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

[tHash]

I guess you're probably right, but 6k isn't that much. The bid sum has just touched the ask sum, might be crossing any time now. We should be at least at 117-118.

The volume is almost half of what it was during the weekend though.

"The bid sum just touched the ask sum"   This doesn't really mean anything.   Well, at the current scale of the chart, it does mean that ask sum is shrinking or bid sum is rising, or both.   The Y-axis of bid sum and ask sum are scaled to their respective highs and lows, with no correlation to each other.

I do agree that we should be rising a bit based on a number of factors.  

Volume is peaks at times when volatility is at it's highest.   What day of the week it falls on is arbitrary.

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[ChartBuddy]

[tHash]

I can see dry paint.

Does anyone have any theory as to why we've stopped at 112-114?

Look at the ask bids 114-120. Bouncing between 14k-20k. Way too many coins for a $6 span. Unless someone drops 2M we're not going up for the time being.

I guess you're probably right, but 6k isn't that much. The bid sum has just touched the ask sum, might be crossing any time now. We should be at least at 117-118.

The volume is almost half of what it was during the weekend though.

Who is in a rush to drop half a million on bitcoins? Let them coin dump and fill your bids you end up with more coins. A lot of those coins were bought 98-110 and tossed up from 110-120. No one is in a rush to pay them off. No one wants to hold so its slow going up ATM. If I'm looking to buy in right now I'm waiting for a drop. Based on the last few weeks those come around a fair bit.

This is awesome IMHO.   Rather than market buys, which contribute to volatility, new money is placing bids.   Rather than just wanting to hold long term, or dump and lose potential profits through slippage, holders are placing asks.   I hope this trend continues, having a very liquid market with limited slippage is the best thing we could hope for.  

[KillaMarci]

Anyone care to make a Coinageddon countdown timer?

I made one based on this chart. https://i.imgur.com/puQbjNs.png


http://www.timeanddate.com/countdown/generic?iso=20130511T20&p0=37&msg=Bitcoin+post-crash+triangle+closing


I set it to 7PM GMT, not sure how accurate that's going to be. If someone can find out a more exact time that'd be great. It's surely gonna happen in the evening of the 11th. (If it doesnt break out prior to that)

[SAQ]

"We have decided to offer Private International banking to Bitcoin Customers, Merchants and Traders"

http://www.reddit.com/r/Bitcoin/comments/1dyj70/update_coming_soon_a_private_fiat_bank_to_bitcoin/

Now can we please get to 117

[Le Happy Merchant]

Are you legit autistic?

As a 'legit' autistic I don't think you know what that means.

[MickeyT2008]

Anyone care to make a Coinageddon countdown timer?

I made one based on this chart. https://i.imgur.com/puQbjNs.png


http://www.timeanddate.com/countdown/generic?iso=20130511T20&p0=37&msg=Bitcoin+post-crash+triangle+closing


I set it to 7PM GMT, not sure how accurate that's going to be. If someone can find out a more exact time that'd be great. It's surely gonna happen in the evening of the 11th. (If it doesnt break out prior to that)

I like it!  Coinageddon time and my daughter's bedtime are the same, perhaps it's all really part of a fiendish plan of hers to take over the world!

[SlipperySlope]

Anyone care to make a Coinageddon countdown timer?

I made one based on this chart. https://i.imgur.com/puQbjNs.png


http://www.timeanddate.com/countdown/generic?iso=20130511T20&p0=37&msg=Bitcoin+post-crash+triangle+closing


I set it to 7PM GMT, not sure how accurate that's going to be. If someone can find out a more exact time that'd be great. It's surely gonna happen in the evening of the 11th. (If it doesnt break out prior to that)

+1

[adamstgBit]

what do you mean Coinageddon?

[fitty]

Couple of market sells. Someone wants some fiat. Ask wall getting tired of waiting.

[Hawker]

Couple of market sells. Someone wants some fiat. Ask wall getting tired of waiting.

The ask wall is not alone is getting tired of waiting.

[adamstgBit]

what do you mean Coinageddon?

is this the day all bears committed suicide at together?

[Frozenlock]

The day we all get our own bear!
https://www.youtube.com/watch?v=CVMBdi4dgME

[keewee]

I guess you're probably right, but 6k isn't that much. The bid sum has just touched the ask sum, might be crossing any time now. We should be at least at 117-118.

The volume is almost half of what it was during the weekend though.

"The bid sum just touched the ask sum"   This doesn't really mean anything.   Well, at the current scale of the chart, it does mean that ask sum is shrinking or bid sum is rising, or both.   The Y-axis of bid sum and ask sum are scaled to their respective highs and lows, with no correlation to each other.

