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

[JayJuanGee]

Breakout to the upside in progress? Happening?

Pre-dump breakout 

Wishful thinking mckk.    I am sorry about the loss of your short.

The fact of the matter is that maybe you can sell a little bit of BTC to take out some risk, but do not sell large portions or short, because the upside potential is much greater than the downside, and if you bet on downwards, then you run a considerable risk of either getting left behind or having to buy back at a higher price

[GGALINff]

Trapped all you guys waiting to buy the dip good!!
Ingenious!!

I guess 1300$ will be the new bottom. 

it will be most likely

I think a lot of folks were waiting for ETF news to buy,  now they need to buy without ETF
I bought some on the dip,  but have more dry powder to buy more if it dips again

[JayJuanGee]

We should all troll the shit out of /r/Buttcoin, jstolfi, and Prof. Bitcorn if the ETF gets approved. Lol  

LOL.

I know riight? Now they will act all smug and indignant, and never go away.

<sigh>

^{(wait, what am I saying, they're being paid to troll so they will never go away)}

You are correct Torque...

It doesn't matter how wrong some of the paid shill trolls are.  They are not going to go away, and they will take every possible opportunity to proclaim that they are correct, and I told you so, even if the facts do not really line up with any prognostication that they are making. 

Also, the fact of the matter is that frequently these paid shill trolls refuse to recognize that bitcoin is already a success and the success is not exactly price dependent - but sure there does seem to be quite a bit of validation in price, as well.  We could stay floating in the $800 to $1400 arena for years and years, and bitcoin will still be a success, but likely may of us realize that level of stability is a less likely scenario and bitcoin is likely to be volatile to the upside greater than $1400.  Who knows what is going to happen, exactly, with price, but the ongoing and current upwards price pressures seem quite considerable and quite broad.

[mckk]

Breakout to the upside in progress? Happening?

Pre-dump breakout 

Wishful thinking mckk.    I am sorry about the loss of your short.

The fact of the matter is that maybe you can sell a little bit of BTC to take out some risk, but do not sell large portions or short, because the upside potential is much greater than the downside, and if you bet on downwards, then you run a considerable risk of either getting left behind or having to buy back at a higher price

Actually I've earned a bit on my shirt when ETF was announced (because my market order was executed too late). Anyway I'm a bit negative because I see no real reason for bitcoin to rise so fast tbh.

About your tip to not sell all btc at such important events as ETF, that's smart but when I play with leverage I cannot risk getting my position liquidated.

[Ted E. Bare]

No reason for bitcoin to rise? LOL
Do people really hang out on these forums and still not get it?

Go read the bitcoin whitepaper, think about future implications of this technological advancement. Look up the increasing bitcoin demand that is happening on a global scale already.

Yep, definitely no reason for a price increase...

[notme]

No reason for bitcoin to rise? LOL
Do people really hang out on these forums and still not get it?

Go read the bitcoin whitepaper, think about future implications of this technological advancement. Look up the increasing bitcoin demand that is happening on a global scale already.

Yep, definitely no reason for a price increase...

Yep.  The whitepaper is in my sig for those interested.

[mckk]

No reason for bitcoin to rise? LOL
Do people really hang out on these forums and still not get it?

Go read the bitcoin whitepaper, think about future implications of this technological advancement. Look up the increasing bitcoin demand that is happening on a global scale already.

Yep, definitely no reason for a price increase...

Yep.  The whitepaper is in my sig for those interested.

Ok, Maybe I wasn't too precise - IMHO It's going to rise in long-term. But in a short term I think there will be correction - pre-ETF hype took price to 1290$ level, ETF happened causing drop and now what? Why are we going up so fast? Price should oscillate around 1000$ imo.

[becoin]

I'm a bit negative because I see no real reason for bitcoin to rise so fast tbh.

There are 7 billion people on that planet and only 21 million coins. Is that not enough as a reason?

[eddie13]

BTC is rising on the news..

The news is that the ETF didn't matter as much as people thought..

"We thought that hauling 15k lbs with this F150 was going to kill it, but it's no worse for wear.. Damn, better buy more F150s.."

[Arcteryx]

I'm a bit negative because I see no real reason for bitcoin to rise so fast tbh.

There are 7 billion people on that planet and only 21 million coins. Is that not enough as a reason?

When it comes to money or in this case cryptocurrency.
There is never enough to go around.

[Gillette]

The beast is doing rather well after the ETF event 

[notme]

Feels like a big disconnect between trader's "sentiment" and the external market here to me.

I think traders got overly focused (obsessed even) with the wtf ETF because it was 'their thing', Wall St., big bucks, yada yada yada, etc BS. So price has been dominated by trader's sentiment towards ETF thinking since at least mid December .... meanwhile the physical market on the street in India, Japan, China, Asia, Brazil, S. America, UK Europe, USA, etc has been picking up some serious exponential growth steam, look at wallet adoption numbers, s/ware downloads, localbitcoins.com.

Just saying you guys might be missing the woods for the trees. Try not to get run over by the bitcoin moon train when scalping your trading card pennies up off the track ...

the question now is, can the market support these prices without this "ETF coming Soon^TM" bullishness.

i'm betting that it can't, and we in for a sizeable drop, probably Below 1000$.. i'm looking forward to a more reasonable 950

Well the worst is likely over, the big selloff was the bulk of it but there might be smaller dips later here and there. I'm betting we'll drop right back down again to 1000 once we poke around 1250 if we even get there or even lower.

the sell off was the bets being placed. now we wait and see if the bets are winners.

