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

[lebing]

Bids now over 20mm again, last time they were there we were over 150. We are going up.

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[True___Blue]

Well, I aim for 3% increase in BTC volume per day, so since I have just bought the BTC at $112.5, it's not worth cutting my losses at $110, as it will take longer to recover them.
Anyway, the downward trend seems to have lost momentum, and is turning back upwards.

I'm trying to make my initial buy-in of 6.2 bitcoins* into enough to quit work - I'm at 16.7 now, after 2.5 weeks, so eventually I will manage it - if only I can purchase and sell at the right time for once.

I'd rather take my time, and tread carefully. I have slipped back too many times this week (I had 22.5 BTC at one point, then held cash due to a badly timed sell, as it shot up on the 3rd while I was asleep. I tried to recover by buying in late, just as it peaked again - I lost about $500 that day)

The thing is, I have very limited resources, and I really don't think it will drop much below $110 again any time soon, so I'd rather not risk it.


* I bought those (literally) 15 minutes before it plunged from $250....

I hear ya man. I bought in with 5 btc at 183. Then I was in denial the entire time it plunged and didn't sell.

Don't sell. Put them away for 1 year.

I initially bought in at 92 and continued to buy all the way up to 183. I believe in the long term potential of bitcoin and think one day it will easily be worthy $500+, but I also want to prepare for the worst, just in case something happens and BTC goes completely dead. I am holding on the about half of my total BTC and playing day trader with the rest, hoping to win back some profit.

[Zangelbert Bingledack]

Barring decisive good or bad news, my best guess is we slide sideways in the range for a while (maybe a week or two), since there seem to be hard caps both on the upside and the downside for the short term: below $100 = instant buy, above $130 or $150 = strong incentive to take some profits since people remember the pain of being burned by the bubble.

After that, start to move toward $200.

[oroboras]

Well, I aim for 3% increase in BTC volume per day, so since I have just bought the BTC at $112.5, it's not worth cutting my losses at $110, as it will take longer to recover them.
Anyway, the downward trend seems to have lost momentum, and is turning back upwards.

I'm trying to make my initial buy-in of 6.2 bitcoins* into enough to quit work - I'm at 16.7 now, after 2.5 weeks, so eventually I will manage it - if only I can purchase and sell at the right time for once.

I'd rather take my time, and tread carefully. I have slipped back too many times this week (I had 22.5 BTC at one point, then held cash due to a badly timed sell, as it shot up on the 3rd while I was asleep. I tried to recover by buying in late, just as it peaked again - I lost about $500 that day)

The thing is, I have very limited resources, and I really don't think it will drop much below $110 again any time soon, so I'd rather not risk it.


* I bought those (literally) 15 minutes before it plunged from $250....

You are really saying you want to quit your job and live on trading 16.7BTC? I don't understand. How much money do you need to live per month? $300?

No, what I am saying is... if i can make a 3-4% profit every day - after roughly 140 days, I'd have approx. 1000 BTC. THEN I can quit work - as a 1% profit (after fees) every day would get me 10BTC per day - or (at todays prices) $1200 per day.

THAT is why I'm willing to do little trades for now, just to get to that target. - THEN I can quit my job.

[notme]

Bids now over 20mm again, last time they were there we were over 150. We are going up.

Asks are way higher this time.

[ChartBuddy]

[Coinseeker]

Well, I aim for 3% increase in BTC volume per day, so since I have just bought the BTC at $112.5, it's not worth cutting my losses at $110, as it will take longer to recover them.
Anyway, the downward trend seems to have lost momentum, and is turning back upwards.

I'm trying to make my initial buy-in of 6.2 bitcoins* into enough to quit work - I'm at 16.7 now, after 2.5 weeks, so eventually I will manage it - if only I can purchase and sell at the right time for once.

I'd rather take my time, and tread carefully. I have slipped back too many times this week (I had 22.5 BTC at one point, then held cash due to a badly timed sell, as it shot up on the 3rd while I was asleep. I tried to recover by buying in late, just as it peaked again - I lost about $500 that day)

The thing is, I have very limited resources, and I really don't think it will drop much below $110 again any time soon, so I'd rather not risk it.


* I bought those (literally) 15 minutes before it plunged from $250....

You are really saying you want to quit your job and live on trading 16.7BTC? I don't understand. How much money do you need to live per month? $300?

