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

[r0ach]

For those of you who hate Alts and want to crush them.. I found this utterly important:

https://twitter.com/dangermouse117/status/861992606292516864

ps do click on the info graphic and study it a bit.

Forker propaganda. I don't buy it. Big blocks can bite a wax tadpole as far as I'm concerned.

He's 100% correct and I've explained it to you fools 500 times.  Bitcoin is a currency, not money.  It's value is entirely flow, not stock based.  This is why I'm 0% in bitcoin and 100% in Litecoin now.

Biggest bunch of horse shit. Altcoins are pumping because that was the whole bait-and-switch BS plan this year, nothing more.

And r0ach, ur an idiot. A guy that says Bitcoin is complete crap compared to PMs, and hates cryptocurrencies in general, but yet is now supposedly 100% all in Litecoin for.... what fkn reason?  

Again, 'cause ur an idiot, the reason why nobody here pays you any attention.

Yes, Litecoin was such a horrible trade I only made 600% on it while you guys were praying to the gods to deliver you a 5% bitcoin rise.  The chinese trading team on litecoin is still trying to hold it down to accumulate more, so there is no way I'm leaving for any other coin right now.

[Wekkel]

RSI is pointless if BTC is about to go in overdrive. The trend is your friend.

Still RSI tells you good things.
At least it happened in past.
Look what happens after lines.

A bit rude, but what I mean to say with that:

• Bitcoin is volatile; you don't get in to pick up pennies but to take an asymmetric bet with limited downside and very high upside
• so you rather add to positions in ferocious downturns than try to time the market for an intermediate top
• if Bitcoin does a 2011/2013 redux, you would miss the best gains
• seeing tops in RSI over the past does not mean knowing beforehand what the top will be (RSI could rise even further)
  

It is an indicator, but not more than that. If you're in it for the long play (the asymmetric bet) instead of day trading, it would be better to ignore it and just add to your position over time. Best sell indicator: if Bitcoin price doubles in 1 week  

RSI seems more useful in a long grind down during (multi-)year downtrends.

To add to this a bit more (we are here to learn from each other):



If we take an extreme RSI (87) as threshold to exit, not may signals remain left. If BTC balloons extreme, you would miss out on considerable gain. Under 'normal' price gain, the signal seems to works better, but there's always the danger of missing the next major leap up.

Current RSI top in play is not within this extreme RSI of 87. Let's see whether we bounce at 50.


zooming in on missing a factor 2.7 by bailing out too soon.

[ft73]

For those of you who hate Alts and want to crush them.. I found this utterly important:

https://twitter.com/dangermouse117/status/861992606292516864

ps do click on the info graphic and study it a bit.

Forker propaganda. I don't buy it. Big blocks can bite a wax tadpole as far as I'm concerned.

He's 100% correct and I've explained it to you fools 500 times.  Bitcoin is a currency, not money.  It's value is entirely flow, not stock based.  This is why I'm 0% in bitcoin and 100% in Litecoin now.

Biggest bunch of horse shit. Altcoins are pumping because that was the whole bait-and-switch BS plan this year, nothing more.

And r0ach, ur an idiot. A guy that says Bitcoin is complete crap compared to PMs, and hates cryptocurrencies in general, but yet is now supposedly 100% all in Litecoin for.... what fkn reason?  

Again, 'cause ur an idiot, the reason why nobody here pays you any attention.

Yes, Litecoin was such a horrible trade I only made 600% on it while you guys were praying to the gods to deliver you a 5% bitcoin rise.  The chinese trading team on litecoin is still trying to hold it down to accumulate more, so there is no way I'm leaving for any other coin right now.

I'm with you on this.
Currently i'm moving back a bit from ETH to LTC.

In the meantime BTC at 1675$, route to 1650$ and below..

[tk3609]

1900$ was a top according to my analysis. I would not mind being proven wrong

Looks like my analysis was correct. If we close below 1650$ on stamp its all she wrote. If it holds we may go next leg up (less probable).

[Asrael999]

1900$ was a top according to my analysis. I would not mind being proven wrong

Looks like my analysis was correct. If we close below 1650$ on stamp its all she wrote. If it holds we may go next leg up (less probable).

And here we with stamp at 1702......

[toknormal]

Looks like the dip's being majorly bought.

