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

[luckygenough56]

ltc is probably on road to test 48 the last ATH

am actually happy to see ltc getting some love

[TeeBone]

ltc is probably on road to test 48 the last ATH

am actually happy to see ltc getting some love

Will probably blast through the ATH. Its due, 4 years a long time.

[FractalUniverse]

Im wondering how to assess pump exhaustion from chart/price action, and predict its end in advance (0.5-1 minute is ok ) :] is that possible at all?
From what i saw in the past so far it can be mess, some are still buying while others are dumping..

[starmman]

In the meanwhile, Litecoin is being highly pumped because LTC will be traded on Bitstamp by Monday and maybe something related to lightning network.

I think people may sell BTC for LTC and dump the BTC price a little.

Looking good - I'm glad a bought a bit of extra LTC a few days ago - thanks for the tip people...

[Iranus]

While I'm looking forward to seeing what a lightning network looks like,  it may not be the miracle everyone's hoping for.

They've restricted the amounts you can send to 0.042 and you're still tied to on chain transactions at either end.

I don't think that matters if the thing you're spending is valuable.

If we had 0.042 BTC to spend on the Lightning Network, we'd be talking about about $100 now (and probably more by the time it's implemented).

On Litecoin it'll be much less, but that's fine because the LN is primarily for microtransactions anyway.  Onchain transactions will always be necessary but if we're talking about >0.042 BTC for example, the fees won't be too high.

[starmman]

While I'm looking forward to seeing what a lightning network looks like,  it may not be the miracle everyone's hoping for.

They've restricted the amounts you can send to 0.042 and you're still tied to on chain transactions at either end.

Just the beginning of course so there'll be way more to come but theres alot to hammer out.

Lightning network sounds great for me - I rarely transfer more than 0.05BTC these days - and if I do - I don't mind about the TX fees.

Has it been agreed yet? I think it'll be a game changer.

[Pajulapoiss]

I don't know the technical of how to fix it,

Okay...

I don't know the technical of how to fix it,
but that's not important, I'm sure there are people who have a fair idea of how to do it. Do it in a way that  maintains the very essence of Bitcoin. Keep it as decentralized as possible. Don't mess anything up! GIVE THE POWER BACK TO THE PEOPLE!
If that means not highening the block size, so be it. "...Well but the network fee is too high then!" well go use some other coin to pay for your coffe if it's too high.. One should use Bitcoin as a cryptocurrencies vault, from where one can send a larger amount to another wallet, which is to be used for daily purchases.
 Don't close the door on the guy who has his miner in the basement. If there is no people, there is no value.

And you betray yourself with your followup. You are belittling people, many of whom have very technical backgrounds who happen to disagree with the way Core is handling things and who do not see this "decentralization" argument as more than a scare tactic. You claim you do not understand well the mechanisms then fall back on relying on authority. If you really don't understand the technicals of why people are pushing for a block size limit increase, I suggest you educate yourself but I suspect the "I'm just a simple rube" act is exactly that.

And for what it's worth, high fees are devastating for the small miner.

I'm not trying to belittle anyone.  So what is so scary about Bitcoin being decentralized? I think this is where human consciousness is moving, slowly, but surely. 

Relying on authority is the very thing that has been helping create the unjust world we live in today, So I'm not gonna rely on "authority" who only have their own porfit and wellbeing in mind.

But in the end I guess none of it doesn't really matter, because it's the user, who will decide where he want's to put his money and which mentality to follow. And the WISE will know and gather round, the greedy, well, their struggle never ends.

I suggest you learn the difference between education and intelligence. The first does not guarantee the last.

Can you explain how higher fees are devastating for the small miner?

[LFC_Bitcoin]

Good to see that the price has recovered well after the recent dump, lowest I saw was in the $2100's range. We are now up to $2540 on Bitstamp so the question I want to ask is who are the weak hands who sold at the bottom?

[BlindMayorBitcorn]

6 weeks to a potential chain split...something something BIP9...and up we go. Whatever.

[HI-TEC99]

Im wondering how to assess pump exhaustion from chart/price action, and predict its end in advance (0.5-1 minute is ok ) :] is that possible at all?
From what i saw in the past so far it can be mess, some are still buying while others are dumping..

I don't think there is a very reliable way to predict it, and history doesn't always repeat itself. However Elwar says that in 2013 the price doubling in a week, or half a week was what preceded a crash.

In 2013 it went like this.

First bubble:
Double in a month
Double in 2 weeks
Double in 1 week
Double in half a week
Up a bit then crash

Second bubble:
Double in a month
Double in 2 weeks
Double in 1 week
Up a bit then crash

Recently we doubled in a month (1250 to 2500) but then it flattened out. That's a good thing.

[JayJuanGee]

Good to see that the price has recovered well after the recent dump, lowest I saw was in the $2100's range. We are now up to $2540 on Bitstamp so the question I want to ask is who are the weak hands who sold at the bottom?

Yep I was thinking that we were going to have one more leg to the dump (correction), and in the past 12 hours or so, I have becoming a bit more inclined to believe that there might not be a third leg.  We just got two legs.

Also, I do not sell on the way down, I buy, but since I thought that there might be a third leg down, I held back a bit on buying as much, just in case.

We are not out of the woods, yet, so we could still have a third downward leg, but the odds seem to becoming less and less especially given the seemingly pretty decent onwards and upwards buying pressure, and if we get above $2600, then it going to seem pretty probable that we are back on track to test $3k.

Actually, it is going to be a bit difficult for this week's candle to turn out green.  In order to close green, we have to be above $2,960 at midnight GMT.  What are the odds?  less than 30%?  I wonder?  Would be pretty bullish if this week's candle ended up green, no?

[blockman]

The price landed at $2,505 today any idea on how long this increase will go on? When do you guys will sell? I want to secure some amount for this week and will probably buy again.

