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

[krudkeeper]

I have had a busy weekend away from the computer and am now wondering what caused the price decline. Can anyone get me up-to-speed on the current situation/cause of price decline? Thanks.

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[samson]

I have had a busy weekend away from the computer and am now wondering what caused the price decline. Can anyone get me up-to-speed on the current situation/cause of price decline? Thanks.

Someone sold some Bitcoin into the bids which moved the price down.

Nobody purchased many Bitcoin directly off the asks which meant the price didn't rise much.

This happened more than once and I suspect it will happen again.

Edit : A lot of people appear to agree with this as there's a load of orders for cheaper Bitcoins sitting between $105 and $106 - these are the people who will be scrambling to sell when $100 breaks as the price continues downwards.

[michaelGedi]

seems a spike in trading activity (recently dictated by "mr manipulator") triggers conversation in the thread... gifs, wall pics, discussion on the motivation of the "whale's" intentions.... and then some train of thought seems to always stream into an off topic, general bitcoin debate. It's quite interesting some of the time, but sometimes quite infuriating to read through all the bitchy posts.

I miss Doug Tanner's on point wall pic posts and short term triangles... I guess when the major volatility stopped his bots stopped making as much profit and bitcoin trading became less interesting.

Are you talking about me, you cunt?!?!

I'll scratch your eyeballs out!

wow, for a split second I didn't see the humour in your post and was ready to put my firewall up!

[Rampion]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

Second. I refuse to undestand how some of you can preach is a store of value when you expect it's value to halve in one- two weeks time.

Because "store of value" doesn't mean "get rich quick". Two weeks, three months mean nothing in the grand scheme of things. Just think that 1btc was worth $0.079 in may 2010, $2 in November 2011 and $10ish in 2012.

If we close 2013 at $40ish, BTC will have worked as an excellent store of value for me. It's the best I know. If you don't see it, then you are just short sighted. Maybe you wish to buy today at $100 and sell at $200 in one months. Well, wake up. That's not how it works. Stores of value are for the long term, especially if they are commodity like and thus prone to volatility and manipulation.

Just zoom out and look at the big picture, guys. Really why are you interested in BTC? For the quick easy buck?

[sarc]

I have had a busy weekend away from the computer and am now wondering what caused the price decline. Can anyone get me up-to-speed on the current situation/cause of price decline? Thanks.

Someone sold some Bitcoin into the bids which moved the price down.

Nobody purchased many Bitcoin directly off the asks which meant the price didn't rise much.

This happened more than once and I suspect it will happen again.

Edit : A lot of people appear to agree with this as there's a load of orders for cheaper Bitcoins sitting between $105 and $106

did someone just suck all the moisture out of the room?

[oda.krell]

I have had a busy weekend away from the computer and am now wondering what caused the price decline. Can anyone get me up-to-speed on the current situation/cause of price decline? Thanks.

hehehe, I asked a similar question a week ago and was told I'm a lazy bastard.

I'll try to answer it:

as far as I can see, there was not a single determining cause that intitiated the current slide down. I think it was influence to some degree by the huge sell of on June 2nd. Since then, nothing come close in volume.

I noticed that the night before the down trend really began, short money flow metrics started looking bad, so I don't think it was the action of one manipulator that led to the trend but rather the market sentiment that [speculation]"We're not going anywhere, and the only big movements are sales"[/speculation], which can only be sustained for so long before people start selling.

[krudkeeper]

I have had a busy weekend away from the computer and am now wondering what caused the price decline. Can anyone get me up-to-speed on the current situation/cause of price decline? Thanks.

Someone sold some Bitcoin into the bids which moved the price down.

Nobody purchased many Bitcoin directly off the asks which meant the price didn't rise much.

This happened more than once and I suspect it will happen again.

Thanks. Sometimes negative news/events can trigger a sell-off. Just making sure I haven't missed anything. I love volatility as a trader and would love to see it consistantly ping-pong between $80 and $200. Thanks for the update.

[Rampion]

People who went "all in" at 50 do care.

I'm all in and I don't give a shit. I will fall and raise with BTC 

Ideology is clouding your judgment.  Selling high and buying more of what you believe in lower, is a smarter move.

In fairness, I believe he sold 20% off as he saw this down move coming...

In fact I sold 20% + 15%, plus some play money. And I don't sell more because my average entry point is well below $30, I cannot predict the future and even if I see a down coming I won't gamble my full stash because it's very safe in my paper wallets. I'm in this for the long term.

[Rampion]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

Second. I refuse to undestand how some of you can preach is a store of value when you expect it's value to halve in one- two weeks time.

Dude... it has only been above 30 for three months now.  Unless you bought in the middle of a hype cycle you have at least tripled your money at these prices.  However, I'm guessing based on your posts that you in fact did buy during the hype cycle.  Don't worry... in 6 months to a year we'll have another one.  Zoom the fuck out and relax.

