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

[notme]

OK, it's getting depressive taking a bullish aspect. So now I am going to switch to bearish, again. So were can I participate in margin shorting BTC vs fiat, as an American? I would prefer an easy verification process.

You'll be in time to short the bottom.  You know somebody's gotta do it.  Good on ya  

Well, I'm still trying to research which exchange I can participate, as a US citizen, in Margin trading for BTC-USD pair. Kraken seems possible. But I'm so ambivalent, I'm not sure that I want to take the steps to register for yet another exchange. My Keepass is getting to full.  
Having a Myers-Brigg personality type of INTP can be so exasperating at times. It's a wonder that I can arrive at any decision. 

GDAX (coinbase) has margin trading.

I hardly am anywhere close to being considered an Eligible Contract Participant. Not by a long shot. Not an option for this minnow.

Oh damn, I didn't realize that requirement.  Yeah, that's crazy.

[bones261]

Thanks for all the tips. I guess the best option is to continue to HODL my meager stash and consider my options tomorrow after a full night of rest. Maybe I'll lurk in the altcoin ANN thread to see if there is anything new and interesting to consider mining or buying hash to mine. However, I doubt it.

[jojo69]

Relax McGumbo. It's only science.

http://www.swpc.noaa.gov/news/update-continued-g4-severe-geomagnetic-storming-observed

"Does this mean that bitcoin will pump!?"



*edit(0):  Earthquakes, solar flares, hurricanes, exploding volcanoes, crop losses, lower quality crops, no more coffee... In my view those are all reasons for bitcoin to rally!

*edit(1):  I just bought another 50 kilo coffee bean bag! Top notch quality! From the old good times when the coffee was good. I'm going to sell those cups of coffee in my secret cafe shop for nuggets of gold!

coordinates please...I have some very small nuggets, and I like very good coffee

[CoinCube]

Looks like Equifax will be buying 600 bitcoin soon.

Alleged Equifax hackers demand $2.6 million Bitcoin ransom — or else..
https://www.google.com/amp/mashable.com/2017/09/08/equifax-hackers-bitcoin-ransom.amp

That's according to an onion site, whose authors insist that if Equifax forks over 600 Bitcoin — approximately $2.66 million at the time of this writing — then they'll delete all the stolen data. Oh, and Equifax better decide quickly, because if the ransom isn't paid, the self-identified hackers say they'll dump all the data on September 15th.  

Well, almost all of the data. The supposed hackers wrote that they won't publicly post credit card numbers—suggesting an intention to get some illicit use out of those.

"We are two people trying to solve our lives and those of our families," the site explains. "We did not expect to get as much information as we did, nor do we want to affect any citizen. But we need to monetize the information as soon as possible."

After all when you are dealing with a potential 70 billion dollar liability what's another 2.5 million to try and staunch some of the bleeding.

Equifax hit with $70 billion class-action lawsuit after massive hack
https://www.google.com/amp/mashable.com/2017/09/08/class-action-lawsuit-equifax-breach.amp

[explorer]

Looks like Equifax will be buying 600 bitcoin soon.

Alleged Equifax hackers demand $2.6 million Bitcoin ransom — or else..
https://www.google.com/amp/mashable.com/2017/09/08/equifax-hackers-bitcoin-ransom.amp

That's according to an onion site, whose authors insist that if Equifax forks over 600 Bitcoin — approximately $2.66 million at the time of this writing — then they'll delete all the stolen data. Oh, and Equifax better decide quickly, because if the ransom isn't paid, the self-identified hackers say they'll dump all the data on September 15th.  

Well, almost all of the data. The supposed hackers wrote that they won't publicly post credit card numbers—suggesting an intention to get some illicit use out of those.

"We are two people trying to solve our lives and those of our families," the site explains. "We did not expect to get as much information as we did, nor do we want to affect any citizen. But we need to monetize the information as soon as possible."

After all when you are dealing with a potential 70 billion dollar liability what's another 2.5 million to try and staunch some of the bleeding.

Equifax hit with $70 billion class-action lawsuit after massive hack
https://www.google.com/amp/mashable.com/2017/09/08/class-action-lawsuit-equifax-breach.amp

BTC would not be among my first choices, but...  whatever.

These people are slime.  Summarized here:

  https://www.youtube.com/watch?v=qHcGVOJXRzI 

[Elwar]

Centralized ledgers are always a good idea.

Everything is fine.

Nothing to see here.

[Karartma1]

It's seems like China banned bitcoin, again.
I bought more.
and still hold

[Wekkel]

 Just like the bitcoin obituaries site, we need a site listing all banning of bitcoin.  Especially the successful ones 

[JayJuanGee]

OK, it's getting depressive taking a bullish aspect. So now I am going to switch to bearish, again. So were can I participate in margin shorting BTC vs fiat, as an American? I would prefer an easy verification process.

