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

[Its About Sharing]

Market Depth at Gox got quite a bit better since things started going down today, though we all know how manipulated that can be.

The hammer looks pretty solid, people are wanting to make $100 support. I think it makes handling Micro BTC transactions soooo much easier. 

[wonkytonky]

0.5k sell already dont know to dup other 4.5k instatly or in small packages.

well .. the price seems pretty good right now

[samson]

Market Depth at Gox got quite a bit better since things started going down today, though we all know how manipulated that can be.

The hammer looks pretty solid, people are wanting to make $100 support. I think it makes handling Micro BTC transactions soooo much easier. 

Well I'm not buying any, good luck with that

[Its About Sharing]

Sold some at 98ish, sold some at the bottomish around $90 (as usual).

IMO the case for the "correction" is officially debunked, we are officially in the bubble deflation process, thus I expect it to go lower. Testing $80, and if it falls, testing $50. I'll load the truck at that point.

I would love for it to be fast, as we could enter a mid term growth phase quicker, but I'm afraid it will be long process. I expect plenty of traps and mini sucker rallies, as usual during bubbles deflation.

Agreed. Once we broke the trend of higher lows since the crash I sold 30% of my holdings at $104. I think we'll stay in this bear market for 1-2 more months until we bottom out, after which we can gradually start the road to recovery. I don't think we'll go as low as some of the bears are saying, I see 60-70 as a reasonable bottom right now, with 50 being the absolute lowest we could go without any kind of devastating news. I will probably play it safe and buy back in at ~70 myself. I don't think this is bad for bitcoin at all, the people who took out loans and invested way more than they could handle need to be burned hard and flushed out of the system. My average entry point was at $170 before the 10th of April, I managed to lower that to ~$105 through smart buying during the crash and I plan to keep doing this all the way to the bottom of the bubble.

I can't argue much with you and Rampion. I'm glad that low volume sideways action finally broke in some direction! We got a nice hammer today (hopefully it holds), so I don't think we shoot down from here. Think a bit of a bounce and/or sideways action is in the future. Depending on the volume and how things look with buyers, I might sell some of mine and hope to buy in later. Really depends on how things look. Regardless, I'm buying more later! ehehe

I do see 50 ish as an absolute bottom, barring extreme news. Thus far bottoms have come with huge volume, so if you play that sign, it has been reliable. I bought some on the downward movement on May 3rd. Once we bounced off the bottom on high volume I caught it before the we reached the open price. I felt proud (not so much now.) I was VERY close to selling some at $130, but decided to stay the course. We'll see....
edit - Just noticed we are sitting almost on that same May 3rd level... Nice double bottom hammers (if there is such a thing).

[Its About Sharing]

Market Depth at Gox got quite a bit better since things started going down today, though we all know how manipulated that can be.

The hammer looks pretty solid, people are wanting to make $100 support. I think it makes handling Micro BTC transactions soooo much easier. 

Well I'm not buying any, good luck with that

Look at my above post. I was NOT saying to buy.

[wachtwoord]

Damn, why can't it stay sub-$100 until Monday.

[niothor]

Sold some at 98ish, sold some at the bottomish around $90 (as usual).

IMO the case for the "correction" is officially debunked, we are officially in the bubble deflation process, thus I expect it to go lower. Testing $80, and if it falls, testing $50. I'll load the truck at that point.

I would love for it to be fast, as we could enter a mid term growth phase quicker, but I'm afraid it will be long process. I expect plenty of traps and mini sucker rallies, as usual during bubbles deflation.

Edit: it hurts to sell coins, those paper wallets really looked at me with sad eyes, but at the end of the day the purpose is for them to be replenished ASAP with more coins they holded now.

I'm now a lonely bear with only 20% of the BTC holdings I had a couple of weeks ago, at least I can comfort myself thinking that I'm still a supernode, of the lowest grade, but still a supernode at the end of the day 

How does it feel?

[wachtwoord]

Sold some at 98ish, sold some at the bottomish around $90 (as usual).

IMO the case for the "correction" is officially debunked, we are officially in the bubble deflation process, thus I expect it to go lower. Testing $80, and if it falls, testing $50. I'll load the truck at that point.

I would love for it to be fast, as we could enter a mid term growth phase quicker, but I'm afraid it will be long process. I expect plenty of traps and mini sucker rallies, as usual during bubbles deflation.

Edit: it hurts to sell coins, those paper wallets really looked at me with sad eyes, but at the end of the day the purpose is for them to be replenished ASAP with more coins they holded now.