THIS

[ChartBuddy]

[Rampion]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

It's because it's total nonsense based on nothing.

Because we had a speculative bubble which made the price go x20 in 3 months. And speculative bubbles need to fully deflate before a sustainable growth trend is resumed.

Jeeez, guys, we where buying BTC at $14 in January. Chill out and let the motherfucker correct before it goes up again.

[phoenix1]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

It's because it's total nonsense based on nothing.

Because we had a speculative bubble which made the price go x20 in 3 months. And speculative bubbles need to fully deflate before a sustainable growth trend is resumed.

Jeeez, guys, we where buying BTC at $14 in January. Chill out and let the motherfucker correct before it goes up again.

Well said ... except the buying at $14 bit ... wasn't around for that unfortunately 

[ShroomsKit]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

Second. I refuse to undestand how some of you can preach is a store of value when you expect it's value to halve in one- two weeks time.

Because "store of value" doesn't mean "get rich quick". Two weeks, three months mean nothing in the grand scheme of things. Just think that 1btc was worth $0.079 in may 2010, $2 in November 2011 and $10ish in 2012.

If we close 2013 at $40ish, BTC will have worked as an excellent store of value for me. It's the best I know. If you don't see it, then you are just short sighted. Maybe you wish to buy today at $100 and sell at $200 in one months. Well, wake up. That's not how it works. Stores of value are for the long term, especially if they are commodity like and thus prone to volatility and manipulation.

Just zoom out and look at the big picture, guys. Really why are you interested in BTC? For the quick easy buck?

Ah, now i finally understand your attitude. It's all about you. Just because you bought quite cheap everybody who didn't still has to understand how it's amazingly good it is if Bitcoin ends this year at 40 bucks. And if we don't see it we are short sighted.

[Rampion]

Ok , I won't get it and I refuse to undestrand why bitcoin price has to go down in order to bounce back to 110+.

It's because it's total nonsense based on nothing.

Because we had a speculative bubble which made the price go x20 in 3 months. And speculative bubbles need to fully deflate before a sustainable growth trend is resumed.

Jeeez, guys, we where buying BTC at $14 in January. Chill out and let the motherfucker correct before it goes up again.

Well said ... except the buying at $14 bit ... wasn't around for that unfortunately  

That's the problem of all those crying about the price going down, because it "hurts the coin". Come on... It's so obvious they bought during or just after the hype cycle, and they are scared and butthurt.

Price goes up, prices goes down. Been like that since this baby was born in 2009. But, in the big picture, price is way UP. Even if it takes 2 more years to break $266, it will happen. Just chill and relax. If you bought during the bubble, bad luck, you should have known better, just don't make the same mistake made by those who bought during the 2011 bubble and cashed out for good at a loss because they were bitter and butthurt.

Bitcoin won't let you down, just use your brains and don't be a pussy. This baby needs to grow, and this game is played in the long term.

[rdsc]

Just zoom out and look at the big picture, guys. Really why are you interested in BTC? For the quick easy buck?

No, but we are in for the buck and that's got a lot more problematic from when you committed to BTC.  So what are newbies to do?

I believe in BTC in the same way I believe in IP4 - the internet learned how to do "money" - big news, and I'm late to the game.  Since only a lunatic would bet against the internet I'd like to put my money where my tech is, but just at the moment it's a suckers market - so beyond all the bulls and bears nonsense - how do we proceed?

I've clocked your buying advice and I'm following Goomboo and Slipperyslope because I'd like to be part of this without getting butt-fucked - but Bitcoin's got an insurmountable problem as a "freedom" protocol if the price for entry is pwnage.

[sarc]

[ShroomsKit]

That's the problem of all those crying about the price going down, because it "hurts the coin". Come on... It's so obvious they bought during or just after the hype cycle, and they are scared and butthurt.

Or maybe they just have a sense of reality.
I bought before the hype. It has to drop A LOT before i start losing money. I just have enough common sense to realize another drop below 100 *might* be very bad. I'm pretty sure many people will agree with me.

[Richy_T]

Speculators and traders thrive on volatility. Volatility is not good for bitcoin. Lack of volatility causes speculators to exit. Speculators exiting causes price to drop. Could be a good sign for the long-term health of bitcoin (I won't say "bullish").

Bitcoin needs to build fundamentals. That is what will drive its success.

[ChartBuddy]

[marvinrouge]

Speculators and traders thrive on volatility. Volatility is not good for bitcoin. Lack of volatility causes speculators to exit. Speculators exiting causes price to drop. Could be a good sign for the long-term health of bitcoin (I won't say "bullish").

Bitcoin needs to build fundamentals. That is what will drive its success.

-> Lack of volatility
-> Speculators exit
-> Price drop
-> Noobs AND speculators buy
-> Price rise
-> Speculators sell
-> Price drop
-> etc