You'll be in time to short the bottom.  You know somebody's gotta do it.  Good on ya 

Yeah.. .Bones261.. you talk about not having very many bitcoins, and if you are making moves like this (planning to short), you are setting yourself up for decent odds of reducing your bitcoin holdings further

There are strategies that consistently work with bitcoin, and margin betting is not one of them.

[york780]

When moon sir? Whats the news?

[mymenace]

When moon sir? Whats the news?

http://www.coinfox.info/news/7582-china-to-allow-ico-after-deciding-on-licensing

china
ico's illegal in china, but will resume under licensing


https://www.youtube.com/watch?v=RTcvO0bKCxY


ether casper update

http://dailybitcoinnews.com/ethereum-casper-update-takes-shape-buterin-pushes-development-forward/

[Lauda]

Today we've beaten the previous high:

Bitstamp | Total bids: 57956573 USD. Total asks: 2415 BTC. Ratio: 23989.41228 USD/BTC. | Data vintage: 0.0161 seconds

And it continues:

<gribble> Bitstamp | Total bids: 58856048 USD. Total asks: 2767 BTC. Ratio: 21264.24643 USD/BTC. | Data vintage: 0.0181 seconds

We'll recover much sooner than people anticipate.

[Last of the V8s]

oo a guy from wizsec re MtGox on Breaking Bitcoin live stream https://www.youtube.com/watch?v=eCE2OzKIab8
Jimmy Song earlier

[Pajulapoiss]

oo a guy from wizsec re MtGox on Breaking Bitcoin live stream https://www.youtube.com/watch?v=eCE2OzKIab8
Jimmy Song earlier

it just stated, that MT Gox was robbed on sept 11?!?

Coincidence you think?


Wanna guess when is the IRMA hurricane going to hit the coast of Florida?

Coincidence? 


https://www.instagram.com/p/BYyJPagjBQl/

[u9y42]

[...]
Wanna guess when is the IRMA hurricane going to hit the coast of Florida?

Coincidence?  

https://i.gyazo.com/7be1452b6b259434902e0ef6d8125837.png

https://www.instagram.com/p/BYyJPagjBQl/

Well, yeah... I mean, don't meteorologists watch TV?

EDIT: http://www.telegraph.co.uk/news/0/hurricane-names---how-are-they-decided/ TIL; I guess we're using the same list this year, as the one used in 2005 (they are reused every 6 years).

[Torque]

oo a guy from wizsec re MtGox on Breaking Bitcoin live stream https://www.youtube.com/watch?v=eCE2OzKIab8
Jimmy Song earlier

it just stated, that MT Gox was robbed on sept 11?!?

Coincidence you think?


Wanna guess when is the IRMA hurricane going to hit the coast of Florida?

Coincidence?  

https://www.instagram.com/p/BYyJPagjBQl/

http://www.snopes.com/category-7-harvey-irma/

"None of the storms or hurricanes in the movie are called Harvey or Irma. Furthermore, Category 7: End of the World was broadcast on 6 and 13 November 2005 – which was 11 years and 10 months (not nine months) before Hurricane Irma’s expected landfall in Florida on 10 September 2017. So the meme’s two key claims are false."

"However, even if these claims were accurate, they would have no sinister meaning.

Atlantic hurricanes are named from a prescribed list of names that are rotated every six years and published in advance. So we already know the list of potential hurricane names for 2018, 2019, and every year for the foreseeable future, unless they are changed by the World Meteorological Association. "

[mgld]

Hi,

I am an absolute newby to this forum, this is my first post. On the other hand, I have been trading financial assets for quite some time.  

I expected today's BTC dip, whatever the supposed reason for it would come out to be (i.e. fake news from China) on the basis  of :

1. a simple analysis of trading volumes analyzed on various time frames

2. the application of Fibonacci retracement levels to the previous leg up

3. the application of Eliot's wave count to the previous leg up (impulse wave) and to the current leg down (correction wave)


Technical analysis is not science  and its various tools are not always churning out foolproof answers.  Some tools work better ( = more often and on more type of financial assets) than others, but even those can fail ( = give false signals).   In my experience,  Eliot and Fibonacci have the best predictive power because they are not based on averages of past datas but on eternal or, at least, recurrent human behavioural patterns.

This said,  I put out my 5 cents of wisdom to say that the market will find its way to correct lower  before it resumes its way up.  I have set a number of buying orders at decreasing price levels between 4000 and 3000 USD  so, to put my mouth where my money is, this is what I can recommend to others as well.

Good trades everybody !

