we're approaching $1100 again or $1500, etc.?

This is not all about China.

You know as the bitcoin market grows (various network effects) it takes more and more factors to undermine its growth and momentum which also materializes in price, so upwards price pressures are going to continue, even if from time to time there are factors (including china) or other govs that may attempt to "crack down" on bitcoin...

And when you really think about it, a lot of times, gov claims to even be able to crack down on bitcoin are a bit overrated.

Bitcoin warning lol that's nothing. This btc rise was due to yuan weakness and the btc dump was caused by yuans one day record breaking pump. The correlation between the two are the main factor for Bitcoin. Imagine how high our btc rally could have went if the yuan didn't have that extremely rare increase right in the middle of our celebration

You are giving way too much credit to one factor (the chinese connection).  We were due for a correction.. did you see that we have not had any major correction since before the beginning of October (before lower $600s)... .  This correction was due and the chinese connection or whatever may have assisted but it was not the cause..

Have you seen fiatleak.com though?  China is a huge portion of the trading volume.  Crazy huge.

That is exchange volume, right?  It is not blockchain transactions, so it can be on the exchange or it can be trading amongst themselves because there is no fees.  There was already admissions several years ago that there is a lot of fake volume in china.

Too much credit? " Exchanges in China say they account for more than 90 percent of global bitcoin trading"!!! I have also mentioned this evening about the bubble that had formed. Ive read many Technical analysts theories and predictions who support the correlation between btc yuan and a bubble forming. Are you saying this is the first time you've heard of this? really? Ok I guess an "expert" is only an opinion. But do we need an experts opinion to agree on the fact that there is a strong correlation between the yuan/Btc?

It's not the first time that I heard it.    It is a very often repeated theme that places too much emphasis in china.. and tries to connect everything bitcoin related to china.. which is just a bunch of bullshit.

There is a lot of world beyond china.. .and a lot of things going on in the world besides china.

I am not saying that china is not a factor.  I am just saying that there is more going on besides that.


And, again, just because you are reading about others who have these kinds of bullshit and over emphasized theories about china this and china that in regards to bitcoin does not mean that they are giving china it's proper weight (which is likely a whole hell of a lot less than 90% of its fakety trade volume).

[BlindMayorBitcorn]

That's it, I'm calling it. JJG isn't real. He's a character study in wilful blindness.



Epic.

[AlexGR]

I feel bad for the panic sellers. Look at the order books. How's everyone going to buy back? Or are you guys quitting bitcoin?

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

Is that what is called a bull trap? I have no idea, I'm not much of a trader.

It depends on what you expect it to do. If you view the longer-term trend as increasing, then a temporary (mostly artificial) fall is a bear trap. If, on the other hand, expect the long-term trend to be decreasing, then a temporary (mostly artificial) rise is a bull trap.

I think if there was real selling pressure, we'd see this reflected in the order books. There's not too many BTCs on the upside. A few thousand coins take us back to 1000$. On the other hand, it takes multiple that to go down to 700. So, given the positioning and strength of the buys and sells on the order book, I'd say the market expects BTC prices to rise.

[hulla]

Now is price of bitcoin is down to $839. I don't know why people panic due to what happened in China cos the samething happened back in the year 2012 and the Chinese government are doing this to save their currency

[Tzupy]

Support broken. Looks like we are in the middle of the second leg down of A.

Critical support broken, confirms we were in the middle. Bottom should be around 5000 CNY.

China won't drop right now, so either the last small part of the dump is truncated, or delayed for several hours. 5000 CNY would have been a bear's wet dream.

I never margin trade, but this is a moment I would expect some smart types to go long.

You still think we have further to go down?

I am not criticising - given your recent prescience, I am asking.

Quite likely to go further down, but not right now. Go long only for scalping.

At last the Chinese dumped (as usually, started at 3.45 am my time, while I was asleep), probably completed the second leg down of A. This took too long and almost made me believe it was truncated.
If I am right and the third leg down is to come, resistance moved to about 6300 CNY. I am expecting a small bounce into that resistance, and sideways for two days, then the third leg down.

[Sundark]

Now is price of bitcoin is down to $839. I don't know why people panic due to what happened in China cos the samething happened back in the year 2012 and the Chinese government are doing this to save their currency

It is hard to believe that Chinese government thinks that Bitcoin can be real threat to yuan at this point. Bitcoin is not even used by 10 millions of people worldwide, not to mention Chinese citizens.
I don't know every time we have pump and later dump, people are seeking second bottom and hidden reason for price decline, while in reality it is market correction.

[Karartma1]

Now is price of bitcoin is down to $839. I don't know why people panic due to what happened in China cos the samething happened back in the year 2012 and the Chinese government are doing this to save their currency

It is hard to believe that Chinese government thinks that Bitcoin can be real threat to yuan at this point. Bitcoin is not even used by 10 millions of people worldwide, not to mention Chinese citizens.
I don't know every time we have pump and later dump, people are seeking second bottom and hidden reason for price decline, while in reality it is market correction.

My idea is that mining is expensive: I think the miners took some good profit to keep their business runing. They need fiat money for everyday operations and to buy new equipment.  As you say this looks like a correction to me as well.
Nevertheless, the hangover is hard to handle.

[Ted E. Bare]

I feel bad for the panic sellers. Look at the order books. How's everyone going to buy back? Or are you guys quitting bitcoin?

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

Is that what is called a bull trap? I have no idea, I'm not much of a trader.

It depends on what you expect it to do. If you view the longer-term trend as increasing, then a temporary (mostly artificial) fall is a bear trap. If, on the other hand, expect the long-term trend to be decreasing, then a temporary (mostly artificial) rise is a bull trap.

I think if there was real selling pressure, we'd see this reflected in the order books. There's not too many BTCs on the upside. A few thousand coins take us back to 1000$. On the other hand, it takes multiple that to go down to 700. So, given the positioning and strength of the buys and sells on the order book, I'd say the market expects BTC prices to rise.

Yes, my point exactly. Also the short sellers will have to close their positions to lock in the profits, so they have to buy back too. There's only so much coins till $1000. I'm optimistic.

[Cassius]

The alts are a sea of red still. Traders are not yet moving funds back into them. Presumably they are in fiat waiting for the right entry point to go long btc.

[orpington]

the cavalry is here now