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

[empowering]

Template much ^^

What date does the CNY tether get released ?

 


The clue is in the title

"the announcement on the cessation of RMB trading business"




...awhhh can you guess what it is yet???

[1714733574]

1714733574

[ParabellumLite]

Is this another bulltrap? But bigger this time?

3500 maybe then down again if the bubble theory applies

but we'll see

Damn trading is hell i almost lose my mind these last 2 days that was painful

Probably. Expect a rise to the 3500-4000 USD level in the next couple of days, followed by the bear leg to 2500 USD.

Why a bear leg to 2500?? Unless there is more "shock news" why do you assume btc would drop again (if it does recover to 4k)? Not saying your wrong as i saw something similar mentioned earlier on this thread but curious as to the reasoning

A few things in response to this:

First of all, I believe there will be continued shock waves in the market as more Chinese exchanges start shutting down. But the real thing that is going to tip it all over is the sheer amount of BTC still in Chinese hands (mostly mined in the past) that will be released on Western exchanges.  As it stands, there is likely too little buying pressure to maintain 2500 if the dumping will again continue after some shortlasting upwards movement.

Then there's the issue of mining consortiums: how are they going to foot the bill? They will need to pay for their electricity in RMB, and China's capital controls aren't helping here. At this point, I consider it likely that one or more mining consortiums will stop operations as well, sending further shockwaves. Again: I consider it likely, there is no reason to be sure about this at all.

If Bitcoin will indeed move in a bear market, this one will last for months if not over a year. It will be characterized by a slow downward grind, after an initial drop to the 50% fib level. As 50% is not guaranteed to hold in the short term, it might indeed make sense for large whales to continue dumping at current market prices.

Last but not least: this is 2017, not 2013/2014. There is newer tech out there, and real competition as well. The crypto funds that invested in BTC are not guaranteed to keep BTC in their baskets, or at least in the same ratio. There will be funds out there that are re-evaluating what they really have in their hands right now - and they will start weighing the value of recent changes in China.

[soullyG]

Back up to $3500 already 

I love the Bitcoaster

[LFC_Bitcoin]

Damn, I did it again.
Buy at 3016, sell at 3005, don't buy back when reversal begins...

Well obviously!
Weak hands always end up burnt.

Yep ^^^^^

[Stokes Bay]

volatility has returned - this is a classic speculative trade because no-one has any idea what the value should be

[Punisher1314]

A 600$ pump @stamp in 3 hours! Not bad for the volatility we have nowadays  
Seems a new uptrend is finally shaping... Charts looking good, let's see where the price rebounds.

[_javi_]

eyes still hurt and brain exhausted after trying to read empowering´s posts. rofl
thanks for the quick news, anyway.

ok, they dont want RMB funding on exchanges. Do we care? No sir

Spot on with the tether comment.  

[YamashitaRen]

Damn, I did it again.
Buy at 3016, sell at 3005, don't buy back when reversal begins...

Well obviously!
Weak hands always end up burnt.

Yep ^^^^^

Feeling so dumb, just wasn't in the mood to trade today  
Have to admit I didn't expect such a rebound after such a slow bottoming. Guess Fibonacci was right all along...

[NUFCrichard]

$600 swing in 3 hours? Bitcoin be crazy.
$3000 looked bad, I even said I would buy if it went much lower, at $3500 or so I am just holding still.

I won't ask if there is any reason for the 20% rise. The old 'because, go fuck yourself, that's why' meme is usually about right for explaining Bitcoin price swings!

[becoin]

Well, what can I say? As always, thanks for the cheap coin! Appreciated!

[JimboToronto]

Well good morning Bitcoinland.

Looks like reality is finally starting to rain on the little teddy bears' picnic.

After one last shakeout of the weaklings prices are starting to return to normal... currently $3598USD/$4366CAD (Bitcoinaverage).

AltcoinCash still slipping at $409USD/$497CAD (Coinmarketcap).

Just the sheer volume should indicate that this was the bottom. I'm glad I spent my last spare cash a couple of hours ago, just before the price went up at my local ATM.

