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

[Elwar]

Looks like the attempt to pass the 3 year high on BitStamp of $1139 was a bit too soon as today's run up was already on its final legs by the time it reached $1130.

Though if cup and handle charts work out, it looks like if we pass that price in the next few days we will be seeing a quick spike in the price.

[JimboToronto]

Last week some of my friends invested in bitcoin too. We have so much fun at the moment.

I kept buying bitcoins during the past weeks and I can confirm I have so much fun too at the moment. 

This is indeed fun.

It was fun back in early 2013 when people were wondering if double digits would stick and were exhilarated when it broke the old ATH at $33.

It was fun later that year when people wondered if triple digits would stick and exhilarated when it broke the old ATH of $266, posting Sparta images when it broke $300.

It was fun last year, first with the pre-halving surge and then later in the autumn with people wondering if we'd hit quadruple digits before the end of the year.

Now we're having similar fun with people wondering if quadruple digits will stick and expectantly awaiting the exhilaration of an ATH.

Fun fun fun.

[JayJuanGee]

$1216.74

?

$1216.73 USD is ATH

When was this broken?
The ATH was $1163 by many accounts back in the 2013. Most attribute this to the mt.gox going to the crapper so to them it does count.
Give exact dates and a source if possible so others can evaluate it for themselves.
Thanks.

Yep.. $1,163 remains the proper number when referring to previous ATH - using other nonsense exchange numbers such as GOX is just dealing with fantasy random numbers..   Sure, we can set various other targets, but when we are referring to or talking about going past previous ATH and discussing the extent of resistance at that price point and whether we have surpassed such previous ATH price point and by how much, we are still talking about $1,163 as our real world reference point.

On the other hand, if we are talking about other random target numbers, then that is another topic.

So with that being said:
What was the fancy ath the mt.gox scenario created?
I think that is the number that this member is referring too.
Am I correct in this statement?

This is like an overly beaten topic about GOX, and yeah the number was somewhere in the $1200s and it really does not matter what the exact number was because it was fantasy and pie in the sky.  Who gives a ratt's ass if you could have sold coins on GOX for $1500.. In their final days, you could not get dollars out of there anyhow, you had to convert them back to bitcoin just to get them... that was part of the reason that the GOX numbers were so inflated.. and then later, you remember right before the implosion, the GOX prices went down into the $100s while all the other exchanges were trading in the $500s and $600s.. quite the fiasco (edit after the fact, I see strawbs used this "fiasco" word, too) in regards to GOX... yeah and those days may not be over either, when we have strange things going on from time to time, and hopefully all of the chinese exchange stuff works out and in the long run (or medium run), everyone can get their coins.

But you have to agree it will be discussed now because of the price level edges closer and closer to both those numbers they will debated until either of them are reached or surpassed then those agruements will be null at that point.
Just the new reigning undisputed champ of the ATH will matter to everyone.
With coins in their eyes. Reminds me of an anime cartoon.

I still see those as two different topics.  One topic is what is the current ATH and various resistance and support points that may exist and the other topic is what was the previous ATH and how easy or not was it to overcome it (historical and not so much of an influence on theories about current price dynamics). 

Questions about support and resistance that involve the previous ATH cannot really go away as a topic in the near term, even though 10 years down the road such topic would become even less of an influencing factor regarding then current price dynamics (but still an understanding of the price and what actually took place, from a historical perspective)

[Torque]

This market is funny, it has no type of reasoning behind it.  The price spikes up to a double top on bitstamp then some random person just puts in a market order for $150,000.  Yea, I realize any market with two corresponding walls is nothing but manipulation to determine price, but it's funny watching it play out for an imaginary object with no inelastic demand.  Nobody can be like "oh yea, that was Dell buying some copper to wire their new buildings".  Everyone watching is just like, "Good job Chinese market manipulator".  And that's basically the synopsis of this entire market lol.

[JayJuanGee]

Looks like the attempt to pass the 3 year high on BitStamp of $1139 was a bit too soon as today's run up was already on its final legs by the time it reached $1130.

Though if cup and handle charts work out, it looks like if we pass that price in the next few days we will be seeing a quick spike in the price.

I pulled a few of my sell orders (even though they are not very big) in the mid-to-upper $1100s because of the considerable likelihood of price dynamics playing out like you said (and seeming pretty imminent). 

Accordingly, once we get past $1139 resistance, we are likely to overshoot upwards.. and it would be difficult to project any meaningful correction occurring until sometime after $1200, and possibly even approaching the upper $1200s as the earliest realistic point of some kid of meaningful correction...

[kurious]

1139 quietly matched.

...and as I type

1140!

[yefi]

1139 quietly matched.

...and as I type

1140!

New three year high on Stamp. Hell yeah.

[Ted E. Bare]

$1200+ party soon?

[kurious]

1139 quietly matched.

...and as I type

1140!

New three year high on Stamp. Hell yeah.

I thought no one else was watching!  I think a train or even a rocket is probably justified.  I am just too British to be so brash.

*polite applause ensues....

[JayJuanGee]

1139 quietly matched.

...and as I type

1140!

New three year high on Stamp. Hell yeah.

