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

[Rampion]

You can all thank me for this new ramp...
I just cashed out to invest in mining equipment.
Of course this was going to happen XD
Still, I'll be adding to the economy from the other side now, and trading my 'free' BTC instead.

I used fiat to fund my mining equipment, saw it as a better way of topping up my investment - bonus of a shiny new PC!

I had no fiat, so it was one or the other, and I have done terribly trading.
So I will have a shiny 3x HD7970 rig, churning out 2GH/s - and my ASIC will eventually arrive, so I'll do ok in the long run.

Let me tell you that your trading plan was too good to be true. Was impossible.

Good luck with the mining.

[Coinseeker]

The build up from China?  Timing seems right.  I thought the price was going down but this could be a HUGE rally!!!  Congrats bulls!  

[Miz4r]

I had no fiat, so it was one or the other, and I have done terribly trading.
So I will have a shiny 3x HD7970 rig, churning out 2GH/s - and my ASIC will eventually arrive, so I'll do ok in the long run.

I wouldn't be so sure about that, the total hashrate and difficulty will go up so fast will all these new ASIC's hitting the market that you will feel forced to invest more and more into mining equipment. It's a king of the hill battle with a neverending slope upwards and no top. Good luck with that, only the ones somewhere high up the hill will be able to make a good profit.

[rezurect]

Could be the Avalon reference design release today.
https://bitcointalk.org/index.php?topic=200668.0

[cedivad]

I'm a bear in denial.

[wonkytonky]

The build up from China?  Timing seems right.  I thought the price was going down but this could be a HUGE rally!!!  Congrats bulls!  

we need to break 125$ if we can..  booooooom!!

[SlipperySlope]

The breakthrough launched as it approached the rising support, with relatively moderate-high wall-busting volume.

[ChartBuddy]

[SlipperySlope]

Here is the next triangle.

[DougTanner]

[Rampion]

Here is the next triangle.

Slippery, go all in man, the train is leaving the station... Choo chooo

[fitty]

I had no fiat, so it was one or the other, and I have done terribly trading.
So I will have a shiny 3x HD7970 rig, churning out 2GH/s - and my ASIC will eventually arrive, so I'll do ok in the long run.

I wouldn't be so sure about that, the total hashrate and difficulty will go up so fast will all these new ASIC's hitting the market that you will feel forced to invest more and more into mining equipment. It's a king of the hill battle with a neverending slope upwards and no top. Good luck with that, only the ones somewhere high up the hill will be able to make a good profit.

There were people back in 2011 saying mining was a waste, it was too late, you'd make more buying BTC. Mining is still quite profitable. I wouldn't hesitate to get into mining, it's not quite as insanely profitable as it used to be, but you'll make money. GPU I'd only do a few rigs that you can use as gaming rigs, the rest into ASIC. Plus it's fun and the more miners the better for the network (more decentralized, which is good).

The 7970s are fine cards, easy to resell if he can get more ASICs down the road.

[fitty]

I'm a bear in denial.

There is nothing worse then a bear sitting on the sidelines, pockets full of fiat, feeling lonely because everyone left him behind.

Good news is, there's no shame in buying in, long term looks fantastic, a little bumpy in the short term, but there are enough cool gifs in this thread to keep you happy (and a few charts with lines n shit).

[Rampion]

I'm a bear in denial.

There is nothing worse then a bear sitting on the sidelines, pockets full of fiat, feeling lonely because everyone left him behind.

Good news is, there's no shame in buying in, long term looks fantastic, a little bumpy in the short term, but there are enough cool gifs in this thread to keep you happy (and a few charts with lines n shit).

Gosh, this post really made my day

[needmorecoins]

I'm a bear in denial.

There is nothing worse then a bear sitting on the sidelines, pockets full of fiat, feeling lonely because everyone left him behind.

Good news is, there's no shame in buying in, long term looks fantastic, a little bumpy in the short term, but there are enough cool gifs in this thread to keep you happy (and a few charts with lines n shit).

If the gubmint fiat in one's pocket is burning a hole, I highly recommend dollar cost averaging. Ideally, on a weekly basis for at least 3 months. 6-12 month duration would probably be better. Much lower risk, and great returns. Unless of course bitcoin fails =)

I wonder if bitcoin is at the "too big to fail" stage yet....or how far away are we. Guess depends on your definition of fail maybe..