Hopefully that's the end of this dip. If I were to buy any more, I might have to (shudder) use my credit card if I needed to buy something. Using credit cards always makes me feel like such a sucker. Cash rules.

[LFC_Bitcoin]

Damn, I did it again.
Buy at 3016, sell at 3005, don't buy back when reversal begins...

Well obviously!
Weak hands always end up burnt.

Yep ^^^^^

Feeling so dumb, just wasn't in the mood to trade today  
Have to admit I didn't expect such a rebound after such a slow bottoming. Guess Fibonacci was right all along...

Just try to stay patient next time bro. I was at a loss for nearly 18 months after Gox but the price always goes back up. Put an amount that you're comfortable with into cold storage offline & don't even attempt to trade no matter what happens.

[aesma]

I expect an statement from PBOC next Monday saying they will work closely with Ripple Labs and make BCH the only legal and official crypto currency in China.

That will be the point of max pain. 

Closing exchanges doesn't affect just BTC. It means cryptos are not welcome in China.

[aesma]

Back above 3000€, that's nice to see.

Too bad I had no more fiat to buy that massive dip.

[empowering]

I expect an statement from PBOC next Monday saying they will work closely with Ripple Labs and make BCH the only legal and official crypto currency in China.

That will be the point of max pain.  

Closing exchanges doesn't affect just BTC. It means cryptos are not welcome in China.

errrrr........

...you are like kidding right?


(try turning it off and unplugging it- and then restarting...)

[jojo69]

Damn, I did it again.
Buy at 3016, sell at 3005, don't buy back when reversal begins...

For me, the key seems to be  trying to make good trades, not great ones.

so much this...also, recently I have been absolutely refusing to make LOSING trades

[Wekkel]

I expect an statement from PBOC next Monday saying they will work closely with Ripple Labs and make BCH the only legal and official crypto currency in China.

That will be the point of max pain. 

Closing exchanges doesn't affect just BTC. It means cryptos are not welcome in China.

It means: underground economy forming. Too late to stop this.

[ragnar0k]

I don't understand why many are celebrating
Most people predicted a rebound and then the real crash...
Maybe I am wrong, but seems like it is going that way atm. Does anybody have any reason to think this is going high and it is not a bull trap?

[empowering]

I expect an statement from PBOC next Monday saying they will work closely with Ripple Labs and make BCH the only legal and official crypto currency in China.

That will be the point of max pain.  

Closing exchanges doesn't affect just BTC. It means cryptos are not welcome in China.

The thing that IS welcome in China is RMB-  for sure- they have a REAL BIG thing about keeping it onshore - that is what is at issue here! (and money laundering/tax evasion etc) CNYT will sort that out! China is a little bit in love with cryptos in my opinion- for what they want to set up it fits the bill exactly- they like control - cryptos via a CNYT Tether coin will give them the control they are looking for..

It is not everyones cup of lapsang souchong - and I am NOT saying I approve- but I DO understand - China is China after all.

Like I have mentioned previously- they want to regulate- ain't no stopping  them- it changes the environment for sure...
There will continue to be a dark market no doubt... but from an  investors point of view...the regulated market is going to be a playground as well as the market as is.

Also BTC will still be traded as a digital asset -just not for CNY on exchanges with order books... P2P no doubt will continue alongside on other platforms- as well as BTC to CNY tether on exchanges with order books - they will simply have to fiat on and off ramp via the tether coin- controlled and monitored by the PBOC ( most likely in conjunction with regulated bottlenecks aka licensed exchanges and apps/wallets maybe even gov.cn tether wallets?)

Crypto and blockchain and smart contracts and digital assets are going to continue to thrive in China- just under the watchful eye of the PBOC - it literally  will be a new playground - and NEO and WALTON are going to be running about in it having a whale of a time - just wait and see : )

[Denker]

Well, what can I say? As always, thanks for the cheap coin! Appreciated!

Yepp. All the newbies probably shit their pants and have learned their first bloody lesson. The guys who thought crypto is easy money got burned as well.
Strong hands and believers remained!