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

[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

[podyx]

[Hunyadi]

[kurious]

Dead cat bounce...?

[Stridone]

Dead cat bounce...?

No, looks more like an ending to the downtrend.

[Ted E. Bare]

[orpington]

and now back to our regularly scheduled program - "Return to the Moon" starring Bitcoin.

[rebel69]

im so scared guys!! what should i do? i just bought $50 in btc 3 days ago and now i have $350 or 0.4 btc! is btc going to die?? im so terrified!!

[1982dre]

Dead cat bounce...?

No, looks more like an ending to the downtrend.

Bitcoin isn't a dead cat. Just reached a new low and start raising again. I Hope it wont raise to fast like last week. Hopefully it grows more organically instead of 1 big pump. It raised way too fast, you know a dump would come.

[molecular]

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

They have no trading fees and the more volume you trade the cheaper your withdrawal fee will be.

What do you think would happen on bitfinex if they had a 0% trading fee?

I think maybe a better measure for how important (price-determining) a market is, we could just look at the trading fees earned by the exchange.

[gembitz]

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?

^LOL Cshyyyynah 

[rebel69]

should i sell my btc before btc reaches $0.60 a coin again??
im so scared guys!!!!
is there a website where i can anonomously short or long my btc??

[K~Ehleyr]

should i sell my btc before btc reaches $0.60 a coin again??
im so scared guys!!!!
is there a website where i can anonomously short or long my btc??

If you think it's going to drop that low, why did you just buy in in the first place?  Just calm down and HODL.  As long as you can wait for a couple of months all will be well 


PS.  Good morning folks!  So much for my plan to stay away