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

[Denker]

Look how much effort it took to push the price below 4k!
So much FUD, fake news, unconfirmed articles by msm and social media accounts the last several days.
As soon as we know what's going to happen in China with cryptos I expect the market to move up again. The commies are much less of importance as they may think.
So there is nothing to worry about. And hodlers can relax anyway.

[sgk]

3800 is the bottom

[Elwar]

A whole lot of n00bs leaving the Bitcoin market right now with their participation trophys.

This is why when someone asks me if it's the right time to buy I ask them if they don't like war then this is the perfect time. If they like children being bombed then it's better for them to keep their war money.

[ft73]

3800 is the bottom

You mean for today?

[ShadowBCH]

Will anyone tell why this cheat lauda gives negative ratings for the account?

[ft73]

In the meantime seems ViaBTC is NOT going to shutdown.

@yhaiyang: "We won't going to shut down. We will stop CNY deposit and trade if needed."

Since they're a Chinese Exchange and should be well informed that's encouraging news.

See: https://www.cryptocoinsnews.com/chinese-bitcoin-exchanges-take-diverging-paths-amid-regulatory-uncertainty/

[JayJuanGee]

So tell me what is BTC?

If you don't understand what BTC is, then you're either a baboon or a dinosaur, or both.

I will answer you BTc is nothing.

Scratch that, you're just an idiot.
Keep drinking the current financial system's kool-aid. That's where the true fraud lies. Do you think it's just a coincidence that almost no school in the world teaches you about money or where its value comes from?

You're a funny girl.
All you can do is offend people. you are a big zero

There is a wide consensus that he might be a dude.

She might be a he acting like a pussy (cat).


In the end, seems like a BIG

SO WHAT?


If posters are spewing out nonsense - then someone needs to point that out, and may as well be a cat in sunglasses, no?


By the way, some folks were talking about $3800 as a possible bottom; however, with this rate of downwards correction, $3400 or even $3200 could be within reasonable dumping territory, no?    Probably absolute bottom would be somewhat above $2500.. I am having some trouble foreseeing anything that low under these current conditions ... and even $3k might be a bit difficult to break below, right folks?

[Searing]

In the meantime seems ViaBTC is NOT going to shutdown.

@yhaiyang: "We won't going to shut down. We will stop CNY deposit and trade if needed."

Since they're a Chinese Exchange and should be well informed that's encouraging news.

See: https://www.cryptocoinsnews.com/chinese-bitcoin-exchanges-take-diverging-paths-amid-regulatory-uncertainty/

Some exchanges in China (I forget who) say only 15% of their clients are from China....if true, what would the effect of this 15% of
folk being banned from exchanges have in folks view?

Bitcoin will recover from any of this FUD but curious in the short term.

[JayJuanGee]

Look how much effort it took to push the price below 4k!
So much FUD, fake news, unconfirmed articles by msm and social media accounts the last several days.
As soon as we know what's going to happen in China with cryptos I expect the market to move up again. The commies are much less of importance as they may think.
So there is nothing to worry about. And hodlers can relax anyway.

I doubt that it is the chinamen causing this correction with any kind of substantive meaning  - maybe on the margins, but maybe a correction was kind of needed?  I don't know. 

I have some difficulties concluding that we are experiencing the 50% correction this time around (which would be $2.5k).. and maybe 36% would be about the lower boundaries of this particular correction? (which would be around $3200), but hey, I kind of thought that 20% was going to be the lower boundaries  (which would have been $4k), and look how that turned out?

Just gotta keep buying and hope to not run out of money before the bottom, right?

[NUFCrichard]

We are down on the month now, that hasn't happened for a while.
I think we will see a double top in the next couple of weeks, before a more sustained fall back to a more normal level

I don't know what normal is anymore, but if someone had offered $1500 a year ago, I'd have been very happy!

[bitcoinPsycho]

It's not all bad . I'm enjoying watching BCH slide 

[bitcoinvest]

you get it all wrong.... the trustee from gox is just selling the bitcoins    lol

don't worry we will go more down from here and will recover again

[ghandi]

This is the bottom. Please all re-buy now so i can exit my leverage long without loss. Thanks!