No, what I am saying is... if i can make a 3-4% profit every day - after roughly 140 days, I'd have approx. 1000 BTC. THEN I can quit work - as a 1% profit (after fees) every day would get me 10BTC per day - or (at todays prices) $1200 per day.

THAT is why I'm willing to do little trades for now, just to get to that target. - THEN I can quit my job.

Good luck my friend.  Truly...no sarcasm. 

[billington.mark]

Well, I aim for 3% increase in BTC volume per day, so since I have just bought the BTC at $112.5, it's not worth cutting my losses at $110, as it will take longer to recover them.
Anyway, the downward trend seems to have lost momentum, and is turning back upwards.

I'm trying to make my initial buy-in of 6.2 bitcoins* into enough to quit work - I'm at 16.7 now, after 2.5 weeks, so eventually I will manage it - if only I can purchase and sell at the right time for once.

I'd rather take my time, and tread carefully. I have slipped back too many times this week (I had 22.5 BTC at one point, then held cash due to a badly timed sell, as it shot up on the 3rd while I was asleep. I tried to recover by buying in late, just as it peaked again - I lost about $500 that day)

The thing is, I have very limited resources, and I really don't think it will drop much below $110 again any time soon, so I'd rather not risk it.


* I bought those (literally) 15 minutes before it plunged from $250....

You are really saying you want to quit your job and live on trading 16.7BTC? I don't understand. How much money do you need to live per month? $300?

No, what I am saying is... if i can make a 3-4% profit every day - after roughly 140 days, I'd have approx. 1000 BTC. THEN I can quit work - as a 1% profit (after fees) every day would get me 10BTC per day - or (at todays prices) $1200 per day.

THAT is why I'm willing to do little trades for now, just to get to that target. - THEN I can quit my job.

Good luck, wish I was in your position!

[lebing]

Barring decisive good or bad news, my best guess is we slide sideways in the range for a while (maybe a week or two), since there seem to be hard caps both on the upside and the downside for the short term: below $100 = instant buy, above $130 or $150 = strong incentive to take some profits since people remember the pain of being burned by the bubble.

After that, start to move toward $200.

this.

(but still think its up a bit in the short term)

[cedivad]

Good luck, wish I was in your position!

I don't want to do the demoralizer here, but i think that what you aim for is impossible.
First of all, you should try to maximize your profits. If you don't do so, you will have burnt 10 days of lucky work with a single loss of 30% (that will certanly happen to you, sooner or later).

[SAQ]

Bid sum keeps racing towards the all time high and the wall at 111 has shown to not be fake.

It seems to me that if there are no bad news, the trend is up.

I thought yesterday we would be going down to 90, but 57, 79, 97 makes sense. Next bottom 120.

[crazy_rabbit]

Well, I aim for 3% increase in BTC volume per day, so since I have just bought the BTC at $112.5, it's not worth cutting my losses at $110, as it will take longer to recover them.
Anyway, the downward trend seems to have lost momentum, and is turning back upwards.

I'm trying to make my initial buy-in of 6.2 bitcoins* into enough to quit work - I'm at 16.7 now, after 2.5 weeks, so eventually I will manage it - if only I can purchase and sell at the right time for once.

I'd rather take my time, and tread carefully. I have slipped back too many times this week (I had 22.5 BTC at one point, then held cash due to a badly timed sell, as it shot up on the 3rd while I was asleep. I tried to recover by buying in late, just as it peaked again - I lost about $500 that day)

The thing is, I have very limited resources, and I really don't think it will drop much below $110 again any time soon, so I'd rather not risk it.


* I bought those (literally) 15 minutes before it plunged from $250....

You are really saying you want to quit your job and live on trading 16.7BTC? I don't understand. How much money do you need to live per month? $300?

No, what I am saying is... if i can make a 3-4% profit every day - after roughly 140 days, I'd have approx. 1000 BTC. THEN I can quit work - as a 1% profit (after fees) every day would get me 10BTC per day - or (at todays prices) $1200 per day.

THAT is why I'm willing to do little trades for now, just to get to that target. - THEN I can quit my job.

Good luck with that, you've got a long slog ahead of you.

[Rampion]

Good luck, wish I was in your position!

I don't want to do the demoralizer here, but i think that what you aim for is impossible.
First of all, you should try to maximize your profits. If you don't do so, you will have burnt 10 days of lucky work with a single loss of 30% (that will certanly happen to you, sooner or later).

