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

[JayJuanGee]

When Okurkabinladin wrote his post, the price was floating around $1180.  Accordingly, the price went up to nearly $1130 and then retraced back down to $1115.

Where are you getting those prices from? He wrote that 10 hours ago.

When ever you get a decent size upward price movement, you also will find pauses in the upwards movement and you will also find retraces of some or all of the movement;  however those retracements do not rise to the level of a "correction" because they are mere retracements of a recent upwards price movement that does not even rule out the possibility that the price is going to continue its upwards trajectory.

I know that he ment 100$ drop in 5 minutes and a double bottom, to clear things out. Look that in January you also didn't double bottom, we just wen't for an ATH.

You also assume that this retracement is over, I think its just a begening.

It could go up, down, or sideways. Some posters here are saying it will go up, others are saying it will go down, but nobody's saying it will go sideways. As the minority is usually right I'll speculate on it going sideways.

And you are probably right, I'm not predicting doom scenarios just a healthy 40-50$ drop.

O.k.  I made a typo .. I typed $1180 when I meant to write $1080.

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated and as I already explained, and what you seem to be talking about seems to be out of context, as I already asserted.

Just to reiterate, of course we could have a "correction" at any time, but if the price is generally going up, we are not experiencing a "correction" at that time because the price is going up or maybe pausing from going up, but at that point, you have to have a significant retrace of the previous upwards movement before you should be characterizing such pause in upwards as a "correction."

[JimboToronto]

Good morning Bitcoinland.

I see we're still going pretty much sideways but with a nice upward tilt... currently $1140USD (Bitcoinaverage).

It's been climbing steadily since bottoming out on March 25, except for a few minor retraces to keep it honest. Seems the silly BU/fork panic has subsided for now.

Slow and steady wins the race.

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated

I see this steady rise from sub-$900 as a correction.

The dip was phony, based on FUD panic, and we're correcting from that.

[hulla]

Since we didnt see any retrace over the weekend, I wouldnt be suprised at all, if bull trap awaited us during tommorrow or day after that. It wouldnt be the first time we decide to take a plunge on monday...

Looks like indeed we have a correction going.

Looks like indeed you are reading this whole situation out of context.

When Okurkabinladin wrote his post, the price was floating around $1080 $1180 (Correction).  Accordingly, the price went up to nearly $1130 and then retraced back down to $1115.

That is hardly a "correction"

When ever you get a decent size upward price movement, you also will find pauses in the upwards movement and you will also find retraces of some or all of the movement;  however those retracements do not rise to the level of a "correction" because they are mere retracements of a recent upwards price movement that does not even rule out the possibility that the price is going to continue its upwards trajectory.

In other words for the moment we are experiencing upwards movement and a pause and nothing near a "correction."... not yet, anyhow...

A proper "correction" would be price plunges that at least retrace the whole gamut of the price recent price increase plus adding an additional percentage on the origination price point..

Yes, a real correction was been made and the price was at $1137 acouple of mins and now $1140. Let us hope the correction will be maintain and if the correction was maintain the price will climb further from there. Pus if buyers continue to hop on the rise.

[JayJuanGee]

Good morning Bitcoinland.

I see we're still going pretty much sideways but with a nice upward tilt... currently $1140USD (Bitcoinaverage).

It's been climbing steadily since bottoming out on March 25, except for a few minor retraces to keep it honest. Seems the silly BU/fork panic has subsided for now.

Slow and steady wins the race.

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated

I see this steady rise from sub-$900 as a correction.

The dip was phony, based on FUD panic, and we're correcting from that.

Exactly. 

We have to zoom out a bit in order to get some sense about what is going on and using our price movements descriptions accurately.

Of course, we don't really know because surprises come all the time in bitcoinland, but at the same time, when we get decently large movements downward, such as a major correction from $1350 peak and down into the mid $900s.. and then we get the price coming back up.  We cannot expect the upwards movement to be without some glitches, here and there.. and even some pauses here and there... so ultimately, you are right, we have been largely coming back up at a pretty steady and decent pace from the mid-$900s... and currently, I am thinking that if prices break $1200 in the coming weeks, then we are going to be back on the road towards retesting ATH levels.

On the other hand, if we do not break $1200 in the coming weeks, then there could be some additional bouncing around in the sub-$1200 territory and also some profit taking and also some additional FUD spreading, as you mentioned.

It seems quite ironic that we have folks propagating nonsense about the death of bitcoin, when we are still in a pretty high and decent price territory and for over the past 5 weeks or so (in spite of the correction down to the mid-$900s), we are also well in the midst of 50-day highs (talking about daily weighted price).

[becoin]

The distinction between money and currency is one that is blurry and arbitrary.

No. The distinction between money and currency is quite clear!

Money is the monetary form itself. It is the "thing" we use as money. Its value doesn't depend on a single body or entity safeguarding its value.

