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

[wonkytonky]

Fiat is pouring out from Gox's order book. Bears are better equipped for the next assault to $125.

It's crucial for the bulls to win that battle. If they win it for the second time the battlefield will be full of bear corpses, and they won't dare to try to take that spot again.

If they make it fall... Well, we will see much cheaper coins (below $120), and a mid term downtrend would be expected.

i dont belive bids or ask volume has much to do with price

the volume trading has been going down since the "bubble"...(had nothing to do with dwolla  etc)  to me it's  just silence before the storm .. and since we are trending up on the long run..   my best guess  is  that whoever wanted their money out of gox already did so. (like bitfinex they got all their btc and fiat out of gox )
the people who have lots of fiat cannot just simply put it on a bank without ringing some bells) and do not want to pay the withdraw fees.. on gox

like that 7k wall that got bought cheap yesterday.. this guy could have made much more fiat if he wanted out by selling slow. Since there's no other place to trade this volumes..  he'll be still in the game..

i'm a bull ofcourse i'm in for the long run too.   

just my oppinion

[BitPirate]

Fiat is pouring out from Gox's order book. Bears are better equipped for the next assault to $125.

It's crucial for the bulls to win that battle. If they win it for the second time the battlefield will be full of bear corpses, and they won't dare to try to take that spot again.

If they make it fall... Well, we will see much cheaper coins (below $120), and a mid term downtrend would be expected.

i dont belive bids or ask volume has much to do with price

the volume trading has been going down since the "bubble"...(had nothing to do with dwolla  etc)  to me it's  just silence before the storm .. and since we are trending up on the long run..   my best guess  is  that whoever wanted their money out of gox already did so. (like bitfinex they got all their btc and fiat out of gox )
the people who have lots of fiat cannot just simply put it on a bank without ringing some bells) and do not want to pay the withdraw fees.. on gox

like that 7k wall that got bought cheap yesterday.. this guy could have made much more fiat if he wanted out by selling slow. Since there's no other place to trade this volumes..  he'll be still in the game..

i'm a bull ofcourse i'm in for the long run too.   

just my oppinion

^^ This. The way the initial sells register precipitously is becoming quite a "signature" by now. They certainly appear to be calculated for maximum effect, rather than any desire to sell or take profits.

[Miz4r]

Fiat is pouring out from Gox's order book. Bears are better equipped for the next assault to $125.

It's crucial for the bulls to win that battle. If they win it for the second time the battlefield will be full of bear corpses, and they won't dare to try to take that spot again.

If they make it fall... Well, we will see much cheaper coins (below $120), and a mid term downtrend would be expected.

I disagree, $125 is not important, $120 has much stronger support and is the real line bulls have to defend. And even if it breaks I don't expect a mid term downtrend to form, just a retreat to former stable values in the 105-120 range.

[ChartBuddy]

[rezurect]

Knocking lightly at the doors of 130,

[wonkytonky]

is it just me or is this the same pattern , only a bit smaller in volume

[Rampion]

Fiat is pouring out from Gox's order book. Bears are better equipped for the next assault to $125.

It's crucial for the bulls to win that battle. If they win it for the second time the battlefield will be full of bear corpses, and they won't dare to try to take that spot again.

If they make it fall... Well, we will see much cheaper coins (below $120), and a mid term downtrend would be expected.

I disagree, $125 is not important, $120 has much stronger support and is the real line bulls have to defend. And even if it breaks I don't expect a mid term downtrend to form, just a retreat to former stable values in the 105-120 range.

Many traders will just sell and prepare for bears ruling if $125 is broken because that would mean that the trendline that was drew from the $79 and $103 lows is gone (30 days chart).

I agree that breaking $120 would be VERY BAD for bulls, while a breaking $125 could be reversed with enough faith... Anyhow, if $125 is broken is more likely that $120 will be broken too, triggering a bear market before testing the real tipping point, which is $166.43.

[IG0BR0KE]

http://107.imagebam.com/download/P_xkJVTIRbv1uECC8qjBfg/25682/256818301/shizl.jpg

is it just me or is this the same pattern , only a bit smaller in volume

the only difference is we know what happened in the first square (dwolla thing) but I do not have any idea of what started the second fall.

[Jozzaboy]

This may be due to OKpay no longer working with Bitcoin exchanges. Weak hands will sell and buy later at a loss, the rest will have a final opportunity to get very cheap coins.

[IG0BR0KE]

This may be due to OKpay no longer working with Bitcoin exchanges. Weak hands will sell and buy later at a loss, the rest will have a final opportunity to get very cheap coins.

Is paypal cleaning the place before jumping into bitcoin business?? or just govt trying to kill bitcoin..

[ChartBuddy]

[Miz4r]

Many traders will just sell and prepare for bears ruling if $125 is broken because that would mean that the trendline that was drew from the $79 and $103 lows is gone (30 days chart).

I agree that breaking $120 would be VERY BAD for bulls, while a breaking $125 could be reversed with enough faith... Anyhow, if $125 is broken is more likely that $120 will be broken too, triggering a bear market before testing the real tipping point, which is $166.43.

Well to me it looks like the same Walzilla who pushed the price into the 120s was behind this move to push the price down. So far he hasn't succeeded, but if he does he will have more coins and more power to manipulate us in a similar way next time. So let's pray he won't succeed, not because we're bulls but because this would be bad for bitcoin and a win for the manipulators.

[fitty]

Fiat is pouring out from Gox's order book. Bears are better equipped for the next assault to $125.