Sure your post sounds reasonable newbie; however, you need to account for s-curve adoption, metcalfe networking principles and that bitcoin is an immature technology that is also going through fundamental extreme attacks and even weirdness in the cryptospace on a broader level with a variety of random and extreme performances of ICOs and alt coins, and that is where the fucktard over reliance on technical analysis frequently screws up with their assertions about supposed inevitable needs for correction in a kind of false equivalency about bitcoin being a supposed mature market.

Sure you could be correct this time (a stopped clock is correct twice a day), but please present your technical analysis with a bit more grains of salt and accounting for both the immature price finding aspect of bitcoin and the s-curve analysis which are important factors to not leave out when you are arriving at your supposed "reasonable" technical analysis conclusions and advices.

I agree with everything you say and there certainly are specific dynamics in the bitcoin market which can throw off the scale many a technical indicator, but still the people trading it have , in average, the same psychological framework as the people active, say,  in the Forex market or the stock market. Actually, I dare say,  the bitcoin market seem to have attracted large numbers of new and rather inexperienced traders that fall easily prey of the professionals that, make no mistake, are plying this market too. It is enough to look at 5 minutes charts and the order book to see the so called "whales" gobbling up and down the plancton as they please.

The technology behind bitcoin maybe new, but the mindset of people trading it seems to be the usual on  and for this reason it seems to me -  and this is just my humble opinion, as I do not presume to the express the truth - that certain technical analysis tools like Fibonacci retracements and Elliot waves  do have some predictive power, until of course they are proven wrong because the first rule of any trader should be always to act upon othe price & volume action in front of his eyes  rather than the theories (about what price & volume should  do) in holds in his mind.

At the risk of attracting some criticism, I say also that many of the traders seem to couple their inexperience with an equal amount of arrogance, which expresses itself in the form of a refusal to apply to bitcoins trading the tools of conventional technical analysis.  It is absolutely true that TA tools do not work all the time nor on all assets,  but this is true not only for bitcoins but also for other traditional financiall assets.  Again it is true that certain TA tools are extrapolations of past price action with scarce predictive power in a market so young and exuberant as the bitcoins.  This said, having some kind of tool - that you can fully customize according to your own assumptions - to analyse and dissect the price & volume action to try and make sense of it, is in my opinion better than having none and relying on hearsay or pump & dump speculations.

To conclude, based on Fibonacci and Elliot,  I think BTC is undergoing a correction within an uptrend, that will resume once the correction is done.   I think this correction will reach down to about 3800 USD  as a minimum and 2800 USD as a maximum  and extend itself over 3-10 trading days depending on how deep it will reach.  A break over 4670 USD in strong volumes would invalidate my hypothesis.

I do not recommend to sell BTC short , unless the exchange you are using guarantees you very swift trade executions, because the drop could stop and reverse very quickly due to any number of reasons because, as I said, the underlying trend is upwards.

If you want to own BTC,  buy at regular intervals on the way down.  If you own BTC, sell some of it at present levels and rebuy the same quantity at lower levels on the way down.

This is what I am going to do and, of course, I might be wrong and I will pay the price of errors

[bones261]

OK, it's getting depressive taking a bullish aspect. So now I am going to switch to bearish, again. So were can I participate in margin shorting BTC vs fiat, as an American? I would prefer an easy verification process.

You'll be in time to short the bottom.  You know somebody's gotta do it.  Good on ya  

Yeah.. .Bones261.. you talk about not having very many bitcoins, and if you are making moves like this (planning to short), you are setting yourself up for decent odds of reducing your bitcoin holdings further

There are strategies that consistently work with bitcoin, and margin betting is not one of them.

After a good night's sleep, I decided not to bother. I guess that I'll just continue to have a small portion of my holdings participate in Margin Lending on Polo. Unfortunately, the online bot that I was using recently changed their web address, and appears to be malfunctioning, so I have to manually do it. What a pain.

[JimboToronto]

Good morning Bitcoinland.

I see we've leveled out after yesterday's fake news panic and dip and we're consolidating sideways again... currently $4314USD/$5246CAD (Bitcoinaverage).

AltcoinCash continues to slip... $551USD/$670CAD (Coinmarketcap).

When are people going to stop panicking over unsubstantiated rumors dressed up as "reports from sources"? Never, I guess. Weaklings will always panic.

There will also always be bad journalism. Sigh.

[leowonderful]

Good morning Bitcoinland.

I see we've leveled out after yesterday's fake news panic and dip and we're consolidating sideways again... currently $4314USD/$5246CAD (Bitcoinaverage).

AltcoinCash continues to slip... $551USD/$670CAD (Coinmarketcap).

When are people going to stop panicking over unsubstantiated rumors dressed up as "reports from sources"? Never, I guess. Weaklings will always panic.

There will also always be bad journalism. Sigh.

It'll continue in the future as more uninformed investors come into Crypto. I guess it's part of Bitcoin growing, hopefully people learn from this. We'll recover soon enough anyways.