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

[Lauda]

China bans Bitcoin on BTCC again? 

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017

https://www.reddit.com/r/Bitcoin/comments/5ud5f2/btcchina_bullshitting_its_users_by_extending/
Looks like honey badger doesn't give a damn.

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[Holliday]

Looks like honey badger doesn't give a damn.

You can only cry wolf so many times before people stop giving a shit. I'm honestly shocked they've been able to influence the market as many times as they have.

[RAJSALLIN]

Nice to see some movement. Let's hope this is a proper leg up. It's about time.

It's about time you get a leg up with a weekly RSI over 70???

You guys don't know what you are talking about.


Also the bullishness here speaks for down movement.

[kehtolo]

But Searing.. it does work like it's supposed to.

 

[cmacwiz]

Seems the east doesn't trust this breakout

[gembitz]

China bans Bitcoin on BTCC again? 

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017

https://www.reddit.com/r/Bitcoin/comments/5ud5f2/btcchina_bullshitting_its_users_by_extending/
Looks like honey badger doesn't give a damn.

March 15th = SHORTSQUEEZE!!!! THEY ARE SHORT COINS!!! :-D  HOLY SMOKES!!

[gembitz]

Seems the east doesn't trust this breakout

^China shorted and lost all their corns!!

[Morecoin Freeman]

Nice to see some movement. Let's hope this is a proper leg up. It's about time.

It's about time you get a leg up with a weekly RSI over 70???

You guys don't know what you are talking about.


Also the bullishness here speaks for down movement.

Weekly RSI is supposed to trend above 70

'16 May - Jun -------- weekly RSI > 70 ---- $430 ----> $780

'16 Nov - '17 Jan ---- weekly RSI > 70 ---- $720 ----> $1160

today ----------------- weekly RSI > 70 ---- $1000 --> ...

[RAJSALLIN]

Nice to see some movement. Let's hope this is a proper leg up. It's about time.

It's about time you get a leg up with a weekly RSI over 70???

You guys don't know what you are talking about.


Also the bullishness here speaks for down movement.

Weekly RSI is supposed to trend above 70

'16 May - Jun -------- weekly RSI > 70 ---- $430 ----> $780

'16 Nov - '17 Jan ---- weekly RSI > 70 ---- $720 ----> $1160

today ----------------- weekly RSI > 70 ---- $1000 --> ...

Using past examples where the RSI went higher than 70 has absolutely no significance. RSI over 70 is overbought period.

Don't have time to get into stupid arguments that waste my time. Leaving again for better and more intelligent places.

[600watt]

Seems the eastwest doesn't trust this breakoutfrozen chinese exchanges

edit: why on earth does the PBoC weaken their exchanges? usually the chinese government is nothing but protecting/fostering their industries. weird.

editII: cheap coins available on chinese exchanges. but what good is a cheap coin that is frozen?

[bitcoinvest]

well up to now i was 50 / 50 on BTC and fiat...looking this change i am 100% on BTC from now we are really getting hot now!

[becoin]

Using past examples where the RSI went higher than 70 has absolutely no significance. RSI over 70 is overbought period.

RSI is suitable for range trading. Using RSI as an indicator when bitcoin is in a very strong uptrend is plain stupid!

[savetherainforest]

JJG...

I sometimes wonder how [...]

How I can skip trough your messages without any kind of remorse ... And I don't really like to skip messages! And I don't actually hate, despise you or anything else. So help me old wise JJG to understand... wtf is actually happening that I can't read u'r damn text??  


*Edit: ... Do I need to read your comments with a british accent for them to make sense??

[Denker]

Nice to see some movement. Let's hope this is a proper leg up. It's about time.

It's about time you get a leg up with a weekly RSI over 70???

You guys don't know what you are talking about.


Also the bullishness here speaks for down movement.

Weekly RSI is supposed to trend above 70

'16 May - Jun -------- weekly RSI > 70 ---- $430 ----> $780

'16 Nov - '17 Jan ---- weekly RSI > 70 ---- $720 ----> $1160

today ----------------- weekly RSI > 70 ---- $1000 --> ...

Using past examples where the RSI went higher than 70 has absolutely no significance. RSI over 70 is overbought period.

Don't have time to get into stupid arguments that waste my time. Leaving again for better and more intelligent places.

Yes play the petulant ignorant kid card.
He showed you that a RSI of 70+ doesn't mean the run has to be over.
Why so emotional? Sitting at home gnawing nails because you bet on the wrong horse or what?!

[Lauda]

You can only cry wolf so many times before people stop giving a shit. I'm honestly shocked they've been able to influence the market as many times as they have.

Indeed. It looks like this time it has very little effect (or none) this time.
Price on BTCC: $969.38   
Price on Bitstamp: $1024.08   

 

March 15th = SHORTSQUEEZE!!!! THEY ARE SHORT COINS!!! :-D  HOLY SMOKES!!

It would be amazing to see the ETF get approved just a bit after that (I forgot the exact dates). That would ignite a nice rocket and China would just end up losing even more footing.

