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

[Abandon]

I'm really enjoying the price stability the past few days.  If it continues I do think it will be quite good for bitcoin adoption.  As the market is typically extremely volitile it does make me think that there are people who are creating the stability intentionally.  If so, keep up the good work.  Do others think this as well?

Make a small profit while they're at it. Though honestly, this is normal consolidation, it's been grabbing onto to the roof of the wedge for a while now.

[Rampion]

If the guys making the charts could actually predict the market movements, they'd be rich and they wouldn't be on here making charts trying to convince people.

\troll
Yeah, that's not like any of us bought BTCs years ago because we predicted it would go up.  


Anyhow, a little introduction to TA for the interested:
https://www.youtube.com/watch?v=SIdzeC77eOo&list=UUL9No2CVecC_8WazyduwHaw

You buying BTC in 2011 had nothing to do with TA or charts. Give yourself the credit for that, you saw the potential (I've read your posts).

No, I wasn't defending TA with this, simply pointing out that "they'd be rich and they wouldn't be on here making charts" wasn't exactly true.
(With a tongue-in-cheek, I must admit.)

Edit: I saw the potential, but I was also too entrenched to recognize a possibility of a bear market. Now at least I'm sitting on the fence.

For me it's the opposite. I was convinced about a bear market the very first days, and at each crash I thought the bottom would have been lower ($30ish during the crash to $50, $60 when we went to $80).

But I was too pessimistic. I still think we can go quite lower short term, but I'm now pretty much convinced that $50 was the real bottom. In my book, thats quite bullish - heck, we where at $14 at the beginning of this year

[tHash]

I'm really enjoying the price stability the past few days.  If it continues I do think it will be quite good for bitcoin adoption.  As the market is typically extremely volitile it does make me think that there are people who are creating the stability intentionally.  If so, keep up the good work.  Do others think this as well?

Manipulated stability would be accompanied by large walls and market orders.  This appears more to be actual market balance, for the minute.   I would prefer to think that someone big was doing market making though, at least then we could be more confident that it would keep going like this.

[crazy_rabbit]

I'm really enjoying the price stability the past few days.  If it continues I do think it will be quite good for bitcoin adoption.  As the market is typically extremely volitile it does make me think that there are people who are creating the stability intentionally.  If so, keep up the good work.  Do others think this as well?

+1 It's nice not to have to watch the rate every few minutes/seconds.

[Rampion]

Price discovery phase. End of speculative mania. Sounds good, right?

[KillaMarci]

Well according to our fellow triangle of doom, the price is actually supposed to stabilize now.

Should stay within $100-$115 and tommorow within $100-$110.

[SlipperySlope]

I'm really enjoying the price stability the past few days.  If it continues I do think it will be quite good for bitcoin adoption.  As the market is typically extremely volitile it does make me think that there are people who are creating the stability intentionally.  If so, keep up the good work.  Do others think this as well?

To me, the enthusiastic crowds of new bitcoin buyers are missing. Bargain-hunting buyers are more cautious about buying above these levels. Caution facilitates patience.

But should prices slowly slump, or perhaps simply not rise, then I believe there will be another leg down testing $80. In a collapsing bubble, price trend bias is downwards.

[Frozenlock]

Well according to our fellow triangle of doom, the price is actually supposed to stabilize now.

Should stay within $100-$115 and tommorow within $100-$110.

The triangle might not "complete". The price could exit the formation in the next... 10 minutes!
Dan dan daaaaan!

[samson]

But I was too pessimistic. I still think we can go quite lower short term, but I'm now pretty much convinced that $50 was the real bottom. In my book, thats quite bullish - heck, we where at $14 at the beginning of this year

People seem to be forgetting that you could buy thousands of Bitcoin for $15 each only four months ago.

Are they really worth $113 or more right now ?

Nobody seems to think so or they would not be sitting on the orderbook remaining unsold for days.

[Rampion]

I'm really enjoying the price stability the past few days.  If it continues I do think it will be quite good for bitcoin adoption.  As the market is typically extremely volitile it does make me think that there are people who are creating the stability intentionally.  If so, keep up the good work.  Do others think this as well?

To me, the enthusiastic crowds of new bitcoin buyers are missing. Bargain-hunting buyers are more cautious about buying above these levels. Caution facilitates patience.

But should prices slowly slump, or perhaps simply not rise, then I believe there will be another leg down testing $80. In a collapsing bubble, price trend bias is downwards.

Not a bad outcome. Everything above $50 feels bullish to me. IMO there is a lot of real economy to be built around Bitcoin, and it has to be much easier to buy and trade before prime time

[fitty]

No, I wasn't defending TA with this, simply pointing out that "they'd be rich and they wouldn't be on here making charts" wasn't exactly true.
(With a tongue-in-cheek, I must admit.)