[marcus_of_augustus]

Looks like the dip's being majorly bought.

Uh-huh, appears that way ... true bulls haven't blown off yet by all accounts.

Some noob losers have blown their loads prematurely and cashed out into full fiat (ugh) ... guys are crying misery on reddit about how really he is happy he is to be back in fiat "prophets" 2 months ago and missed one of the biggest sure bets known to man (fucking idiots) ... this has got all the symptoms of wall of worry, there is nothing worse than the bellowing of sold-out-early bulls, they make me sick (worse than bears I think) ... roach is our best example around here, still fapping hisself about selling out and going full fiat at $600 roach?

Back in the real world, this correction is setting us up for another big run up if things go on as they are, targetting 3200-3600 end june early July now (6 week doubling).

[toknormal]

Back in the real world, this correction is setting us up for another big run up if things go on as they are, targetting 3200-3600 end june early July now (6 week doubling).

Yeah. Agree.

This is a once-every-4-years rally. Those don't splutter out at a mere multiple of 2.

[HI-TEC99]

Back in the real world, this correction is setting us up for another big run up if things go on as they are, targetting 3200-3600 end june early July now (6 week doubling).

Yeah. Agree.

This is a once-every-4-years rally. Those don't splutter out at a mere multiple of 2.

It was less than two days ago that we kept on hitting new ATHs on stamp. It's only down by $90 from the $800 we were at then. Bitcoin's becoming so valuable that one or two hundred dollars down is a small correction.

It's another ATH on bitstamp, it's broken past $1800. Now $2000 is getting extremely close. Bitfinex has an ATH of $1867, only $133 off that magic $2000. It shouldn't take stamp too long to catch up after bitfinex breaks that target.

[matt4054]

This is a once-every-4-years rally. Those don't splutter out at a mere multiple of 2.

Well, it could be argued that Willy is not there this time and that +100% in 3 months means massively overbought for a market where organic growth is pretty much limited to cryptolocker losers

I guess only time will tell.

HODL remains a valid strategy, of course. But nothing wrong about shorting a little bit while the fever is still there.

[European Central Bank]

organic growth is pretty much limited to cryptolocker losers

localbitcoins does not lie. demand is up however you wanna look at it even if a bunch of it is down to alt fever.

that still doesn't mean we won't head back to 11/1200 with ease.

[matt4054]

organic growth is pretty much limited to cryptolocker losers

localbitcoins does not lie. demand is up however you wanna look at it even if a bunch of it is down to alt fever.

that still doesn't mean we won't head back to 11/1200 with ease.

Okay that was a little bit trollish. But if you're up for a sensible debate, how would you explain that new demand over the last 90 days?

[European Central Bank]

Okay that was a little bit trollish. But if you're up for a sensible debate, how would you explain that new demand over the last 90 days?

i don't hold much truck with exchange demand. it's such a pain in the ass to get on an exchange that i don't think it's a very good indicator of what real people are up to.  

i think it was mainly fomo brought on by bitfinex upping the price. now at least they're doing a one time withdrawal of usd that particular pressure valve has been let off.

elsewhere it might be people still piling into alts. i'm pretty amazed how they've managed to sustain themselves.

[Ted E. Bare]

Any worst case predictions? I really like the current prices, but I guess we have to be okay with a correction every now and then.

[JayJuanGee]

Any worst case predictions? I really like the current prices, but I guess we have to be okay with a correction every now and then.

Worst case scenarios are below $800...

More likely bad case scenarios is somewhere between $1200 and $1500

[Ted E. Bare]

In that case give me bad case instead of worst! ^^

[sirazimuth]

It was less than two days ago that we kept on hitting new ATHs on stamp. It's only down by $90 from the $800 we were at then. Bitcoin's becoming so valuable that one or two hundred dollars down is a small  necessary correction.

fify

[Instamined]

[TeeBone]

if 1610 doesnt hold, you've got open air to 1350

[CoinHoarder]

Wellp, I am back on the hodl train. I bought back in when it dipped down to 1750.

I'm wishing now I would of waited for $1700, but oh well. I can't tell the future. :\

I think there is a decent chance this is another bear trap before a new all time highs, then the real correction will occur.

If a big correction is occurring now, then I am going to hate myself, lol.