[becoin]

You can only cry wolf so many times before people stop giving a shit. I'm honestly shocked they've been able to influence the market as many times as they have.

Indeed. It looks like this time it has very little effect (or none) this time.
Price on BTCC: $969.38   
Price on Bitstamp: $1024.08   

 

Reminds me about last weeks of MtGox!
Chinese exchanges are toast.
Good job PBOC!

[600watt]

You can only cry wolf so many times before people stop giving a shit. I'm honestly shocked they've been able to influence the market as many times as they have.

Indeed. It looks like this time it has very little effect (or none) this time.
Price on BTCC: $969.38   
Price on Bitstamp: $1024.08   

 

March 15th = SHORTSQUEEZE!!!! THEY ARE SHORT COINS!!! :-D  HOLY SMOKES!!

It would be amazing to see the ETF get approved just a bit after that (I forgot the exact dates). That would ignite a nice rocket and China would just end up losing even more footing.

we should consider re-branding BTCC to BTCC  

edit: SEC ETF ruling is march 11th

[Lauda]

Chinese exchanges are toast.
Good job PBOC!

Indeed. It looks like they are indeed going to make the price less volatile by completely diminishing the importance of the Chinese exchanges.

we should consider re-branding BTCC to BTCC  

Excellent idea. You should email them.  

edit: SEC ETF ruling is march 11th

Thanks for the information. In the case of a positive ruling: "What if I told you that by the time you can withdraw Bitcoin from BTCC, you won't want to?"

[JayJuanGee]

China bans Bitcoin on BTCC again? 

Dear Customer, BTCChina will continue upgrading its inspection and verification system for bitcoin and litecoin withdrawals to aggressively guard against money laundering, illegal money exchange, pyramid schemes, and other illegal activity. As a result, bitcoin and litecoin withdrawals will be suspended from February 15th until March 15th. Bitcoin and litecoin withdrawals will be resumed as soon as industry standards are settled and the inspection and verification system has been upgraded. Please note: 1. Bitcoin and litecoin withdrawals will resume as soon the inspection and verification system has been upgraded. We will let customers know as soon as this happens. 2. CNY deposits and withdrawals will not be affected; if customers want to withdraw funds within a shorter period, they can first trade their bitcoins and litecoins for CNY on the exchange and then withdraw the CNY. We apologize for any inconvenience caused. Thank you for your cooperation and understanding, The BTCChina Team February 15th, 2017

https://www.reddit.com/r/Bitcoin/comments/5ud5f2/btcchina_bullshitting_its_users_by_extending/
Looks like honey badger doesn't give a damn.

Thanks for that piece Lauda.   It is pretty informative about the general status update, and I would not label that as a "ban" but it is a pretty serious intermeddling attempt by the government in attempting to work out some monitoring and controls that are acceptable to the government that is a bit precedent setting in a kind of severe and interesting way.  I think that different countries are going to attempt different approaches  and some of these are going to have varying degrees of success and/or work arounds, that may in the end instruct actual bitcoin users to limit or lower their exposure to exchange risk (or in other words only put a very limited amount of their bitcoin related capital in exchanges).  Sure, it could also take away some of China's overall influence in the bitcoin space and maybe be o.k. for bitcoin even though it may kind of suck for chinese bitcoin holders in the short term and maybe even suck for bitcoin holders of countries who attempt to follow similar seemingly draconian (regulatory) measures.. but not quite, yet, rising to the level of "ban."

[JayJuanGee]

Nice to see some movement. Let's hope this is a proper leg up. It's about time.

It's about time you get a leg up with a weekly RSI over 70???

You guys don't know what you are talking about.


Also the bullishness here speaks for down movement.

Weekly RSI is supposed to trend above 70

'16 May - Jun -------- weekly RSI > 70 ---- $430 ----> $780

'16 Nov - '17 Jan ---- weekly RSI > 70 ---- $720 ----> $1160

today ----------------- weekly RSI > 70 ---- $1000 --> ...

Using past examples where the RSI went higher than 70 has absolutely no significance. RSI over 70 is overbought period.

Don't have time to get into stupid arguments that waste my time. Leaving again for better and more intelligent places.

You cannot use traditional technical and trading tools and measurements with bitcoin, unless you somehow compensate for the fact that bitcoin is a relatively new asset that is in its early adoption phase, and likely in the lower portion of an s curve or the lower portion of a hockey stick. 

Anyhow, you still could sometimes be right using traditional measures, but you still need to account for the networking effects of a very immature technology (and asset) in order to account for continued and likely upwards exponential growth that does not confine itself to marketing technicals of a more mature industry or asset class.

Therefore, it really could be the case that we experience another upwards breakout in spite of the technical fundamentals suggesting otherwise... but yeah an upward breakout is not "guaranteed" either because there are a lot of factors going on including ongoing buying pressure that is building but then also whether or not that ongoing buying pressure is actually sufficient enough to continue to fuel us upwards  in spite of the dynamics of more than 100 bitcoin exchanges and some of them also allowing various kinds of "shorting" tools that were not previously present in bitcoin (in earlier bubble periods, such as those pre-2014 upwards price bubbles).