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

[becoin]

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.

Someone trading on OKCoin must have read my "resistance at 6300 CNY", because it stopped at 6299 CNY. This correction should bounce from support, and then retest support tomorrow morning.

Sometimes, if it looks too bearish, it's actually bullish.

[savetherainforest]

 

woof!

Dogs can't eat chocolate ...  or... is he feeling suicidal??

[gembitz]

Dogs can't eat chocolate ...  or... is he feeling suicidal??

$600 rock solid support!!!    ~jmwag

[Paashaas]

This is a good time to buy now.

[kurious]

This is a good time to buy now.

I hope you know something I don't...

I am keeping fiat waiting, but I don't think we are in a solid up just yet.

[becoin]

This is a good time to buy now.

There is no bad time to buy bitcoin. Time is always good.

Just don't use margin trading. Buy small amounts. Buy regularly. And let the whales eat their own vomit.

[Ted E. Bare]

Always buy during maximum panic. Now for over a year the dumps have only lasted a couple of days max. It's not too hard to get a nice entry.

[Tzupy]

Hmm, this is looking kind of bullish, so I may buy the next local bottom.

[deka_ger]

Hey guys,

I just registred right now, before i was some kind of observer of the observer thread 
After the actual crash i tried to keep cool. I'm not some kind of big investor. I "only" hold a few k in BTC actually.

Anyway, after the coaster ride between 920 and 970 I thought it will go straight up soon. But we dropped under 900.
Because I was wrong and never expected the under 900 drop I have had no fiat ready to buy some coins.

I really regret not having fiat ready to buy some more coins at this time. In my opinion we will be on our steep rising again in only a few days. The green candles are becoming more and more. Meanwhile I keep hodl my coins.

From my view a lot of people are to emotionally, I mean you may have "earned" 10k in BTC in the last weeks. And what is the situation now? You will still have a profit of about 5k. So keep being rational. 

[savetherainforest]

Hey guys,

I just registred right now, before i was some kind of observer of the observer thread  
After the actual crash i tried to keep cool. I'm not some kind of big investor. I "only" hold a few k in BTC actually.

Anyway, after the coaster ride between 920 and 970 I thought it will go straight up soon. But we dropped under 900.
Because I was wrong and never expected the under 900 drop I have had no fiat ready to buy some coins.

I really regret not having fiat ready to buy some more coins at this time. In my opinion we will be on our steep rising again in only a few days. The green candles are becoming more and more. Meanwhile I keep hodl my coins.

From my view a lot of people are to emotionally, I mean you may have "earned" 10k in BTC in the last weeks. And what is the situation now? You will still have a profit of about 5k. So keep being rational.  

Sure... why not?... Welcome to the propaganda channel!!!

[eddie13]

BTC tx was fast that time..

Margin bought 5750 and I'll let it liquidate if it so decides..

If I'm wrong I guess I didn't lose that much since it's dead.. If I'm right, who knows..

first dump knocked of 2888 cny per

2nd dump only another 300 cny

3rd dump only 100 cny


You guys are either fudding to try to buy lower.. Or are wayyy too emotional..

Or I'm crazy..

YOU ARE crazy...      

Crazy like a FOX!!

Just closed that baby at 6300 6290..

[machasm]

Hey guys,

I just registred right now, before i was some kind of observer of the observer thread 
After the actual crash i tried to keep cool. I'm not some kind of big investor. I "only" hold a few k in BTC actually.

Anyway, after the coaster ride between 920 and 970 I thought it will go straight up soon. But we dropped under 900.
Because I was wrong and never expected the under 900 drop I have had no fiat ready to buy some coins.

I really regret not having fiat ready to buy some more coins at this time. In my opinion we will be on our steep rising again in only a few days. The green candles are becoming more and more. Meanwhile I keep hodl my coins.

From my view a lot of people are to emotionally, I mean you may have "earned" 10k in BTC in the last weeks. And what is the situation now? You will still have a profit of about 5k. So keep being rational. 

For me I have found that you should always keep a little of both currencies that you intend to trade in so that you always have some fiat or bitcoin to trade if the market swings either way.
As an easy example let's say that we are at a point where 1 BTC equals $1000 and you have both 1BTC and $1000.
You then set buy and sell orders at regular intervals from the $1000 point, let's say 5%.
So set a buy order at $950 for around 0.2btc worth and a sell order at $1050 for another 0.2btc.
Then when one of these orders get filled set up another buy and sell order around the new price at that point.
It's not very scientific but seems to work ok. Just make sure your margins are large enough to cover the exchange fees.

[rezurect]

I just keep a little of both.

[K~Ehleyr]

Well it's been going in the right direction for a few hours now, that has to be a good sign!  Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.

[HI-TEC99]

Well it's been going in the right direction for a few hours now, that has to be a good sign!  Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.

This could be a start to the formation of a giant handle.

[WeltMaster]

let's make this weekly green, kek wills it



https://www.youtube.com/watch?v=TbU7oVz0Uq0

oh no, i have angered kek

[K~Ehleyr]

Well it's been going in the right direction for a few hours now, that has to be a good sign!  Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.

This could be a start to the formation of a giant handle.

That's a good thing, right??

[eddie13]

Well it's been going in the right direction for a few hours now, that has to be a good sign!  Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.

This could be a start to the formation of a giant handle.

That's a good thing, right??

Yes, it's code for "To $10k"..

[K~Ehleyr]

Well it's been going in the right direction for a few hours now, that has to be a good sign!  Even if it doesn't hold, it's at least given us a few hours to recharge our batteries ready for the next run.

This could be a start to the formation of a giant handle.

That's a good thing, right??

Yes, it's code for "To $10k"..

Whoop whoop!  I can live with that 

[Dafar]

Giant double top?

Or giant cup & handle?

I am betting cup/handle



If giant double top then we are back in a bear market. Has sentiment changed that much? The drop was an overreaction of misleading news on China banning bitcoin. Instead it looks like the Chinese gov is taking a sustainable outlook on bitcoin with the future in mind.