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

[JimboToronto]

A very late good morning Bitcoinland.

Just got back home now after buying for the 3rd time in 3 days about 3 hours ago.  Missed the absolute bottom but it always seems to happen in the middle of the night when all the cheap ATMs are closed.

Can't complain. This buying opportunity was a long time coming. I'm just glad I could afford to buy a few more coins.

It's still under $900USD.... $899 to be exact. That's $1191CAD. I paid about $1166CAD plus fees.

Was that the bottom or do we have another dip coming? It's the weekend now so it might be a little tricky reallocating funds to buy more.

Interesting times indeed.

[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.

That's a good thing, right??

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

Whoop whoop!  I can live with that 

There were a few threads in November 2013 discussing the formation of a cup and handle. In this quote from 2013 they were speculating the bottom of the handle was the crash to $180, and that the top of the handle might be $300-$500.

They were too pessimistic, it went to over double that, more than $1100. I'm hoping history repeats itself and we are all being too pessimistic. If we are it could go to over $20k, but I'm pessimistic about it.

A large amount of capitulation (and potential handle) already can be seen from a few weeks ago ("crash" from $230 to $180 or whatever, and the following week).

Yeah, it's really difficult to tell what we might expect to see (obviously), but, it's reasonable to imagine that the launch from the 140-declining-to-130 handle in September could start a run that goes for 2,3,4 or more months with no major corrections. If that happens, we will look back and see the cup-and-handle for what it was-- a sign of yet another level (speculating maybe 300-500 range).

[JayJuanGee]

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.  

Let's say hypothetically you are not a troll and hypothetically your first time buying BTC was after the first leg of the dip down to $920 and let's say you had a total of $1,000 available that you could invest in the short term.  In that case on the first dip, you should have invested anywhere between $300 and $700, and not $1000.  Anyhow, it is not easy to know these things, and frequently people will go in 100%.. sometimes it will pay off and sometimes it will not... but if you do end up going full in, then you just have to wait for the price to go above your entry point to figure out if you want to reconsider your options, including selling off a bit of what you had initially invested (because it seems that you had already over invested).

[edited out]

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.

Hahahahaha... exactly.... you beat me to it, machasm.

[SnokkomBTC]

There were a few threads in November 2013 discussing the formation of a cup and handle. In this quote from 2013 they were speculating the bottom of the handle was the crash to $180, and that the top of the handle might be $300-$500.

They were too pessimistic, it went to over double that, more than $1100. I'm hoping history repeats itself and we are all being too pessimistic. If we are it could go to over $20k, but I'm pessimistic about it.

A large amount of capitulation (and potential handle) already can be seen from a few weeks ago ("crash" from $230 to $180 or whatever, and the following week).

Yeah, it's really difficult to tell what we might expect to see (obviously), but, it's reasonable to imagine that the launch from the 140-declining-to-130 handle in September could start a run that goes for 2,3,4 or more months with no major corrections. If that happens, we will look back and see the cup-and-handle for what it was-- a sign of yet another level (speculating maybe 300-500 range).

[/quote]
What was the timeframe between the bottom of the handle and the top of 1,2k?

[Ted E. Bare]

Closing the daily above 900$ for a green candle would be very bullish imo.

[HI-TEC99]

There were a few threads in November 2013 discussing the formation of a cup and handle. In this quote from 2013 they were speculating the bottom of the handle was the crash to $180, and that the top of the handle might be $300-$500.

They were too pessimistic, it went to over double that, more than $1100. I'm hoping history repeats itself and we are all being too pessimistic. If we are it could go to over $20k, but I'm pessimistic about it.

A large amount of capitulation (and potential handle) already can be seen from a few weeks ago ("crash" from $230 to $180 or whatever, and the following week).

Yeah, it's really difficult to tell what we might expect to see (obviously), but, it's reasonable to imagine that the launch from the 140-declining-to-130 handle in September could start a run that goes for 2,3,4 or more months with no major corrections. If that happens, we will look back and see the cup-and-handle for what it was-- a sign of yet another level (speculating maybe 300-500 range).

What was the timeframe between the bottom of the handle and the top of 1,2k?

