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

[Miz4r]

Time to climb the wall of worry again, $900 within 9 hours I say.

[abercrombie]

Hey, I've just noticed a pattern that this crash fits into, but it's only visible at very long range. (You need a big screen preferably to see this - pull the browser page out wide if you can to grow the image to full size. Sorry I couldn't get the pattern very visible at small scale).

This correction may not be as bearish as we think and seems to fall into a "family" of profit taking moves associated with the rise that started back around July 2015.

It appears that every 7-8 months (every 4-5 months earlier in the rise) there's a big profit take like this which always happens at the top of a spike when the market gets ahead of itself. (I call them "propellor corrections" because they look like an aircraft propellor from side on since the price corrects to about the same distance below the trend line as the 'overheat' got above it). All the same there's a longer, underlying trend where the upwards revaluation grows steadily steeper, even despite these crashes along the way.

When the pressure-relief gasket blows on these bubbles it always corrects to just below the top of the previous propellor pattern. Same every time but increasing in size. Then there's a period of consolidation, followed by a slow rise, then steep rise and another gasket-blow.

Each time the correction gets bigger, but it still seems to stick to the rule of dropping to just below the last spike so that the growth trend isn't broken. I now think I'm not the only one to have noticed this and that big players are actively trading this pattern, watching for the overheat-spike and knowing exactly when to profit take, driving that bubble into full temporary reverse with shorts for maximum profit. But they also must know how far to take it because the last spike gives the reference level.

This one was perfectly timed - 7 months exactly.

Judging by its size and perfectly placed timing, we could be in for a very big rise over the next 8 months if the long term trend continues because the vertical distance between each "overheat" phase increases each time by about 60% to 70%.

Just sayin. Context is everything

like this chart. 

are we rich yet??

[JimboToronto]

Good morning Bitcoinland.

Up a little today... $835 (Bitcoinaverage).

I see Huobi has passed BTC-e and almost caught up with Stamp. I guess the Chinese have realized the PBOC rumors were mostly BS and the panic dump was totally uncalled-for.

It will probably take some time to build up upward momentum, but I think the slide has ended.

[ImI]

There will be one more dump to about 700/650 and then it will go up again.

no, there won't.  

We wait to tomorrow and see who is right If The price drops to my prediction dont forget to comment

i am sure you won't forget.  

Cu tomorrow then

Hey it seems it not happend so fast but it seems to be happening now sllllloooowwwwwwwww

Wrong again.

[K~Ehleyr]

So if I've been following this thread right, the next 24 hours are critical!!!

Meanwhile some of us have spent up and face yet another critical weekend with no fiat on the exchanges 

[kurious]

Watching Stamp to see if we have really turned.

The book is pretty thin - 1000 BTC either bought or sold will make a huge price difference, so Stamp (which looks a leader right now) is very vulnerable to whale whims...

Tread carefully. I am looking for a dip to blow the last of my fiat, I put half of what I sold at the high 900s back in at 798 yesterday and then it went below.  Thankfully I am ok now - but I haven't got a clue if I will get one more dip or not for the other half.  Let's see.

EDIT:  Wishing everyone a filthy French Weekend of screen action.

[arklan]

Watching Stamp to see if we have really turned.

The book is pretty thin - 1000 BTC either bought or sold will make a huge price difference, so Stamp (which looks a leader right now) is very vulnerable to whale whims...

Tread carefully. I am looking for a dip to blow the last of my fiat, I put half of what I sold at the high 900s back in at 798 yesterday and then it went below.  Thankfully I am ok now - but I haven't got a clue if I will get one more dip or not for the other half.  Let's see.

EDIT:  Wishing everyone a filthy French Weekend of screen action.

filthy french weekend?

[jbreher]

I can't believe we're back on about block size again. My new compass is $700. I can't die holding bitcoins.

WTF? If you die holding any monetary asset, but no Bitcoin, I will have lost respect for you.

Lol. I plan to go out in a blaze of reckless spending. Is that so wrong?

Not at all. I completely misinterpreted your statement. Carry on.

We'll see if last night's drunk sends me out in a blaze of reckless posting

[valta4065]

Watching Stamp to see if we have really turned.

The book is pretty thin - 1000 BTC either bought or sold will make a huge price difference, so Stamp (which looks a leader right now) is very vulnerable to whale whims...

Tread carefully. I am looking for a dip to blow the last of my fiat, I put half of what I sold at the high 900s back in at 798 yesterday and then it went below.  Thankfully I am ok now - but I haven't got a clue if I will get one more dip or not for the other half.  Let's see.