Edit: I saw the potential, but I was also too entrenched to recognize the possibility of a bear market. Now at least I'm sitting on the fence.

I know a lot of people who wish they could go back to 2011 and be entrenched with you. Those $2-$10 coins sure look good right about now. I have a couple of friends who wouldn't sell a single BTC they mined even though they spent 10k+ on hardware (with $2000-$3000 a month in electric bills). I thought they were crazy. Turns out a little passion, belief, some smarts and a willingness to stick to your guns sure pays off. Back in 2011 if you even said BTC would be worth $100 one day you'd be laughed off the forum. Most of us weren't sure this would be around month to month let alone years. There were some brutal hacks/crashes/scams that were some rough growing pains.

[Frozenlock]

But I was too pessimistic. I still think we can go quite lower short term, but I'm now pretty much convinced that $50 was the real bottom. In my book, thats quite bullish - heck, we where at $14 at the beginning of this year

People seem to be forgetting that you could buy thousands of Bitcoin for $15 each only four months ago.

Are they really worth $113 or more right now ?

Nobody seems to think so or they would not be sitting on the orderbook remaining unsold for days.

There's +170k BTC on the selling book. If sellers believed they were worth less than $113, they would be selling.

[adamstgBit]

1000 BTC sold . Price didn't move much.

I think there is plenty more where that came from.

enough to satisfy demand?

That's the point. I say yes, ATM. I'm sure you agree

yes i agree

it will go up!

wait a minute...

omg SELL SELL SELL!!!!!  

[fitty]

There's +170k BTC on the selling book. If sellers believed they were worth less than $113, they would be selling.

Agreed. There's 2.7M of fiat between $100-$112. No one wants to cash out 25k coins for 2.7M? So if the buyers think it's worth between $100-$112 and every seller thinks they can get more then $112, that's an awful lot of people who have some measure of confidence in BTC. And now we can get amazon giftcards for BTC again, yaaaayaaaaaaaaaaaaaaaaaaaaaa.

[adamstgBit]

bull logic: "lets buy all the bitcoins and NEVER sell them to ANYONE  "

[samson]

But I was too pessimistic. I still think we can go quite lower short term, but I'm now pretty much convinced that $50 was the real bottom. In my book, thats quite bullish - heck, we where at $14 at the beginning of this year

People seem to be forgetting that you could buy thousands of Bitcoin for $15 each only four months ago.

Are they really worth $113 or more right now ?

Nobody seems to think so or they would not be sitting on the orderbook remaining unsold for days.

There's +170k BTC on the selling book. If sellers believed they were worth less than $113, they would be selling.

This is also true, a lot of people believe they're worth more.

However it's a buyers market and nobody's buying much above $112 at the moment.

[positive]

Guys... The Humble Double Fine Bundle now accepts BITCOIN!

If Totalbiscuit starts talking about it...  

Wow this is great,HB are highly regarded as innovators in game distribution so i think that the whole game industry will give it a though now.And it looks like coinbase will be considered much more seriously after the high profile funding.This is the first thing i was already using regularly and am able to pay in bitcoins from now on.

[muyuu]

bull logic: "lets buy all the bitcoins and NEVER sell them to ANYONE  "

Sound logic. Why trade sound bitcoins for inflatable government tokens  

[Rampion]

There's +170k BTC on the selling book. If sellers believed they were worth less than $113, they would be selling.

Agreed. There's 2.7M of fiat between $100-$112. No one wants to cash out 25k coins for 2.7M? So if the buyers think it's worth between $100-$112 and every seller thinks they can get more then $112, that's an awful lot of people who have some measure of confidence in BTC. And now we can get amazon giftcards for BTC again, yaaaayaaaaaaaaaaaaaaaaaaaaaa.

Well, you know how it works. A little dump, bids get suddenly pulled, a slightly bigger dump, panic, lag, spreads get huge, more panic, Gox crashes, market cool down... And when they reopen trades...

Puff, and it's gone

 

[Abandon]

There's +170k BTC on the selling book. If sellers believed they were worth less than $113, they would be selling.

Agreed. There's 2.7M of fiat between $100-$112. No one wants to cash out 25k coins for 2.7M? So if the buyers think it's worth between $100-$112 and every seller thinks they can get more then $112, that's an awful lot of people who have some measure of confidence in BTC. And now we can get amazon giftcards for BTC again, yaaaayaaaaaaaaaaaaaaaaaaaaaa.

Well, you know how it works. A little dump, bids get suddenly pulled, a slightly bigger dump, panic, lag, spreads get huge, more panic, Gox crashes, market cool down... And when they reopen trades...

Puff, and it's gone

 

Mt. Gox lag and crashes, the ultimate market stabilizer.