The ATH of $1163 is also a "done deal" even though it has not happened yet..

you don't hear me say those kinds of things too often..

And maybe pretty much $1200 is a "done deal" too.

I would be quite surprised if they do not play out in the coming hours.. days at most.

[HI-TEC99]

Is it significant that itBit is now the USD volume leader according to bitcoinity? I don't know for certain if bitcoinity includes itBit's OTC sales in its volume calculation, but I expect it does. Big OTC buys could be the reason its suddenly in first place.

[bitcoinvest]

1139 quietly matched.

...and as I type

1140!

New three year high on Stamp. Hell yeah.

The ATH of $1163 is also a "done deal" even though it has not happened yet..

you don't hear me say those kinds of things too often..

And maybe pretty much $1200 is a "done deal" too.

I would be quite surprised if they do not play out in the coming hours.. days at most.

i was pretty confused with that is the ETH and you gave me an answer with your post, thanks on that.
Can i ask your personal opinion for the reason of this price climb ?

[kurious]

7 green candles in a row on the 2 hour...

Even the daily is 9 out of 10.

Is this Gentlemen?

[gentlemand]

Is it significant that itBit is now the USD volume leader according to bitcoinity? I don't know for certain if bitcoinity includes itBit's OTC sales in its volume calculation, but I expect it does. Big OTC buys could be the reason its suddenly in first place.

I can't imagine any charting site would include OTC stuff. They'd be all over the place and I'm sure such sites don't necessarily want to publicise sales. That would go against everything OTC is about.

Itbit seems to make a big appearance every now and then and then disappear once more.

[Chef Ramsay]

Stamp just passed resistance and nothing more than a golf clap around here.

[JayJuanGee]

1139 quietly matched.

...and as I type

1140!

New three year high on Stamp. Hell yeah.

The ATH of $1163 is also a "done deal" even though it has not happened yet..

you don't hear me say those kinds of things too often..

And maybe pretty much $1200 is a "done deal" too.

I would be quite surprised if they do not play out in the coming hours.. days at most.

i was pretty confused with that is the ETH and you gave me an answer with your post, thanks on that.
Can i ask your personal opinion for the reason of this price climb ?

I don't really know the reason for the climb. 

Longer term is likely fundamentals such as development, adoption and soundness of the actual bitcoin system - the first real decentralized immutable value transfer and storage system

The shorter term is likely just a matter of momentum..

I mean a few days ago we could not really predict reaching ATH levels within days, but once the momentum started, it was kind of discovered that the buyers out numbered the sellers..

I know, I know, .. kind of a lame explanation.   

[Karartma1]

7 green candles in a row on the 2 hour...

Even the daily is 9 out of 10.

Is this Gentlemen?

Can't stop watching it! While China peacefully sleeps (maybe) Europe and the US West Coast are having so much fun. I don't think this is over yet and as some others pointed out this might be an attempt to price in the ETF.

I repeat, this is not over yet, gentlemen

[yefi]

The ATH of $1163 is also a "done deal" even though it has not happened yet..

you don't hear me say those kinds of things too often..

And maybe pretty much $1200 is a "done deal" too.

I would be quite surprised if they do not play out in the coming hours.. days at most.

Yes, not to invite hubris, but we've come too far now, I think, not to break the ATH. I hear a lot of chatter about cup and handle formations, but all I see is an 18 month trend-line that it yet to be broken. Market cap is already off the charts, price could surely follow.

I thought no one else was watching!  I think a train or even a rocket is probably justified.  I am just too British to be so brash.

*polite applause ensues....

By George, another Englishman. We must be multiplying. 

[HI-TEC99]

Is it significant that itBit is now the USD volume leader according to bitcoinity? I don't know for certain if bitcoinity includes itBit's OTC sales in its volume calculation, but I expect it does. Big OTC buys could be the reason its suddenly in first place.

I can't imagine any charting site would include OTC stuff. They'd be all over the place and I'm sure such sites don't necessarily want to publicise sales. That would go against everything OTC is about.

Itbit seems to make a big appearance every now and then and then disappear once more.

After some Googling I found out that itBit used to keep its OTC trades secret, but then collaborated with TradeBlock to publish them. Maybe they did it because itBit's more regulated than most exchanges.

https://news.bitcoin.com/itbit-tradeblock-blockchains-big-data/

ItBit’s collaboration with TradeBlock will enable its clientele and the public to view its Over The Counter trading data, which will give more perspective and resolution to the exchanges OTC transactions.

[JayJuanGee]

Stamp just passed resistance and nothing more than a golf clap around here.

I think that there is a difference between making a new three year high and "passing resistance"

When I think about passing, I think about going past it.. above and beyond and maybe even having a bit of a cushion, with either time or price.  In this case, we passed it for only about 5 minutes at most, and it was above and below and above and below...

I still do think that our odds are pretty strong to shoot into the $1200s in the coming hours or even in the coming days... .. yet continued slow, is not bad, either.. I mean can you imagine going slowly up to $1500 or something like that?  Seems like a long shot now, but it would be an interesting (and probably less likely) phenomenon  if price rises were to play out like that, this time.