This.

[oroboras]

Well, I also have an ASIC on the way, which should help.

I'll also be putting the profits from that into a few more of them, at first.

I know it's a hard slog, but I think I can do it. If it takes longer to achieve my goal, then so be it - I won't quit until I've got those 1000BTC (and enough profit from day trades to have saved the eqivalent of a few months wages at my normal job - which will be a couple of weeks if the price holds)

[michaelGedi]

personally I'm not too interested in peoples life/trading plans being detailed on the wall movement tracker thread...

I also think quitting your job to trade bitcoin is pretty ridiculous - unless your were a successful trader before perhaps - but then why would you need to quit your job...

[cedivad]

personally I'm not too interested in peoples life/trading plans being detailed on the wall movement tracker thread...

I also think quitting your job to trade bitcoin is pretty ridiculous - unless your were a successful trader before perhaps - but then why would you need to quit your job...

You made me reflect about why i'm short on this market...

[fitty]

Good luck, wish I was in your position!

I don't want to do the demoralizer here, but i think that what you aim for is impossible.
First of all, you should try to maximize your profits. If you don't do so, you will have burnt 10 days of lucky work with a single loss of 30% (that will certanly happen to you, sooner or later).

Yes 3-4% gains every single day for 100+ straight days is impossible. You'd be a millionaire by Christmas.

However it's not impossible to earn a living day trading BTC. It's hard. It's not stable. There will be some very tough weeks. But it's hardly impossible.

Some would argue it's easier to day trade BTC then people day trading any other stock/market. It's much easier to spot manipulation in this market, which makes it easier to follow the manipulation up and down to make money. On the DJIA there's still manipulation, big money has an advantage, it's just harder to see it coming and you end up getting run over far more then you do here. BTC volatility is also great for day trading.

It's just the whole "Gox bank accounts/servers get seized/frozen and BTC is set back two years and likely crash to $2" that's the scary part. Other than that it's the wild west of opportunity.

[oroboras]

personally I'm not too interested in peoples life/trading plans being detailed on the wall movement tracker thread...

OK, sorry for interrupting the flow.

The walls are still there.....unlike the trades....

[MickeyT2008]

Good luck, wish I was in your position!

I don't want to do the demoralizer here, but i think that what you aim for is impossible.
First of all, you should try to maximize your profits. If you don't do so, you will have burnt 10 days of lucky work with a single loss of 30% (that will certanly happen to you, sooner or later).

Yes 3-4% gains every single day for 100+ straight days is impossible. You'd be a millionaire by Christmas.

However it's not impossible to earn a living day trading BTC. It's hard. It's not stable. There will be some very tough weeks. But it's hardly impossible.

Some would argue it's easier to day trade BTC then people day trading any other stock/market. It's much easier to spot manipulation in this market, which makes it easier to follow the manipulation up and down to make money. On the DJIA there's still manipulation, big money has an advantage, it's just harder to see it coming and you end up getting run over far more then you do here. BTC volatility is also great for day trading.

It's just the whole "Gox bank accounts/servers get seized/frozen and BTC is set back two years and likely crash to $2" that's the scary part. Other than that it's the wild west of opportunity.

On the other hand if you've built it up from nothing and made a living out of it for a while and then this happened then it's not so bad, after all you've only really lost the small sum that you started with and some of your time.  And it it does go well then it's got to be better than working in a factory for minimum wage.  There's not much to lose by trying anyway, better to try and possibly fail than to never try at all.

[fitty]

personally I'm not too interested in peoples life/trading plans being detailed on the wall movement tracker thread...

I also think quitting your job to trade bitcoin is pretty ridiculous - unless your were a successful trader before perhaps - but then why would you need to quit your job...

Of all the bullshit that gets posted on this thread, someone explaining they're trying to make 3-4% a day trading, discussing price points they got into BTC, what price they're holding at now, their trading goals, is probably in the top 10% in terms of meaningful posts.

You disagree with the notion someone can make a living day trading BTC, so you're having a snarky response to even the discussion of it. Someone asked him, he answered. If the topic upsets you, stop quoting/talking about it.

People pop in with this "ZOMG I NEEDZ WALL TALK! TELL ME WHAT TO DO! TELL ME TO BUY OR SELL PLZ!!". Sometimes there's not much going on. A variety of topics gets discussed, it's a forum, people post stuff, if this upsets you it's time for a break, mmkay?