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

[JayJuanGee]

2nd leg down coming?

Eventually, but I doubt it will be tonight with this kind of volume on exchanges. We should have period of consolidation for the next 24-48 hours. Western exchanges have lost 10% and chinese 15% in a single day. Thats plenty for one afternoon and many sceptics are already buying back in.

The trade volume did a definite exponential spike in the past several hours.  There were 13k coins dumped on Stamp in 2 hours, and that is a lot of coins to dump in order to achieve a 17% dip that pretty much bounced back into the 10% dip territory...

So yeah there could be some continuation with high volume that is likely going to have to simmer down, even though it could take more than a few days before it actually does simmer down.  

Sometimes when a high trade volume price battle begins, it can take several weeks before that battle settles down... and during that time, we may continue to stay in a small price range, but chances become decent that we could also shoot in one direction or another (maybe odds would be a tiny bit more towards down in the short term as long as the trade volume remains up and sustainably up.. but down is surely not a given - especially if the price keeps bouncing back up, even after considerably high number of coins are dumped at once without achieving sustained lower price results).

[swogerino]

That's a very nice ride! Buy bitcoins folks. You can be the next Ducati owner soon.

Ahh.. totally missed that it was a Ducati,
Just was blinded by the beauty that it is with being shiny new.
Like all the bitcoins that people are buying up now to bring the price back up.

[JayJuanGee]

Next step would obv be to close a small exchange. Then, after several smaller ones, proceed with the bigger ones.

Then go after the miners. Then go after every retailer that accepts BTC.

It seems to me that the PBOC isn't going after Bitcoin. They're simply trying to prevent the outflow of capital from their country.

Yuan can be controlled. As long as the private keys are in China (such as in Chinese exchanges) they can control some bitcoins.

Once the coins are withdrawn to addresses whose private keys are elsewhere, they have no control whatsoever, hence the withdrawal suspension.

If this continues for more than the announced month, it could be extremely bullish. If all those coins are trapped in China, the supply to the rest of the world will be restricted.
____

Glad I bought today, even if I had to try 5 ATMs to do so.

The 2 cheapest ones I use the most were both temporarily sold out, the 3rd one I tried was ridicujlously overpriced, the 4th only had a fraction of a coin and was overpriced.

Finally I found a machine in a waffle shop which was well-stocked, reasonably priced, and doing booming business. It was busy when I arrived and by the time I was done, there were already 2 more people waiting in line.

Where I live, at these prices, demand exceeds supply.

What is a "reasonable" price for an ATM in your neck of the woods?   I know that you posted about this before, but would you consider less than 5% as "reasonable" or some other threshold?

[JimboToronto]

What is a "reasonable" price for an ATM in your neck of the woods?   I know that you posted about this before, but would you consider less than 5% as "reasonable" or some other threshold?

Anything at 5% or less is quite reasonable, especially if is totally anonymous. Even 7% is acceptable for me if it's close and anonymous.

By "ridiculously overpriced" I'm talking about double digits. One 24-hour place wants 13% to buy and 15% to sell. Ridiculous.

Cheap is the 1% offered by Deloitte, but they have a $100 daily limit and require ID. They're also a little off my beaten path. Travel time and expense are a consideration.

[sirazimuth]

bitcoin market behaving like typical bitcoin market...taint nuthin but a thang
so here's my prediction for this date next year (ill quote this post in a year to see how close i am)


 feb 9 of 2018 will be  ... $1850  ( fyi...just pulled that # outta my arse from watching price for past 3 years...and  i'm a hodler)

[Killerpotleaf]

I can feel the rumble of 10,000 bulls running towards market.       ...oh wait, no, that was a fart.

[sirazimuth]

I can feel the rumble of 10,000 bulls running towards market.       ...oh wait, no, that was a fart.

gas pass

[Killerpotleaf]

bitcoin market behaving like typical bitcoin market...taint nuthin but a thang
so here's my prediction for this date next year (ill quote this post in a year to see how close i am)


 feb 9 of 2018 will be  ... $1850  ( fyi...just pulled that # outta my arse from watching price for past 3 years...and  i'm a hodler)

i'd say closer to like 7470

[HI-TEC99]

It's 8:00am in Beijing, lets see what happens.

It's $989 on stamp and $988 on finex. The Chinese had a chance to dump before they went to bed. After a night's sleep they might start buying back now they can see it hasn't crashed as far as expected.