Currency is the certificate that certifies you have money kept in a storage somewhere else. It is a storage receipt payable to bearer on demand. The storage owner/keeper has to take care that all issued certificates are backed by adequate quantity of the "thing". In different countries and during different times this certificate was different. It had different properties, attributes, and requisites to avoid dishonest storage owners/keepers and counterfeiting. The latest reliable certificate with most current properties, attributes, and requisites was most widely used for transactions. Hence, the newly coined word "currency" describing current certificate in circulation.

If we use LN we'll be using bitcoin not as money but as currency. Using currency instead of money is riskier but much cheaper. It is a trade-off. People will have a choice depending on their willingness to take small risk in exchange for much lower tx fees. And that is GOOD!  

Your are correct of course that there is a huge difference between something secured by a single body and something that is not subject to such counterparty risk but I would again note that your line in the sand here is somewhat arbitrary.

What if you have an asset that is secured not by one body but two or five or 50? Is it money or currency? What we are dealing with here is a spectrum not an absolute. There was a time when pure copper bars based on their weight in copper was money in some countries.

The more distributed your risk is and the less dependent on a single actor the more solid and safe your money/currency is provided it has solid fundamentals and limited supply. Copper as money failed due to eventual oversupply of the metal. Physical ownership of metal has a counterparty risk as well as does bitcoin.

I don't understand what counterparty risk has to do with money/currency distinction? Counterpaty risk is the probability of not getting good or services you have paid for or not getting the money if you're the seller. If I hold a gold coin in my hand or I''m the only one that knows the private keys of a bitcoin address then there is no counterparty risk and I'm 100% confident that I received payment for goods or services I sold.

It doesn't matter how many members one organization has - two or five or 50. You have to define what do you mean by "secured by"? I'm using "depends on". Doesn't depend on means if that organization of two or five or 50 members disappears this asset was and still is money if it still has value. If the value of this asset goes to zero then it was currency before losing its value as it was backed by a second asset that disappeared. The distinction is very clear. If something is backed by nothing and is used as money then it is money!

Until 1971 the US dollar was currency. It was a certificate giving you the right to convert it into gold as it was pegged to gold. After gold window was closed the US dollar became money. Yes, that's right! If you present a 100 dollar bill to the Fed they will not redeem it as they don't have any obligation whatsoever. If Fed disappears the US dollar will still have value IF it is scarce and has limited supply! I'd even say that without Fed the value of US dollar will increase.



 

[Elwar]

On the bubble chart, I would say we are in the "return to mean" phase of our tiny bubble we had.

This is encouraging as I think any future "bubbles" (as Bitcoin tends to have) will be less and less severe as to completely phase out altogether.

[JayJuanGee]

On the bubble chart, I would say we are in the "return to mean" phase of our tiny bubble we had.

This is encouraging as I think any future "bubbles" (as Bitcoin tends to have) will be less and less severe as to completely phase out altogether.

For some reason that graph doesn't seem to be very applicable in bitcoin at the current moment - because currently we seem to be in a kind of cup and handle and seemingly in the early stages of the handle portion of such.

[tk3609]

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated and as I already explained, and what you seem to be talking about seems to be out of context, as I already asserted.

This was not a correction yet, bitcoin today have shown a weakness that may lead to a correction.

[Torque]

Litecoin is really triggering my laziness.

I have an old Litecoin wallet from back in the day (way back when I thought having another currency blockchain outside Bitcoin's might have some long term value). It has ~100 or so LTC left in it.

But eh... I'm just too damn lazy to fire it up, sync it with the network, and trade my ltc for btc.  

[JayJuanGee]

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated and as I already explained, and what you seem to be talking about seems to be out of context, as I already asserted.

This was not a correction yet, bitcoin today have shown a weakness that may lead to a correction.

You are coming off as a troll goofball that is attempting to spread misinformation by characterizing actual facts in stupid-ass and ridiculous ways.

Why don't you consider where we are at?  

Of course a correction can come at any time; however, in the past couple of months we had an upwards price movement that brought us pretty solidly into the $1200s, and then we had a correction below $900, and in the past week and a half, we have experienced a rebound from the $900 correction.. .and currently we are moving in the upwards direction with continued upwards pressure... of course a correction can happen at any time, but we are not even flat, yet.  You are calling for a correction while the price is continuing to move up... sure, yes it is going to happen at some point, but the price is currently moving up, no?

I have no problem if traders feel comfortable selling on the way up and continuing to sell on the way up to protect their investment, but traders could also miss opportunities if they sell too much and expect that the price is going to correct while it is moving up.  In the end, we should attempt to balance for either direction but ongoing suggestion that a correction is in the works seems a bit like you are talking your book and hoping that the price will come back down because you already sold too many.