[toknormal]

[bitcoinvest]

This is the bottom. Please all re-buy now so i can exit my leverage long without loss. Thanks!

i think is not the bottom but i hope you are right

[becoin]

Completely WRONG! Bitcoin price is driven not by technicals but by fundamentals!
To trade bitcoin using TA during fundamental uptrend is totally unprofessional!

On every price dip clever people are buying while silly people and weak hands are selling. Nothing new under the Bitcoin Sun.

[toknormal]

Completely WRONG! Bitcoin price is driven not by technicals but by fundamentals!
To trade bitcoin using TA during fundamental uptrend is totally unprofessional!

Completely wrong.

Where were you during the backside of the last big "China" spike in 2013 when it peaked out at $1200 ?

It had every bullish fundamental going for it - from Overstock adoption to new exchanges, to worldwide media attention to new associated fintech innovations, not to mention a ton of new wallet developers arriving on the scene.

All of that was NADA compared to the technical correction that ensued. Once the bear market kicks in, no amount of fundamentals can prevent it from running its course. A long term bearish crossover to a trader is a tidal reversal that no ship overcomes. During a major bullrun all "fundamentals" for at least the next 12 months get priced in anyway. It's when they arrive for real that the profit take starts.

[fragout]

Completely WRONG! Bitcoin price is driven not by technicals but by fundamentals!
To trade bitcoin using TA during fundamental uptrend is totally unprofessional!

Completely wrong.

Where were you during the backside of the last big "China" spike in 2013 when it peaked out at $1200 ?

It had every bullish fundamental going for it - from Overstock adoption to new exchanges, to worldwide media attention to new associated fintech innovations, not to mention a ton of new wallet developers arriving on the scene.

All of that was NADA compared to the technical correction that ensued. Once the bear market kicks in, no amount of fundamentals can prevent it from running its course. A bearish crossover to a trader is a tidal reversal that no ship overcomes.

MT Gox had noting to do with that crash no

[toknormal]

MT Gox had noting to do with that crash no

MT Gox gets far more credit that it deserves for that bear market. It was a technical consolidation, plain and simple because nothing does that many multiples of gain without a corresponding consolidation.

Look back in history at previous spikes - you'll see exactly the same thing.

If it retests $1850 at least once more you can start feeling bullish again. Even an 80% retrace wouldn't be unreasonable if this is the top which means that we're looking at around $900 for the retest before further long term growth.

[ParabellumLite]

MT Gox had noting to do with that crash no

MT Gox gets far more credit that it deserves for that bear market. It was a technical consolidation, plain and simple because nothing does that many multiples of gain without a corresponding consolidation.

Look back in history at previous spikes - you'll see exactly the same thing.

If it retests $1850 at least once more you can start feeling bullish again. Even an 80% retrace wouldn't be unreasonable if this is the top which means that we're looking at around $900 for the retest before further long term growth.

Indeed. I was here around late 2013, early 2014, watching the situation develop. The parallelles between then and now are offsetting, including the rampant permabull behavior among users here. Again, just like back then, most people won't even see the major correction coming.

There are even plenty of older members here that claim Bitcoin is not in a bubble. For god sake people, it is! Bitcoin started to bubble as soon as the ICO thing got out of hand, whereas BTC was the entry coin to that circus. The same trouble around BTC applies as in late 2013, early 2014: still, nearly no one is using it. People love to refer to Japan, but there are a handful of nodes running there, that's it.

 Maybe the bubble pops today, maybe a month or year from now, but probably from this day onwards in my view.  People underestimate the regulatory aspect here continuously: China apparantly will ban free trade of BTC, but don't think that China could be the only nation to do so. Any asset that makes money laundering and financing of criminal activities easier and more difficult to trace, is the enemy of nation states. Whenever BTC grows too big, governments will simply start taking out the hubs where you can exchange it or use it to buy other goods.