I'm sorry to tell you this, but the smart bets were placed before the announcement.  The sell off was the longs taking their losses via stop-loss orders/margin calls.  The shorts took profit during this time via limit orders.  If you weren't proactive, it happened to fast to be reactive.  Being reactive rarely works out.

Leveraged shorts have built up quite a bit and leveraged longs have been coming down as the limit order dip buyers take profits.  On top of that, everyone who was waiting for a dip and didn't have an order in place is waiting to buy.  The ETF was keeping people from committing because they thought they could get in cheaper.  If it was positive, they assumed they could buy in higher, but it wouldn't matter.  Waiting for another dip probably won't work out very well.

[JayJuanGee]

Breakout to the upside in progress? Happening?

Pre-dump breakout 

Wishful thinking mckk.    I am sorry about the loss of your short.

The fact of the matter is that maybe you can sell a little bit of BTC to take out some risk, but do not sell large portions or short, because the upside potential is much greater than the downside, and if you bet on downwards, then you run a considerable risk of either getting left behind or having to buy back at a higher price

Actually I've earned a bit on my shirt when ETF was announced (because my market order was executed too late). Anyway I'm a bit negative because I see no real reason for bitcoin to rise so fast tbh.

About your tip to not sell all btc at such important events as ETF, that's smart but when I play with leverage I cannot risk getting my position liquidated.

You likely have a bit of a different mind-set from me because you are engaged in leveraging and attempting to predict (and to play upon) short term price movements.

That is not my strategy, so yeah, it causes us to think differently and then to play the short term movements differently.

Regarding whether BTC prices are in a bit of a bubble, that perspective is surely not a given.


You could be correct that we could have some more correction, but we could also go to $2k, $5k or even a bit higher.  No matter what, I would not get locked into thinking that BTC prices cannot go up much more or that maybe even the upside potential is only $2k (or something like that).  Therefore, there is nothing wrong with preparing for down, so long as you also prepare for up...  but to each his own.

[notme]

Ok, Maybe I wasn't too precise - IMHO It's going to rise in long-term. But in a short term I think there will be correction - pre-ETF hype took price to 1290$ level, ETF happened causing drop and now what? Why are we going up so fast? Price should oscillate around 1000$ imo.

See my reply to killerpotleaf a couple posts up.
https://bitcointalk.org/index.php?topic=178336.msg18159273#msg18159273

[mckk]

Ok, Maybe I wasn't too precise - IMHO It's going to rise in long-term. But in a short term I think there will be correction - pre-ETF hype took price to 1290$ level, ETF happened causing drop and now what? Why are we going up so fast? Price should oscillate around 1000$ imo.

See my reply to killerpotleaf a couple posts up.

Which post number?

[BinaryReign]

No reason for bitcoin to rise? LOL
Do people really hang out on these forums and still not get it?

Go read the bitcoin whitepaper, think about future implications of this technological advancement. Look up the increasing bitcoin demand that is happening on a global scale already.

Yep, definitely no reason for a price increase...

Exactly. Those who don't bother to really learn, research or understand things very deeply, if at all = low information sheeple, err I meant people. Low information people  

[JimboToronto]

Good morning Bitcoinland.

I see that after Friday's drama we seem to have gotten back to Bitcoin's normal state of affairs, creeping upward... currently $1205USD (Bitcoinaverage).

In my opinion, there were more people anticipating ETF rejection than approval, as evidenced by polls ranging from 30%-50% expecting acceptance.

This led many to save the fiat that they otherwise would have spent on bitcoins during the period leading up to the decision, hoping to buy a deep dip.

When the dip wasn't as deep as anticipated, they waited for a further dip which hasn't come yet. They're now starting to realize that another large drop might not immediately happen, so they're starting to use those reserved funds to buy more coins while the price is still down.

Hopefully most of us were smart enough to buy when prices were below $1100 and not get too greedy by waiting for it to drop much below $1000.

Personally, when I saw it momentarily go below $1000 and bounce right back up over again, I made my move and bought my coins.

Now in retrospect I'm glad I did.

[mckk]

No reason for bitcoin to rise? LOL
Do people really hang out on these forums and still not get it?

Go read the bitcoin whitepaper, think about future implications of this technological advancement. Look up the increasing bitcoin demand that is happening on a global scale already.

Yep, definitely no reason for a price increase...

Exactly. Those who don't bother to really learn, research or understand things very deeply, if at all = low information sheeple, err I meant people. Low information people  

Man I was talking about short term, I repeat SHORT.

[Ted E. Bare]

Short term reality facts: Global exponential growth in demand for bitcoin. Sure on the exchanges we have traders manipulating the price, but the real world demand might be too strong to manipulate the price down.

[spooderman]

Good morning Bitcoinland.

I see that after Friday's drama we seem to have gotten back to Bitcoin's normal state of affairs, creeping upward... currently $1205USD (Bitcoinaverage).

In my opinion, there were more people anticipating ETF rejection than approval, as evidenced by polls ranging from 30%-50% expecting acceptance.

This led many to save the fiat that they otherwise would have spent on bitcoins during the period leading up to the decision, hoping to buy a deep dip.

When the dip wasn't as deep as anticipated, they waited for a further dip which hasn't come yet. They're now starting to realize that another large drop might not immediately happen, so they're starting to use those reserved funds to buy more coins while the price is still down.

Hopefully most of us were smart enough to buy when prices were below $1100 and not get too greedy by waiting for it to drop much below $1000.

Personally, when I saw it momentarily go below $1000 and bounce right back up over again, I made my move and bought my coins.

Now in retrospect I'm glad I did.

seems like a fair analysis. i also rode the waves nicely i'm proud to say (first time ever). i sodl the second it got rejected, bought back below $1k and increased my stash a little.