It's crucial for the bulls to win that battle. If they win it for the second time the battlefield will be full of bear corpses, and they won't dare to try to take that spot again.

If they make it fall... Well, we will see much cheaper coins (below $120), and a mid term downtrend would be expected.

I disagree, $125 is not important, $120 has much stronger support and is the real line bulls have to defend. And even if it breaks I don't expect a mid term downtrend to form, just a retreat to former stable values in the 105-120 range.

Have to defend? Or just let it fall through $120 and get cheaper coins?

No one should be propping up the price because they consider themself a bull. If we start sliding down to $120, pull your bids. Buy at $100-$115. You now have more coins and in a week no one remembers that we lost "$120 support". The bulls vs bears is a cute storyline we use to pass time. There's only one thing that matters and that's making money. When BTC is sliding, pull your bids. It's okay, you won't cause irrevocable damage to the market/exchange/bitcoin. Wait for it to bottom out and buy back in. We've lost a "support level/line" at every dollar from $1 to $200. Do you remember when we lost $150? Do you remember when we lost $90? Do you remember when we lost $2? Of course not, it doesn't matter (I do however remember losing $2 - lol).

People will say that by doing that, you increase volitilty, hurting the percption of BTC and costing yourself money in the long run. On the other hand by making "$120 support" a big deal, it becomes a big deal if it goes below. Suddenly that MEANS something. Falling to $118 instead of stopping at $120 won't forever haunt Bitcoin. The "major battle at $120" will be forgotten as soon as someone posts a funny gif.

Bitcoin isn't fragile. Investors psyche? Maybe. But that's why we should stop with the overdramatization of fairly minor market swings. Instead of being at $133 we're at $128 because someone dumped a bunch of BTC in a short span. I missed the part where I should suddenly reexamine the fundamental value of Bitcoins. I missed the part where the future of Bitcoin is going to be decided today on MtGox. It's suddenly do or die?

Buy Bitcoins at the lowest price you can get. Don't support a price point. There is no war. It's a very normal market, doing what markets do, any panic tied to $125 or $120 is something you're creating yourself, it's not real.

[ShroomsKit]

Many traders will just sell and prepare for bears ruling if $125 is broken because that would mean that the trendline that was drew from the $79 and $103 lows is gone (30 days chart).

I agree that breaking $120 would be VERY BAD for bulls, while a breaking $125 could be reversed with enough faith... Anyhow, if $125 is broken is more likely that $120 will be broken too, triggering a bear market before testing the real tipping point, which is $166.43.

Well to me it looks like the same Walzilla who pushed the price into the 120s was behind this move to push the price down. So far he hasn't succeeded, but if he does he will have more coins and more power to manipulate us in a similar way next time. So let's pray he won't succeed, not because we're bulls but because this would be bad for bitcoin and a win for the manipulators.

People here don't care about what's good or bad for Bitcoin. They just want cheap coins and don't care if it dies in the process.
If it ever reaches 1000 dollars they will still hope it crashes to 70 so they can buy cheap coins.
They will cry of happiness.

[dexX7]

Bitstamp:



At least the OKPay thing is a smooth transition. Was Mt.Gox's announcement the first time, this news went public?

For the reference: https://mtgox.com/pdf/20130528_okpay_statement.pdf

Edit: https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html, 5/27/2013

My question is: was the dip yesterday before the news?

[BitPirate]

Bitstamp:



At least the OKPay thing is a smooth transition. Was Mt.Gox's announcement the first time, this news went public?

For the reference: https://mtgox.com/pdf/20130528_okpay_statement.pdf

Edit: https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html, 5/27/2013

My question is: was the dip yesterday before the news?

I believe "OKPay suspending Bitcoin processing" and "OKPay not sending fiat to/from exchanges" is two different things. The former doesn't matter a whit to MtGox -- if you have Bitcoin, you can deposit it directly at Gox, no need to use OKPay.


I'm still trying to figure out MtGox's rather ambiguous wording on the matter, as they refer to OKPay suspending "all Bitcoin processing", but it's not clear what they mean.

[ChartBuddy]

[wonkytonky]

Bitstamp:



At least the OKPay thing is a smooth transition. Was Mt.Gox's announcement the first time, this news went public?

For the reference: https://mtgox.com/pdf/20130528_okpay_statement.pdf

Edit: https://www.okpay.com/en/company/news/bitcoin-okpay-terms-of-use.html, 5/27/2013

My question is: was the dip yesterday before the news?

I believe "OKPay suspending Bitcoin processing" and "OKPay not sending fiat to/from exchanges" is two different things. The former doesn't matter a whit to MtGox -- if you have Bitcoin, you can deposit it directly at Gox, no need to use OKPay.


I'm still trying to figure out MtGox's rather ambiguous wording on the matter, as they refer to OKPay suspending "all Bitcoin processing", but it's not clear what they mean.

maybe mtgox is just lying. to avoid people to switch exchange..    that use okpay .   we will know in a few weeks i guess.

edit : https://www.okpay.com/en/company/news/bitcoin-okpay.html
not sure how old or new this is . but okpay seems the one that wants to be an exchange itself     anyone know something more?

edit2: oh i was missing your point totaly.    i agree .. it's confusing

[icekiss]

Ha! Sold my bitcoins at 126.99 (bitstamp). Now I just mustn't miss the dip... 

[Miz4r]

Ha! Sold my bitcoins at 126.99 (bitstamp). Now I just mustn't miss the dip... 

America is waking up soon and their holiday is over... I wouldn't bet on it dipping down again, but who knows.