[rjclarke2000]

Good to see that the price has recovered well after the recent dump, lowest I saw was in the $2100's range. We are now up to $2540 on Bitstamp so the question I want to ask is who are the weak hands who sold at the bottom?

Yep I was thinking that we were going to have one more leg to the dump (correction), and in the past 12 hours or so, I have becoming a bit more inclined to believe that there might not be a third leg.  We just got two legs.

Also, I do not sell on the way down, I buy, but since I thought that there might be a third leg down, I held back a bit on buying as much, just in case.

We are not out of the woods, yet, so we could still have a third downward leg, but the odds seem to becoming less and less especially given the seemingly pretty decent onwards and upwards buying pressure, and if we get above $2600, then it going to seem pretty probable that we are back on track to test $3k.

Actually, it is going to be a bit difficult for this week's candle to turn out green.  In order to close green, we have to be above $2,960 at midnight GMT.  What are the odds?  less than 30%?  I wonder?  Would be pretty bullish if this week's candle ended up green, no?

30% I think is very high. I'd say more like 5%

[Roccker]

So i guess
bottom was 2120 (71%)
rebound was / will be about 2550 (85%)
(bitstamp high was 2980)

Now before i was thinking a nearly 30% fall is surely a sign that a bubble is over.
But this theory was destroyed just some days ago with fall to 1850 from 2700.

So right now i guess it could go on
(Theory that bubbles become bigger and longer than before, i can imagine a 6 month bubble)

[Icygreen]

On Stamp, Seems to me we need to break 2552 before a correction can take place and perhaps 2560.  Taking out 2525 was entertaining to watch.  Someone kept dumping 20-50 btc at a time on 2525 when it got shallow. Seems like an effort to wear out the buyers.

[lost_in_base]

On Stamp, Seems to me we need to break 2552 before a correction can take place and perhaps 2560.  Taking out 2525 was entertaining to watch.  Someone kept dumping 20-50 btc at a time on 2525 when it got shallow. Seems like an effort to wear out the buyers.

Now at 2565, going back up.
I guess shorting is over until 3k.
Couple small dumps will come before new ATH.


OkCoin at 2768, stamp will catch it with 50usd cap.

[JayJuanGee]

Good to see that the price has recovered well after the recent dump, lowest I saw was in the $2100's range. We are now up to $2540 on Bitstamp so the question I want to ask is who are the weak hands who sold at the bottom?

Yep I was thinking that we were going to have one more leg to the dump (correction), and in the past 12 hours or so, I have becoming a bit more inclined to believe that there might not be a third leg.  We just got two legs.

Also, I do not sell on the way down, I buy, but since I thought that there might be a third leg down, I held back a bit on buying as much, just in case.

We are not out of the woods, yet, so we could still have a third downward leg, but the odds seem to becoming less and less especially given the seemingly pretty decent onwards and upwards buying pressure, and if we get above $2600, then it going to seem pretty probable that we are back on track to test $3k.

Actually, it is going to be a bit difficult for this week's candle to turn out green.  In order to close green, we have to be above $2,960 at midnight GMT.  What are the odds?  less than 30%?  I wonder?  Would be pretty bullish if this week's candle ended up green, no?

30% I think is very high. I'd say more like 5%

Hahahahaa..   I understand that you want to be conservative in your estimations, but

What a pessimist!!!!
 

I could give you 15% or 20%, but 5%?  I know that you are not a bear, but isn't that a bit too low?

[Icygreen]

On Stamp, Seems to me we need to break 2552 before a correction can take place and perhaps 2560.  Taking out 2525 was entertaining to watch.  Someone kept dumping 20-50 btc at a time on 2525 when it got shallow. Seems like an effort to wear out the buyers.

Now at 2565, going back up.
I guess shorting is over until 3k.
Couple small dumps will come before new ATH.


OkCoin at 2768, stamp will catch it with 50usd cap.

Yup, resistance dropped back real quick or turned support, looks like green candles mostly until 2600.  BTC support amazes me when its needed.    

[Taki]

In the meanwhile, Litecoin is being highly pumped because LTC will be traded on Bitstamp by Monday and maybe something related to lightning network.

I think people may sell BTC for LTC and dump the BTC price a little.

How can you know everything that is goin to be with LTC? I have couple of coins and I really don't know when it's goin to be the good time to sell. I will wait for Monday and will see was your suggestion correct or not.

[JayJuanGee]

So i guess
bottom was 2120 (71%)
rebound was / will be about 2550 (85%)
(bitstamp high was 2980)

Now before i was thinking a nearly 30% fall is surely a sign that a bubble is over.
But this theory was destroyed just some days ago with fall to 1850 from 2700.

So right now i guess it could go on
(Theory that bubbles become bigger and longer than before, i can imagine a 6 month bubble)

You must be new around here?

This is bitcoin.

Hello?

It is not a mature market and we seem to be in the early stages of an exponential s-curve.

Don't you know that banker shills and governments want to shake you of your coins and turn you into a pessimist?

We can get two 30% corrections in a few weeks and still continue UP.. We are about to break $2600, which means that we are on our way to testing $3k.. whether we make it there before the end of the weekend is another question.  I think that the odds are against making it to $3k by the end of the weekend.. but surely it is not impossible - but if we do not, then it is seeming likely within a week or so.. but when we are in potential early to middle stages of exponential mode, things can happen fast, no?

And there is no fucking way that bitcoin is in some kind of "bigger than before bubble" at the moment.  Look at history and also compare it to some of the alts.. Get some perspective.  When we look at bitcoin, as compared with its history and as compared with what is going on in the alt coin space, you haven't seen nothing yet..

I am not saying that a bubble won't come, but currently, we do not seem to be in such a thing.