Probably about six weeks, which was much faster than they expected. There was a coindesk article released today that discusses the differences between then and now. Everything seems slower this time, and we don't have MtGox to wreck a rally.

http://www.coindesk.com/2013-today-comparing-bitcoins-biggest-rallies/

[lemmyK]

https://twitter.com/LibertyBlitz/status/817808847561703424
More on that WW3 dollar.
i am say/told you ! enjoy your profit from bitcoin until you can......  after only caned food ,ammo ,
communist times was last safe times  

[JayJuanGee]

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 

There were a few threads in November 2013 discussing the formation of a cup and handle. In this quote from 2013 they were speculating the bottom of the handle was the crash to $180, and that the top of the handle might be $300-$500.

They were too pessimistic, it went to over double that, more than $1100. I'm hoping history repeats itself and we are all being too pessimistic. If we are it could go to over $20k, but I'm pessimistic about it.

A large amount of capitulation (and potential handle) already can be seen from a few weeks ago ("crash" from $230 to $180 or whatever, and the following week).

Yeah, it's really difficult to tell what we might expect to see (obviously), but, it's reasonable to imagine that the launch from the 140-declining-to-130 handle in September could start a run that goes for 2,3,4 or more months with no major corrections. If that happens, we will look back and see the cup-and-handle for what it was-- a sign of yet another level (speculating maybe 300-500 range).

I understand what you are saying, and there are so many variables, including the improvement of many of BTC's networking effects - but on the other hand there are way more ways to short bitcoin these days than had existed in late 2013....

I don't know... I put this top in the $3 to $5k territory at best (we know it is all probabilistic, so it may or may not happen, anyhow), and yeah, if we end up getting double that, then we are in the $6 to $10k territory (that is if some kind of irrational FOMO plays out)...

Sure, I don't really have a problem being wrong, because whether the top is $5k or $10k or $20k, I am still going to retain a pretty decent quantity of my coins... even while I am continuing to sell a few here and there along the way... to prepare for these stupid ass and crazy dips (like we are currently in the midst of hopefully recovering from)..

[PoolMinor]

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.

Where is this "double" top you speak of? Pics or it didn't happen...



The weekly is still Bullish as fuck though!!




Edit:

http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:average_directional_index_adx

https://www.linnsoft.com/techind/adxr-avg-directional-movement-rating

[marcus1986]

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.

I'm betting it is giant cup & handle. I don't believe that we are back to bear market. It seems bullish as for me.

[ImI]

Mirai Botnet targets BTC exchanges. Could get interesting...

https://twitter.com/MiraiAttacks

[BlindMayorBitcorn]

where moon at?
 

China bought that. You might be able to visit. But it won't be the same.

[HI-TEC99]

Mirai Botnet targets BTC exchanges. Could get interesting...

https://twitter.com/MiraiAttacks

What can it do to them besides DDOS them? DDOSing exchanges has been happening for years. The altcoin exchanges periodically go offline because of DDOSing, but their downtime doesn't last too long.

[eddie13]

Mirai Botnet targets BTC exchanges. Could get interesting...

https://twitter.com/MiraiAttacks

What can it do to them besides DDOS them? DDOSing exchanges has been happening for years. The altcoin exchanges periodically go offline because of DDOSing, but their downtime doesn't last too long.

I feckin hope nothing because my BTC is in their main target!!!

[Ted E. Bare]

So what's the consensus here? Everyone back in bitcoin or more down? Will the daily close above $900?

[ImI]

Mirai Botnet targets BTC exchanges. Could get interesting...

https://twitter.com/MiraiAttacks

What can it do to them besides DDOS them? DDOSing exchanges has been happening for years. The altcoin exchanges periodically go offline because of DDOSing, but their downtime doesn't last too long.

Nothing else then DDOS, but strong DDOS. I dont know if Mirai would be able to bring ALL exchanges offline for some days. That could bring another quality to this game.

[dmwardjr]

Coming Soon to a theater near you...

THEN A BIG ASS MARK UP; over the course of time of course.  Easily $3000+ by end of 2017; in my opinion.

https://www.tradingview.com/chart/BTCUSD/3abKPDIx-We-re-NOT-Done-Yet/

[Meuh6879]

where moon at?

Soon.

[boyshx]

I don't think the dump is over. I think it's still going a little bit lower.

[Odalv]

Coming Soon to a theater near you...

THEN A BIG ASS MARK UP; over the course of time of course.  Easily $3000+ by end of 2017; in my opinion.

https://www.tradingview.com/chart/BTCUSD/3abKPDIx-We-re-NOT-Done-Yet/

Number of bitcoins is limited. You cannot print Bitcoins and dump them in unlimited amount as CB or FED can do using fiat.