[molecular]

due to low volume I hope you guys don't mind a crosspost from here: https://bitcointalk.org/index.php?topic=192719.msg2084624#msg2084624



to enter a bear market we need a lower low. Depending on timeframe there are 2 potential lows to break:

• the $80 low on 5/3 (red)
• the $50 low on 4/16 (yellow)

if we don't make a new low below $80, it's not a bear market but a correction (by investopedia definitions quoted further above). We could then enter a bull market or at least further consolodation pattern (green). Of course there's different options for "green", I just outlined roughly one of them. A break of the $170 top would clearly mean we're in a bull market again (both higher highs and higher lows would've been reached then)

I don't think we have to wait more than a month to see this resolved.

Hat tip to molecular. Green arrow scenario underway...

haha. that wasn't a prediction (except that I said I favored green scenario). If we include your grey scenario (sideways for a while in white area in my pic), what I layed out pretty much covered all possibilities. Easy to be correct then.

Although I prepared for a drop I must admit I'm pretty relieved we broke upwards. Initially (couple days ago) I had been quite certain move would be up, but had increasingly become worried about the possibilities red/yellow. Probably have been reading too many bear threads... really gets to you after a while.

Let's see how much momentum this has... who knows, maybe it's a bull-trap.

[Ultraviolet]

Bitcoin's fundamental protocol is really good and really sound. The problems Bitcoin has had revolve around shitty businesses/scammers. Once BTC starts to get supported by more companies like Coinbase/Bitpay we'll see $1000USD/BTC np and the trading scale will switch to mBTC right away.

Only way Bitcoin fails is if governments seriously saboteur it by preventing banks from processing fiat transactions in relation to it, but the gamble is that once the establishment tries to assault Bitcoin, the counter force and backlash will serve to propel Bitcoin to the level of a household name and away we go.

We're sitting in the long-term bear trap of Bitcoin right now, that time where everyone is unclear if they should get on the boat and where everyone is unclear if Bitcoin will succeed or fail. Once a positive outcome becomes obvious, the opportunity to get in profitably will be lost.

In reality right now you can buy at any price, including the bubble high, and not be wrong. It's just that you may have to hold your coins for several months or a year before you can realize your equity.

[molecular]

In reality right now you can buy at any price, including the bubble high, and not be wrong. It's just that you may have to hold your coins for several months or a year before you can realize your equity.

It used to be the majority in this forum were here to buy, mine and use this new currency called bitcoin. It seems there's more and more people around who see this as some sort of a penny stock.

Sell your USD for real money and keep/use that real money is the game, not "realizing equity" at some point.

If you disagree, you should really think about what money is (or should be)

[fitty]

Does anyone else see the possibility of a reversal of the uptrend? It was stopped at $122. It took 15K BTC to bust walls and take asks on the way up. Could that hot money be forced to take profit quickly?

I don't think so. The bid wall has lagged a little since the push to $122. But $115-$120 is pretty solid.

$122 to $125 is 12k BTC. Unless some new money starts making up for lost time, we'll probably bounce around $118-$121 for a bit. We'll see some dumping for sure, but there's enough buying pressure to keep us above $115.

The ask wall doesn't seem to be getting out of the way at any point so far, it will be a lot of little jumps, regrouping, let the bids come forward then it's up again. If the rally continues it will be slower, that jump was 2 days of no action crammed into 3 hours.

If I was selling between $122-$130 right now, I'd be content to wait for the bulls to pay me off. I'd be surprised to see a lot of panic selling, we're more lilkey to pickup some bears to buy up any dumps. Any drop right now is a chance for someone to get back in.

[oroboras]

I had no fiat, so it was one or the other, and I have done terribly trading.
So I will have a shiny 3x HD7970 rig, churning out 2GH/s - and my ASIC will eventually arrive, so I'll do ok in the long run.

I wouldn't be so sure about that, the total hashrate and difficulty will go up so fast will all these new ASIC's hitting the market that you will feel forced to invest more and more into mining equipment. It's a king of the hill battle with a neverending slope upwards and no top. Good luck with that, only the ones somewhere high up the hill will be able to make a good profit.

There were people back in 2011 saying mining was a waste, it was too late, you'd make more buying BTC. Mining is still quite profitable. I wouldn't hesitate to get into mining, it's not quite as insanely profitable as it used to be, but you'll make money. GPU I'd only do a few rigs that you can use as gaming rigs, the rest into ASIC. Plus it's fun and the more miners the better for the network (more decentralized, which is good).

The 7970s are fine cards, easy to resell if he can get more ASICs down the road.

That's why I am getting them. I will sell 2 of the 7970's when my first ASIC is shipped, then I will buy a 50GH/s ASIC, and just run that.
It will be good for a while, and I should have made enough to break even, with sufficient stored to get the upgrade when they are built - especially if the BTC keeps going up in value.