Sorry for your loss (unless you jump back in.. hahahahaha)

[HI-TEC99]

Litecoin is really triggering my laziness.

I have an old Litecoin wallet from back in the day (way back when I thought having another currency blockchain outside Bitcoin's might have some long term value). It has ~100 or so LTC left in it.

But eh... I'm just too damn lazy to fire it up, sync it with the network, and trade my ltc for btc.  

It probably doesn't need syncing if the coins are showing in your wallet. It's most likely possible to send them to an exchange despite the fact the wallet isn't fully synced. Perhaps there's been a major update to the wallet that stops you sending a transaction without fully syncing, but it's worth a try.

[york780]

At the time of my post,  the price had gone up from $1080 to $1130 and then came back down to $1115.  That is hardly a "correction" as you stated and as I already explained, and what you seem to be talking about seems to be out of context, as I already asserted.

This was not a correction yet, bitcoin today have shown a weakness that may lead to a correction.

You are coming off as a troll goofball that is attempting to spread misinformation by characterizing actual facts in stupid-ass and ridiculous ways.

Why don't you consider where we are at?  

Of course a correction can come at any time; however, in the past couple of months we had an upwards price movement that brought us pretty solidly into the $1200s, and then we had a correction below $900, and in the past week and a half, we have experienced a rebound from the $900 correction.. .and currently we are moving in the upwards direction with continued upwards pressure... of course a correction can happen at any time, but we are not even flat, yet.  You are calling for a correction while the price is continuing to move up... sure, yes it is going to happen at some point, but the price is currently moving up, no?

I have no problem if traders feel comfortable selling on the way up and continuing to sell on the way up to protect their investment, but traders could also miss opportunities if they sell too much and expect that the price is going to correct while it is moving up.  In the end, we should attempt to balance for either direction but ongoing suggestion that a correction is in the works seems a bit like you are talking your book and hoping that the price will come back down because you already sold too many.

Sorry for your loss (unless you jump back in.. hahahahaha)

He's one of those idiots that are waiting for $800

[Karartma1]

Litecoin is really triggering my laziness.

I have an old Litecoin wallet from back in the day (way back when I thought having another currency blockchain outside Bitcoin's might have some long term value). It has ~100 or so LTC left in it.

But eh... I'm just too damn lazy to fire it up, sync it with the network, and trade my ltc for btc.  

Just leave it open, why negleting it?  



It seems the price is green again almost everywhere I look. I got so much tired of red candles. Feels bullish

[willope]

Litecoin is really triggering my laziness.

I have an old Litecoin wallet from back in the day (way back when I thought having another currency blockchain outside Bitcoin's might have some long term value). It has ~100 or so LTC left in it.

But eh... I'm just too damn lazy to fire it up, sync it with the network, and trade my ltc for btc.  

Holy s... That's almost $1000. You must be rich if you don't care.
You know what, I'll do it for you. Just send me your wallet, I trade them completely free for you. I'll also send you 0.1btc for your ltc.

[cellard]

Litecoin is really triggering my laziness.

I have an old Litecoin wallet from back in the day (way back when I thought having another currency blockchain outside Bitcoin's might have some long term value). It has ~100 or so LTC left in it.

But eh... I'm just too damn lazy to fire it up, sync it with the network, and trade my ltc for btc.  

I would start syncing now. When LTC goes to 20 or more dollars that's some worth syncing profits for. And who knows if we go to a new all time high?

If BTC fails to activate segwit (and it looks like that) all LN development will move to LTC as the only viable alternative. Im sure BTC price will increase a lot since it looks like segwit is very realistically activable (compared to BTC). BTC holders must start taking LTC more serious.

[Biodom]

It is possible that BTC is making a second shoulder in head-and-shoulder formation and will bottom at around $750-850.
Then again, bull market may continue in a slow fashion.
I am curious about LTC, but it could be just a fluke.

[HI-TEC99]

It is possible that BTC is making a second shoulder in head-and-shoulder formation and will bottom at around $750-850.
Then again, bull market may continue in a slow fashion.
I am curious about LTC, but it could be just a fluke.

I though it could go sideways earlier today, but it's risen a little bit since then. However I still think it could stay in a fairly tight range for the next few days because everyone else is expecting a pump or a dump.

[JayJuanGee]

I would start syncing now. When LTC goes to 20 or more dollars that's some worth syncing profits for. And who knows if we go to a new all time high?

LTC is in the exact same spot as BTC, more likely to drop than to pump.

Now you have pretty much confirmed that you are a nut job banking shill troll.   

[hodl_2015]

I though it could go sideways earlier today, but it's risen a little bit since then. However I still think it could stay in a fairly tight range for the next few days because everyone else is expecting a pump or a dump.

I like these steady +5% sideways days.

[Ted E. Bare]

Why would bitcoin be more likely to drop? The price is increasing every year lol. Get in there.