I do agree that we should be rising a bit based on a number of factors.  

Volume is peaks at times when volatility is at it's highest.   What day of the week it falls on is arbitrary.

The line to watch is the red line. This tells you if the bids are rising relative to the asks, and vice versa. Looking at that image it seems pretty stable with perhaps a very slight uptrend to bids recently

[fitty]

what do you mean Coinageddon?

is this the day all bears committed suicide at together?

It's a mix of Y2K and the Mayan calendar predicting the world will end in 2012. Except Coinageddon is real.

[2017orso]

Not a trader, have a question.

I'm long-term bullish Bitcoin and have a nice 250 BTC sum purchased recently.  Enough for me, my family, my future family, my cat, and any potential future pets and / or functional or lazy robots alike.

Wondering why so many seem to be expecting a drop in the coming days.  Not familiar with TA and learning a bit.  I understand the triangle and the convergence around the 11th.  What I don't get is why anyone would expect the price to drop, even in the near term leading to the 11th, given the following as I understand them:

-  The recent bullish move to 120+ was news of China getting priced in on spec
-  Those in China interested are slowly entering surely as they go through the traditional banking system to ultimately buy their coins (took me weeks...F U banks, all hail bitcoin)
-  The support levels of late are steadily increasing, and although ofc the resistance line is decreasing the hype is meeting the true value before we enter more hype potentially or nothing at all (ie maybe no crazy bullish movements but certainly no bearish ones if the interest in bitcoin is growing and vested interest in the market is growing)
-  Much of the money that exited during the crash is still in Gox, and likely re-entering as it seems like 100 is a thing of the past or at least it can reasonably look like it to anyone who isnt versed in trading but ready to get back in.
-  Lots of positive news as of late (vested interest growing in both public and private sectors)

Generally, I read so much about the potential exponential growth of BTC value, and sure I'm all for it, let's all be millionaires etc.  What I don't get, and again I'm not a trader so please help me wrap my head around this.  With exponential growth, will come more parabolic movements and thus convergences.  As hype cycles throughout the price, the support and resistance trends will continuously converge, but in a parabolic fashion, correct?  If so, why would we expect the price to ever go near 100 again considering the micro and macro stated above and more?

And on a somewhat separate note, with exponential gains, should come a parabolic exit line as well?  I mean, many aren't in it hoping that bitcoin takes over the world in 10 years.  Fair enough, many will spec, and have their expectations, limits etc.  Maybe some think $500/coin!!!!!! im out!  Perhaps some are waiting until $1000 etc.  My point is as the price increases exponentially, should we not see a parabolic move in the money exiting as price grows as well?  Thus hindering the arc degree the bullish movement and greatly reducing the potential for it to reach the 300k/coin or whatever levels that seem rather absurdly spread throughout the forum anytime soon?

An exception would be some sort of black swan event, where Paypal purchases 1 million coins for reserves, or a government decides to implement operation reserve currency = Bitcoin.  Barring those situations, which likely need to happen anyways for us to hit those types of valuations, and assuming a somewhat steady parabolic long-term move upwards, and given the above, why would we expect it to hit 100?

It could very well hit 100 in the next 2 minutes for all I know, just trying to reason through this to learn more.  This whole bitcoin experience has been very educational and learned a lot from this forum thank you.

P.S.  All hail bitcoin

[Rampion]

Wondering why so many seem to be expecting a drop in the coming days.

Just because we all want cheap coins. It's greed. So don't worry about it, send your BTC250 to a paper wallet, and forget about the speculation subforum. You will be happier... And wealthier.

Ah. You are supernode by the way

[solex]

Anyone care to make a Coinageddon countdown timer?

I made one based on this chart. https://i.imgur.com/puQbjNs.png


http://www.timeanddate.com/countdown/generic?iso=20130511T20&p0=37&msg=Bitcoin+post-crash+triangle+closing


I set it to 7PM GMT, not sure how accurate that's going to be. If someone can find out a more exact time that'd be great. It's surely gonna happen in the evening of the 11th. (If it doesnt break out prior to that)

You guys and gals are driving like this:



The excitement was in the past. That triangle completion will be a big "ho hum".

You're not suggesting we've reached saturation?

The market has absorbed all the recent investment and news, so the next 3 months may well be like the last three months of 2012. A gentle track with an upward bias, depending upon the success of the v0.8.1 deadline, and the conference this month too.

[mccorvic]

You guys and gals are driving like this:



The excitement was in the past. That triangle completion will be a big "ho hum".

This is all TA bullsh*t in a nutshell.

[ChartBuddy]