EDIT:  Wishing everyone a filthy French Weekend of screen action.

A filthy French Weekend?
You mean you wish us to all raise the white flag together
Doesn't make much sense man

[logictense]

Oh shit, after reading this and realizing the possible implications, I will have to be extra careful after opening a long...

You've never had a long position before, Tzupy. What's the matter with you?

The reason goddamn kids tell u theyre uncertain about opening a long is that they love to demonstrate how badly they hate the market by systematically expressing approval to devious tendencies toward having a short position, while feeling vulnerable to fault inside their primitive mind.

[the artful bodger]

ZE Jiang(BTC.TOP): Huobi & BTCC stopped margin trading, OKc leverage only 1x, finally no more fake BTC generated by exchange

https://twitter.com/cnLedger/status/819808775032868865

Oh shit, after reading this and realizing the possible implications, I will have to be extra careful after opening a long... Planned to open one in a couple of hours...

What possible implications exactly?

A possible 10x drop in Chinese volume, how do you think that would look? Bullish?

Are we sure this is true? I just checked my huobi account and margin seems to be the same

 

Coindesk says BTCC is the only Chinese exchange to make a formal announcement until now. It's website's home page shows a link to this message

https://www.btcc.com/



Coindesk says traders on Huobi told them it stopped margin, and OKCoin traders told them differing stories.

http://www.coindesk.com/china-bitcoin-exchanges-trading-policy-updates/

At press time, traders were reporting that loan-based trading services were no longer available on Huobi.

OKCoin's international and China-facing websites OKCoin.com and OKCoin.cn were said to be offering limited or augmented versions of the services, though traders were reporting different experiences.

However financemagnates says BTCC told them stopping margin might only be temporary.

http://www.financemagnates.com/cryptocurrency/trading/bitcoin-trading-on-margin-halted-by-major-chinese-exchanges/

Talking to us shortly before this publication, Bobby Lee, the CEO of BTCC, told Finance Magnates that the importance of this move needs to be taken in context and not be overstated. He explained that halting leveraged trading could just be a temporary action, one of possibly many more tweaks to the service to come, as the exchanges are trying to adapt to the demands of the regulators while nothing official has been decided yet. The real importance here, as he sees it, is that the PBOC is actively engaging with BTCC and other bitcoin exchanges and openly shares this with the Chinese public.

[kurious]

Watching Stamp to see if we have really turned.

The book is pretty thin - 1000 BTC either bought or sold will make a huge price difference, so Stamp (which looks a leader right now) is very vulnerable to whale whims...

Tread carefully. I am looking for a dip to blow the last of my fiat, I put half of what I sold at the high 900s back in at 798 yesterday and then it went below.  Thankfully I am ok now - but I haven't got a clue if I will get one more dip or not for the other half.  Let's see.

EDIT:  Wishing everyone a filthy French Weekend of screen action.

A filthy French Weekend?
You mean you wish us to all raise the white flag together
Doesn't make much sense man

A French Weekend is a weekend that is so delightful and memorable you don't want to shower it off....

[roslinpl]

I think we're at the new bottom now

[mainpmf]

I think we're at the new bottom now

Well, I hope so.

It seems we're in a more stable period of variation. Contrary to this crazy 500 --> 1100 run, this upper trend seems much more reasonable so it should also be more stable! I do hope that 800 will be a new bottom, when you compare to a few month ago that's still an increase of 60% so not too bad I'd say xD
And problem is that if we break 1000$ again I'm pretty sure it will crash soon after...
Might be my pessimistic side though...

[BitcoinNewsMagazine]

Here is the problem: it is possible that maximum pain level was not reached, meaning blood in the streets, wailing, despair you get the picture. RSI on the daily chart has not reached oversold level under 30. A capitulation wave down to $680 should get the RSI oversold and price would also touch the daily 200 MA. May not happen but putting some bids in at $680 might prove to be a good move.

[Fakhoury]

News URL : https://twitter.com/clif_high/status/819930504401010689

[600watt]

Nearing the top of the descending wedge.
I'm expecting more down. If wrong, I'd expect a breakout of the trendline to be both violent and large.

huobi @5700. broke the wedge. let´s hope for good. still too tiny.

edit: not broken on finex. not on stamp. we need $850+ for that.

[Killerpotleaf]

knocking on initial resistance.

might see a nice sharp move to 869 in the next few hours.

or like 888? 

[Killerpotleaf]

feels like bottom fishers taking profit... wouldn't be surprised that this resistance is strong, but would expect big move if broken.

if we can't do it, i'd put good money on a higher low 799

[Killerpotleaf]

loving that retardedly tight spread