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

[Torque]

All I'm seeing is traders buying bitcoin to pump alts.

2017 should be called "The Year No Alt Left Unturned Unpumped"

Yep

[craked5]

Since we hit a support line at around 1650, we might stay here for a couple of days.

Any thoughts on, if we continue all the way down to 1200 or bounce back to 1800 first?

By the way, the panic was amusing, but it is clear as day we are looking at market consolidation, not start of a bear market.

No I'd say it will bounce back immediately.

It's already back on the 1700$ and no reason to see it coming back

[CoinCube]

All I'm seeing is traders buying bitcoin to pump alts.

2017 should be called "The Year No Alt Left Unturned Unpumped"

Yep

If I was a very large buyer who wanted to take a substantial position in BTC without raising the price too much one possible strategy would be to systemically and randomly pump various alt coins to intice Bitcoin holders to sell via FOMO.

I don't have any evidence this is occurring and I do not trade but when the market behaves strangely one must consider strange explanations.

[gentlemand]

If I was a very large buyer who wanted to take a substantial position in BTC without raising the price too much one possible strategy would be to systemically and randomly pump various alt coins to intice Bitcoin holders to sell via FOMO.

I don't have any evidence this is occurring and I do not trade but when the market behaves strangely one must consider strange explanations.

That's sound reasoning that hadn't actually occurred to me before, but you'd have to be very friendly with the alt exchanges and trust them enough not to crater. If I was a megabuyer I wouldn't have enough faith in them. Poloniex is creaking badly.

[Fatman3001]

BTC below 50% of total crypto market cap today.

[600watt]

BTC below 50% of total crypto market cap today.

lol. don´t believe the hype.

https://blog.sia.tech/want-to-deflate-the-token-bubble-fix-the-market-cap-indicator-d50f7f1e1ec4

https://medium.com/@jimmysong/why-the-bitcoin-dominance-index-is-deceiving-80ae324ee2ac

edit: 2nd link

[Paashaas]

https://blog.sia.tech/want-to-deflate-the-token-bubble-fix-the-market-cap-indicator-d50f7f1e1ec4

https://medium.com/@jimmysong/why-the-bitcoin-dominance-index-is-deceiving-80ae324ee2ac

edit: 2nd link

That was a fine read and well written article.

I piss over altcoins, i had never any intensions to buy one. However...i'm very interested investing in sidechains. I might buy some RSK when there Jaxx wallet arrives.

This is also my personal tip; invest in sidechains instead of scamcoins.

[Meuh6879]

All the monies going to XRP and XLM, that's what's wrong...

and then, on friday ... all alt purge into bitcoin.



fair game.

[Meuh6879]

It's already back on the 1700$ and no reason to see it coming back

well, on the end of may and the begin of june ... we have dump last year (except for a halving year like 2016).



i short buy into this period.

[Torque]

I think that the whale pumpers have just about squeezed all of the 'free ride' they can out of the alts. Now that XRP (the pinnacle of shitcoin) has finally been pumped, there are literally no more alts that anyone might care about to pump.  Unless they're saving Auroracoin, Feathercoin, or Maxcoin for the last hurrah? Lol

And all those hapless newbs over in Altlandia are finally starting to realize that their special snowflake alt-du-jour is not so special after all. I think the lightbulbs are starting to come on that they've been completely duped.

[Ted E. Bare]

There are no dumps in bitcoin.

[BlindMayorBitcorn]

I think that the whale pumpers have just about squeezed all of the 'free ride' they can out of the alts. Now that XRP (the pinnacle of shitcoin) has finally been pumped, there are literally no more alts that anyone might care about to pump.  Unless they're saving Auroracoin, Feathercoin, or Maxcoin for the last hurrah? Lol

And all those hapless newbs over in Altlandia are finally starting to realize that their special snowflake alt-du-jour is not so special after all. I think the lightbulbs are starting to come on that they've been completely duped.

We're down to something called Game today. They're scraping the barrel for sure.

[GGALINff]

total mkt cap of crypto (available supply) will approach 100 bil $ soon  imho
makes sense to be diversified in BTC and Alt - even if alts crash...how soon we forget that BTC crashes very hard as well

[iikun]

total mkt cap of crypto (available supply) will approach 100 bil $ soon  imho
makes sense to be diversified in BTC and Alt - even if alts crash...how soon we forget that BTC crashes very hard as well

Indeed. Diversification is the key to wealth creation. No market is immune to crashes (we all know this lol), and alts in moderation can help mitigate the larger drops.

[JimboToronto]

Good morning Bitcoinland.

Still consolidating in a nice pennant... currently $1765USD/$2400CAD (Bitcoinaverage).

After last week's advances and correction, a few days' rest doesn't hurt at all.

[GGALINff]

look,  there are new hedge funds forming with big money to invest in crypto - they won't put it all in BTC,  so diversification makes sense

I think the hedge funds will pump coins to high levels - but I know the hedgies short as well,  so taking profits along the way will be prudent

[Torque]

look,  there are new hedge funds forming with big money to invest in crypto - they won't put it all in BTC,  so diversification makes sense

I think the hedge funds will pump coins to high levels - but I know the hedgies short as well,  so taking profits along the way will be prudent

You're only proving the point that newbs have been duped by false "diversification", lol. Let's check back next year and see how that worked out, shall we? 

[GGALINff]

look,  there are new hedge funds forming with big money to invest in crypto - they won't put it all in BTC,  so diversification makes sense

I think the hedge funds will pump coins to high levels - but I know the hedgies short as well,  so taking profits along the way will be prudent

You're only proving the point that newbs have been duped by false "diversification", lol. Let's check back next year and see how that worked out, shall we? 

let's do it
hopefully we will all be rich with either BTC appreciation,  alt appreciation,  and ideally both

[GGALINff]

anyone think the ETF has a chance this time for approval? 

[Qartada]

look,  there are new hedge funds forming with big money to invest in crypto - they won't put it all in BTC,  so diversification makes sense

I think the hedge funds will pump coins to high levels - but I know the hedgies short as well,  so taking profits along the way will be prudent

You're only proving the point that newbs have been duped by false "diversification", lol. Let's check back next year and see how that worked out, shall we? 

Depends when you're diversifying.  If you're doing it now that the market has just rose a million times over, you're probably an idiot.  If you diversified a month ago when the altcoins' caps were dramatically less, you were probably pretty clever.

Obviously if the Bitcoin price goes up dramatically in a year you'll be laughing at people who diversified even at the right time, but that wouldn't mean they were wrong to do so.  The actual risk:reward ratio of keeping all your money in Bitcoin might have been terrible.