[Killerpotleaf]

what time to you think chinese lawyers get into their offices? like 9 ish?

[PoolMinor]

TA is for suckers.

[Ted E. Bare]

what time to you think chinese lawyers get into their offices? like 9 ish?

Probably when they are done buying up all the cheap coins. Price is increasing at the pace of a Ducati motorcycle.

[HI-TEC99]

what time to you think chinese lawyers get into their offices? like 9 ish?

The same as in the west, somewhere between 8 and 9 in the morning.

https://www.travelchinaguide.com/essential/business-hour.htm

The working hours of Chinese companies may be from 08:00 to 17:00, 08:30 to 17:30 or 09:00 to 18:00. The official organizations like the government offices usually work from 09:00 to 17:00 with a one-hour siesta, and they do not work on Saturdays and Sundays.

[TeeBone]

Dead cat bouncers were invented for those who got caught up in the hype No excuses to not bail out now.

[RayX12]

Dead cat bouncers were invented for those who got caught up in the hype No excuses to not bail out now.

Obviously "TeeBone" just dropped his stake...  

[Arcteryx]

It's 8:00am in Beijing, lets see what happens.

It's $989 on stamp and $988 on finex. The Chinese had a chance to dump before they went to bed. After a night's sleep they might start buying back now they can see it hasn't crashed as far as expected.

It has got to go up to $1000 by 10am their time.
If it doesn't you know something is up and there is dumps to be had through out the day at a feverish rate.
By the time the West wakes up it will be a disaster.
Do not sleep tonight and watch the disaster happen live.

[swogerino]

It is officially 10:00 am in China so has the bitcoin price exploded yet?

$970.45 showing on blockchain.info -2.95%
Bitstamp
CurrencyUSD – United States dollar
Coinbase   —   —   —
Bitfinex   970.02      -2.38%
Bitstamp   970.46      -2.95%
BTC-e   950.00      -4.46%
LocalBitcoins   1246.91      -0.72%

[JayJuanGee]

What is a "reasonable" price for an ATM in your neck of the woods?   I know that you posted about this before, but would you consider less than 5% as "reasonable" or some other threshold?

Anything at 5% or less is quite reasonable, especially if is totally anonymous. Even 7% is acceptable for me if it's close and anonymous.

By "ridiculously overpriced" I'm talking about double digits. One 24-hour place wants 13% to buy and 15% to sell. Ridiculous.

Cheap is the 1% offered by Deloitte, but they have a $100 daily limit and require ID. They're also a little off my beaten path. Travel time and expense are a consideration.

Thanks for that.  It is nice to hear about actual experiences of folks in regards to ATMs, especially since I don't actually use those ATM services.

Regarding the "Deloitte" ATM, yes that seems to be quite a low daily limit and then to require an ID.. so yeah if it is a bit out of your way, it might not be worth the time, and I imagine that if they require some kind of ID, then you have to input that ID, every time that you use their machine - since they are not likely issuing you some kind of membership or a frequent flyers card or anything like that.

[Biro Bob]

The drop to 970 was the first I noticed.... Despite feeling deflated, I decided to NOT read this thread as part of me thought we'd drop to the 700s and didn't want to exacerbate my pain with Doooooomsayers!!!. I woke up to see we're still there. I haven't sold any I have no plans to. I'm a bit gutted I didn't buy a holiday with Bitcoin yesterday (which is still a plan... but now the holiday is more expensive).

Bitcoin exists to prevent the very problem that we are experiencing now: Someone else telling you what you can and can't do with your money! In reality this should be driving th price up. Not down!

[podyx]

The drop to 970 was the first I noticed.... Despite feeling deflated, I decided to NOT read this thread as part of me thought we'd drop to the 700s and didn't want to exacerbate my pain with Doooooomsayers!!!. I woke up to see we're still there. I haven't sold any I have no plans to. I'm a bit gutted I didn't buy a holiday with Bitcoin yesterday (which is still a plan... but now the holiday is more expensive).

Bitcoin exists to prevent the very problem that we are experiencing now: Someone else telling you what you can and can't do with your money! In reality this should be driving th price up. Not down!

True. We should be above 1030 within 5 days.

There was serious demand building and chinese aint the only ones buying.

Market seems to be on hold to see how serious the news really was