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

[logictense]

This dump must be limited by $725. That will be the level where I'm prepared to seek an entry into highly leveraged long position. U may wish to buy now but there are still multiple technical reasons that are capable of reducing the price to $720.

[DieJohnny]

I think 690 is possible.

[Actualiteit]

Let it go. I'll put my buy orders at 200 just in case.

[jbreher]

Oh, bother. Dinner has been delayed. Again.

[Dafar]

The first major drop this month was over exaggerated news on China cracking down on bitcoin, when all they did is tell BTC exchanges that they can't market bitcoin with depreciating yuan, and that they should also cut down fake volume and simply warn customers that bitcoin is volatile. Not only does this show China's understanding of bitcoin, but it seems they are also taking a balanced and prudent approach with the long-term view in sight.

This drop seems exaggerated as well, BTCC says everything is business as usual. It is pretty evident by now that China does not intend to ban bitcoin nor limit the exchanges in a meaningful way.

So given what you know you tell me if the drop from $1160 to $790 was justified over the China news alone. It seems like a combination of a much needed correction accelerated by exaggerated fears of China cracking down on bitcoin when they are not. You either believed that bitcoin had no business being at $1000 during the entire run-up or you believed that it was about time, that bitcoin actually deserves to be at $1000 and that it needs to start getting expensive relatively soon for it to be sustainable. If your sentiment turned 180 from the climb to $1000 to now then you're being played by emotions and have no idea what you're doing. If you invested with the long term vision in mind I don't see any reason to panic, this is a gross over exaggeration of China's stance on bitcoin.

Also, I'm not a trader but isn't this the perfect setup for cup and handle?

And also, my dad wants to put $30K into bitcoin, you're welcome. Actually I didn't even convince him, I showed him how much I'm up on bitcoin and he asked me why I'm not selling... you guys know why, I told him there's no limit to the BTC price and things are looking good especially when the rest of the world isn't, and he's been reading up on bitcoin since

[abercrombie]

bitcoin, may it rest in pieces.

2009-2017 rip

[Torque]

bitcoin, may it rest in pieces.

2009-2017 rip

I think is it pretty hilarious that in the U.S. there are small and medium cap stocks that are just a volatile as the Bitcoin market, maybe more so, but have also shown a long term upward growth trend.  But for some reason these stocks never get mentioned in the same breath as bitcoin, in terms of them ever being "done" or "dead" when they dump 10-20% or more.  In fact, the news media largely ignores them.

Never have I seen a security such a Bitcoin where FUD and fake stories are used so heavily and so often.  Don't they realize that it doesn't work yet?  People around the world are ignoring the FUD, buying and holding anyway for a long term investment and store of value.

[jbreher]

So given what you know you tell me if the drop from $1160 to $790 was justified over the China news alone.

Of course not. But Bitcoin is too thinly traded, and too overwhelmingly owned by ignorant basement-dwelling neckbeards ^[tm] to be ruled by logic.

And also, my dad wants to put $30K into bitcoin

Isn't it better this way, rather than borrowing it for one purpose, and sneakily putting it into BTC instead?

[alphahacktivist]

self quote

https://bitcointalk.org/index.php?topic=178336.msg17465395#msg17465395

this is all very normal.

consider looking at Jan- March 2016 and see the pattern

[Elwar]

And also, my dad wants to put $30K into bitcoin, you're welcome. Actually I didn't even convince him, I showed him how much I'm up on bitcoin and he asked me why I'm not selling... you guys know why, I told him there's no limit to the BTC price and things are looking good especially when the rest of the world isn't, and he's been reading up on bitcoin since

If you're in the US have your dad purchase through itBit. I've found that anything over $5,000 is best to go through them. You have to pay for the wire transfer but the lower exchange percentage makes up for it over $5k.

[Dafar]

And also, my dad wants to put $30K into bitcoin, you're welcome. Actually I didn't even convince him, I showed him how much I'm up on bitcoin and he asked me why I'm not selling... you guys know why, I told him there's no limit to the BTC price and things are looking good especially when the rest of the world isn't, and he's been reading up on bitcoin since

If you're in the US have your dad purchase through itBit. I've found that anything over $5,000 is best to go through them. You have to pay for the wire transfer but the lower exchange percentage makes up for it over $5k.

Thanks for the tip

[Lionidas]

It is funny how this huge selling off in another part of the world is causing such a commotion all the way where I live.
This is like some end of days stuff for the ones that have 200 btc I would guess to think.
The ones who bought houses during the rally must be living the dream and just laughing right now.

[elrippo]

As long as the chinese "Centralbanks" review BTC everytime it hits the 1k$/€ mark, BTC will never hit the xk$/€ mark since there will always be some derpession because of the "investigation"

[roslinpl]

I predicted China thing few weeks ago
I told to my friends - "It seems like China will ban Bitcoin soon"
It happens every time ... every time when the price is going up too fast

https://www.youtube.com/watch?v=-hlN2nel5HI
Inspiring
(watch the video )




HODL and BUY

[Elwar]

I can handle a year or so of going back to cheap coins. My collection is not yet complete.

[alphahacktivist]

And also, my dad wants to put $30K into bitcoin, you're welcome. Actually I didn't even convince him, I showed him how much I'm up on bitcoin and he asked me why I'm not selling... you guys know why, I told him there's no limit to the BTC price and things are looking good especially when the rest of the world isn't, and he's been reading up on bitcoin since

If you're in the US have your dad purchase through itBit. I've found that anything over $5,000 is best to go through them. You have to pay for the wire transfer but the lower exchange percentage makes up for it over $5k.

Thanks for the tip

like i told you months ago on another currency.. hodl and dont sell. today we are over 3 times the price it was and during the rally we hit 4 times the price. i hope you did HODL

[Elwar]

Must have been all of that hype by the US media saying that the jump in bitcoin price was due to people getting around China capital controls.

While those on the ground said there wasn't much of that at all, and that there are cheaper alternatives to do that.

But hey, if the US media is reporting it must be true.

[Torque]

Must have been all of that hype by the US media saying that the jump in bitcoin price was due to people getting around China capital controls.

While those on the ground said there wasn't much of that at all, and that there are cheaper alternatives to do that.

But hey, if the US media is reporting it must be true.

Oh dear oh dear, what excuse will they have left for Bitcoin's rise when China's currency starts to stabilize and possibly rally?   

[boyshx]

Well it seems to be holding very well a 800-780. But how could we know

[ImI]

Must have been all of that hype by the US media saying that the jump in bitcoin price was due to people getting around China capital controls.

While those on the ground said there wasn't much of that at all, and that there are cheaper alternatives to do that.

But hey, if the US media is reporting it must be true.

Its not about the "US media". Its just a story that everyone likes to believe. Take a look around at BTT you will find lots of folks who are strongly convinced that Bitcoin is all about China and China adopting Bitcoin. From time to time for example i state at the german part of BTT that i dont see China as a main market and that Bitstamp is still the boss when it comes to price movement and i get lots and lots of denial. "Do you know how many people live in China!?"  

No media needed its a story that folks like to believe.