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

[rjclarke2000]

The next 2 days are critical. If there will be a successful pump, eventually leading to about 1050$ - 1100$, then this will be a EW one, and after months of sideways we'll see 2000$ or more.
If however the pump will fail, then we'll see a major correction, down to about 600$ and the possibility of a new bear market.

quoting because i doubt either of these scenarios.

my hunch is a smaller dump back into high 800s.

quoted, because i think u are wrong.. my guess is a pump to the high 56,000s after the surprise hard fork .

Sorry Aztec but what do you mean by this? A surprise fork? 56,000 what exactly?

[Denker]

Look at that volume!
What a drop!
I think this is it with chinese dominance, in terms of trading volume of course.

[Torque]

Whales just love $900   

[Elwar]

The rest of the world seeing that the Chinese exchanges were fake volume will either now realize that the jump in price was not due to Chinese rushing to get their money out of China or they will spin it as the Chinese government has cracked down on Chinese Bitcoin purchases and they are now moving their money in other ways.

My confidence in the media points to them choosing the latter.

[Okurkabinladin]

Look at that volume!
What a drop!
I think this is it with chinese dominance, in terms of trading volume of course.

I see.

The thing is, that volume of western exchanges didnt surge to the level, chinese has fallen off. Indicating that atleast some of the volume was indeed fake.

Short and mid term, this is quite bearish news, I am afraid. A lot of the excitement might fall of, once investors in Asia realize, that the party house is half empty.

Long term, it will be beneficial for multiple reasons, not least adding transparency and credibility to established exchange providers.

[European Central Bank]

The rest of the world seeing that the Chinese exchanges were fake volume will either now realize that the jump in price was not due to Chinese rushing to get their money out of China.

i don't see how anyone other than a chronic bitcoin red piller could've ever believed that anyway.

[Miz4r]

1h and 4h charts are really starting to look bearish now. 1D chart looks neutral still but could become bearish also pretty quickly. Price has to go up to $940+ soon in order to paint a more bullish picture, but right now it looks like we'll be seeing $850 again first and perhaps even the $700s later. The sudden much lower volume from China might contribute to increased selling pressure on the short term, although longer term it should be good for the price and volatility without a market dominated so much by China.

[Elwar]

I did see an article that said that with the Chinese exchanges adding transaction fees it should cut down on volatility.

Yes, because low volume is great for volatility. 

[JimboToronto]

Good morning Bitcoinland.

Missed a day and didn't miss much... currently $912USD (Bitcoinaverage).

Down a little but any dip below $900 doesn't last long.

Consolidation is probably a good thing. Time to just sit back and watch.

[Darker45]

I'm not sure if I pray for bitcoin to soar high again or not so I can buy more. I'm waiting for my next damn salary. 

[gembitz]

The rest of the world seeing that the Chinese exchanges were fake volume will either now realize that the jump in price was not due to Chinese rushing to get their money out of China or they will spin it as the Chinese government has cracked down on Chinese Bitcoin purchases and they are now moving their money in other ways.

My confidence in the media points to them choosing the latter.

The recent China dialog was just a rehash of the mtgox fallout with a little fluff added for good measure...

===> *imho* >> India has been the 5000lb Gorilla driving the price up if you didn't already know! ;-)

[European Central Bank]

===> *imho* >> India has been the 5000lb Gorillia driving the price up if you didn't already know! ;-)

where's the evidence for that? what indian volumes there are are pitiful and the price sky high. that points to not very many coins being bought.

[gembitz]

===> *imho* >> India has been the 5000lb Gorillia driving the price up if you didn't already know! ;-)

where's the evidence for that? what indian volumes there are are pitiful and the price sky high. that points to not very many coins being bought.

http://money.cnn.com/2017/01/04/news/india/india-cash-crisis-rupee/



 


^google it!

[GreekGeek]

===> *imho* >> India has been the 5000lb Gorillia driving the price up if you didn't already know! ;-)

where's the evidence for that? what indian volumes there are are pitiful and the price sky high. that points to not very many coins being bought.

try google trends---> bitcoin   (in India)    

[DaRude]

BTC is under attack! ===> http://bitcointicker.co/networkstats/

 

by a difficulty increase and people making transactions?

Wait this looks normal to you? Going from 10k unconfirmed transactions to 65k in under 12hrs? Or you just trolling?
https://blockchain.info/charts/mempool-count?timespan=24h

No, I'm not trolling. Some simple math:

Say the network capacity is 15000 transactions per hour before the difficulty increase.  Now the difficulty jump reduces capacity by 17%. So now capacity is 2550 transactions per hour less. Now assuming transaction demand remains the same, in 12 hours you'll amass 30k transactions above capacity which go into the mempool.

So that alone explains more than half of the effect. No need to postulate a "spam attack". Any slight (10%) increase in demand at the same time would account for another 18k transactions making that 48k transactions, almost your measure 55k.

Wait even with you math, a sudden consistent spike of 10% in volume across the board right at the time of difficulty adjustment looks normal to you?
Now just a hypothetical, if you had limited resources and were to trying to spam the blockchain how exactly would you approach or perhaps time your attack?  

[soullyG]

===> *imho* >> India has been the 5000lb Gorillia driving the price up if you didn't already know! ;-)

where's the evidence for that? what indian volumes there are are pitiful and the price sky high. that points to not very many coins being bought.

http://money.cnn.com/2017/01/04/news/india/india-cash-crisis-rupee/



 


^google it!

https://coin.dance/volume/localbitcoins/INR

[European Central Bank]

try google trends---> bitcoin   (in India)    

that's all positive but what matters when it comes to price is buying on exchanges. on btcxindia 'india's leading bitcoin exchange' there were five trades in the last two hours amounting to about 1.3 btc in total.

wowzers. but they could be total nobodies for all i know.

localbitcoins is more relevant but those figures are still only $400,000 or so a week. i'm sure india will be an ever bigger deal but not right now.

[HI-TEC99]

try google trends---> bitcoin   (in India)    

that's all positive but what matters when it comes to price is buying on exchanges. on btcxindia 'india's leading bitcoin exchange' there were five trades in the last two hours amounting to about 1.3 btc in total.

wowzers. but they could be total nobodies for all i know.

localbitcoins is more relevant but those figures are still only $400,000 or so a week. i'm sure india will be an ever bigger deal but not right now.

Japan's taking over as a volume leader. Today its top exchange (coincheck) has 7922 BTC volume, but coincheck isn't even on bitcoinity. The only working JPY exchanges on bitcoinity are the kraken and localbitcoins.

https://coincheck.com/exchange

24h Volume
7922.5185 BTC

[gembitz]

>.>

https://coin.dance/volume/localbitcoins/INR

>>>move along kid..NOTHING^ to see here!

 

[gembitz]

<_<
Japan's taking over as a volume leader. Today its top exchange has 7922 BTC volume, but coincheck isn't even on bitcoinity.

https://coincheck.com/exchange

24h Volume
7922.5185 BTC

^of course ~ Mark Kerpeles is free!!!