I'm now a lonely bear with only 20% of the BTC holdings I had a couple of weeks ago, at least I can comfort myself thinking that I'm still a supernode, of the lowest grade, but still a supernode at the end of the day 

How does it feel?

What supernode types were there again?

[Miz4r]

Bottom will be touched when people stop talking about "cheap coins" and talk about "dead coins" instead.

Somewhere between $9 and $49 I think...

Won't happen. We've been there and done that before, and survived. Back in 2011 there was no precedent and bitcoin's future was very uncertain, now there's a lot more going on and the 2011 survivors know that bitcoin won't just die because of a bubble collapse. I won't say it's impossible it would go as low as $9-$49, but it certainly won't be the death of bitcoin.

[hlynur]

....

I would like to hear you undermine this claim of mine:

The only reason why somebody would go and exchange fiat for bitcoin right now (not counting speculation, store of value) is to spend it on Silkroad. Nobody in right mind would go and exchange it to btc only to buy something they could have bought instantly with traditional methods. And the only thing that they can't, are silkroad goods. YES if you already have bitcoins then you might use them on other stuff, if you mine, you will use them. But this is minority of people. I'm talking about general public.

you're still throwing in that stuff you said some days ago?
last time I ranted and was drunk but now I'm sober and have to comment again:
we are at the transmission of an economy that grew by mining investment/ usement for illegal services to enter new markets.
massadoption will grow when btc is used more and more for web-based services (as mentioned before e.g. payment of digital media, cloud space, websites etc.)
this takes some time to get going and isn't represented by present price changes of btc.
at some certain point companies can't ignore the purchasing power behind btc.
(imo silkroad argumentation is even kind of bullish. Drug business is a huge market with lots of cash,
sr represents an unimportantly small market share atm. Imagine more mass adaption only in that sector combined with possibly ensuing prohibition of btc in several countries and we go to the moon.
although this would mean a role as blackmarket currency for very long time)

if you talk about future mass adoption think about your current role transferred to millions of people.
if you've invested in gold would you complain about not being able to buy a smartphone with your nuggets and wonder why some big guys can manipulate the price???
support vendors that use btc (even small amounts have an kickstarter-like effect) and you will help the market around it to grow (and with that your investment in the first place)

btc can be both commodity and currency at the same time and the scales are unbalanced because of the lack of payment usage. (it's apparent which usage brings stability combined with steady growth)
swarm intelligence will naturally take some years of bubbles and crashes until it actually figures out its full purpose and potential for the virtual ecosystem.
(the main purposes of internet weren't figured out in its early years either, so let's see how things evolve)

i think i need a beer
byebye double digits (at least for some sips)

[gandhibt]

I respect some posters here and was thinking of selling a bit, but luckily I didn't. Now that it broke $100 it's wiser to wait I think. Order book volume can change fast if whales start to buy and they are maybe just waiting that asks grow little more.

[TheKoziTwo]

Sold some at 98ish, sold some at the bottomish around $90 (as usual).

IMO the case for the "correction" is officially debunked, we are officially in the bubble deflation process, thus I expect it to go lower. Testing $80, and if it falls, testing $50. I'll load the truck at that point.

I would love for it to be fast, as we could enter a mid term growth phase quicker, but I'm afraid it will be long process. I expect plenty of traps and mini sucker rallies, as usual during bubbles deflation.

Edit: it hurts to sell coins, those paper wallets really looked at me with sad eyes, but at the end of the day the purpose is for them to be replenished ASAP with more coins they holded now.

I'm now a lonely bear with only 20% of the BTC holdings I had a couple of weeks ago, at least I can comfort myself thinking that I'm still a supernode, of the lowest grade, but still a supernode at the end of the day 

How does it feel?

What supernode types were there again?

0.0th class supernode = BTC1M
0.5th class supernode = BTC100,000
1.0st class supernode = BTC10,000
1.5th class supernode = BTC3,000
2.0nd class supernode = BTC1,000
2.5th class supernode = BTC300
3.0th class supernode = BTC100

$102!! And rising! You guys getting ready for the supernode lifestyle ? 

[adamstgBit]

 

[Ivanhoe]

300k here we come!

[Miz4r]

It does feel nice to see a little bit of a rally again after all these constant sell off after sell off. Even if it's just a sucker's rally.

[TheKoziTwo]

300k here we come!

[ElectricMucus]

[Le Happy Merchant]

this made me laugh way harder than it should have

[adamstgBit]

lol

[adamstgBit]

its 100$ over at cavirtex, looks good, very tempting  

placing some double digit  bids now
try it its fun!