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

[MAbtc]

And i for sure won't love to see the whole Bitcoin economy going down to 50 just to buy a few cheaper coins. Unlike many people here. I think it's ridiculous and rude to think that way. Pure greed.

The economy? It barely exists. I for sure won't love to see bitcoin continue to trade as significantly overvalued based almost purely on speculation hype. And how do you expect self-interested parties to work within markets? I don't cater to absurd pie-in-the-sky notions of bitcoin becoming the world reserve currency and saving the world from itself... so yeah, I want the market to act in the interest of my holdings. That's completely reasonable.

Right now, the downtrend has stopped, and not sure if it will proceed or reverse so I don't have any positions ATM.

If/when this wedge breaks, I think we see continuation. The rise from 88 on this volume does not give me hope for a bull market.

[ChartBuddy]

[Its About Sharing]

You guys really have to check this twitter feed from Sir-Bits-A-Lot. https://twitter.com/SirBitsALot

He has some great commentary on price manipulation and a video as well. Really really interesting. He is a bull long term but mid to short term (6-12 months) he is a bear.

Video linked here:http://sirbitsalot.wordpress.com/2013/06/11/bitcoin-price-manipulation/

[solex]

So what is bitcoin supposed to do? drop to 1/16th? (uhh... no arrogance inteded    )
I don't hink we will repeat the 2011 the game has somewhat changed.

Indeed. The 3-year logarithmic trend shows the $12-13 base in Dec-12/Jan-13 to be severely undervalued. $30-$40 was on-trend for that time. So the dip to $50 in April was still on-trend. IMHO seeing $50 again is possible, but anyone wanting to buy again at $30 is dreaming.

[phoenix1]

You didn't hear me say 1 was enough
just that if you hold 1 now your not late.
most of us stared with a few coins...

True, but it has been said many times here
Sorry you can't buy your Lambo tomorrow  

[Richy_T]

But fellas like you with deep pockets it's a different story. During a crash you might be able to match the initial investment to bring the average cost of BTC so low that you are then almost at break-even.

If my pockets are deep it's only because my pants are so old I wore out the bottom of the pockets.


(That's my story and I'm sticking to it)

[10c]

we all want cheap coins to profit from them. even the most bullish

except the buy-and-holders.

Nah, I'd still buy some cheap coins.

Dollar cost averaging.

But I'm sure there are people out there that put most of their investment money into BTC at a high price and are still holding. When price plummets, they can purchase more, but their average cost per BTC is still going to be high.

But fellas like you with deep pockets it's a different story. During a crash you might be able to match the initial investment to bring the average cost of BTC so low that you are then almost at break-even.

I don't have deep pocket's but the averaging thing doesn't hold up for all of us.
I'm a relatively newcomer and am trying to make a living on BTC without daytrading.
This is harder then it sounds.
 

[byronbb]

point being a lot bulls want to buy, but the prospect of really cheap coins tomorrow compared to today keeps even them waiting

Hahaha ohhhh such gold.

[ElectricMucus]

we all want cheap coins to profit from them. even the most bullish

except the buy-and-holders.

Nah, I'd still buy some cheap coins.

Dollar cost averaging.

But I'm sure there are people out there that put most of their investment money into BTC at a high price and are still holding. When price plummets, they can purchase more, but their average cost per BTC is still going to be high.

But fellas like you with deep pockets it's a different story. During a crash you might be able to match the initial investment to bring the average cost of BTC so low that you are then almost at break-even.

I don't have deep pocket's but the averaging thing doesn't hold up for all of us.
I'm a relatively newcomer and am trying to make a living on BTC without daytrading.
This is harder then it sounds.
 

I'd say it's unrealistic to expect succeeding in such an effort unless you have masters in math/computer science and/or finance. And in that case you probably won't need bitcoin to make a decent living...

[10c]

You didn't hear me say 1 was enough
just that if you hold 1 now your not late.
most of us stared with a few coins...

True, but it has been said many times here
Sorry you can't buy your Lambo tomorrow  

No probs, I will buy it anyway within 5 years with or without bitcoin

[phoenix1]

You didn't hear me say 1 was enough
just that if you hold 1 now your not late.
most of us stared with a few coins...

True, but it has been said many times here
Sorry you can't buy your Lambo tomorrow  

No probs, I will buy it anyway within 5 years with or without bitcoin

When you get it, make sure you take it to some tracks, with tuition, and get full use of it. Saved my life - not in a Lambo, but in a seriously powerful car. A lot of fun too. I have hammered fast cars round various tracks in the UK and it's where they belong. The rest is mostly posing  

[10c]

we all want cheap coins to profit from them. even the most bullish

except the buy-and-holders.

Nah, I'd still buy some cheap coins.

Dollar cost averaging.

But I'm sure there are people out there that put most of their investment money into BTC at a high price and are still holding. When price plummets, they can purchase more, but their average cost per BTC is still going to be high.

But fellas like you with deep pockets it's a different story. During a crash you might be able to match the initial investment to bring the average cost of BTC so low that you are then almost at break-even.

I don't have deep pocket's but the averaging thing doesn't hold up for all of us.
I'm a relatively newcomer and am trying to make a living on BTC without daytrading.
This is harder then it sounds.
 

I'd say it's unrealistic to expect succeeding in such an effort unless you have masters in math/computer science and/or finance. And in that case you probably won't need bitcoin to make a decent living...

true, I have bachelors in business IT.
Up until recently I had a good paying job, but quit it when I became a father recently because of the insane amount of hours I worked.
Now I have a couple of small companies that deal with divers aspects of it. For the moment I manage living on BTC. building BTC infra for small businesses and the ocasional freelance projects in fiat

[Rampion]

You guys really have to check this twitter feed from Sir-Bits-A-Lot. https://twitter.com/SirBitsALot

He has some great commentary on price manipulation and a video as well. Really really interesting. He is a bull long term but mid to short term (6-12 months) he is a bear.

Video linked here:http://sirbitsalot.wordpress.com/2013/06/11/bitcoin-price-manipulation/

Fun to read but I don't see that much manipulation these days. Price climbing on low volume, not so strange considering we went from $14 to $266 in the first 4 months of 2013, and then we crashed to $50 in a few days. Is expected. There are no wall-games as during the high volatility periods, only small-time trading.

[Rampion]

So what is bitcoin supposed to do? drop to 1/16th? (uhh... no arrogance inteded    )
I don't hink we will repeat the 2011 the game has somewhat changed.

Indeed. The 3-year logarithmic trend shows the $12-13 base in Dec-12/Jan-13 to be severely undervalued. $30-$40 was on-trend for that time. So the dip to $50 in April was still on-trend. IMHO seeing $50 again is possible, but anyone wanting to buy again at $30 is dreaming.

I've no idea how low it will go and don't care to guess ... one day at a time.
For now, all I know is that I have 2.5 * the fiat I was going to put into BTC 6 weeks ago, the price is lower, and I don't like the feel of the market right now. It does not seem like a good time to buy. So I will keep doing what I am doing so long as it is profitable.
Seems like a perfectly rational strategy to me.

Kinda lucky to have witnessed BTC in all itself potential while also having the opportunity to buy very cheap while a bubble deflates, right?

[10c]

You didn't hear me say 1 was enough
just that if you hold 1 now your not late.
most of us stared with a few coins...

True, but it has been said many times here
Sorry you can't buy your Lambo tomorrow  

No probs, I will buy it anyway within 5 years with or without bitcoin

When you get it, make sure you take it to some tracks, with tuition, and get full use of it. Saved my life - not in a Lambo, but in a seriously powerful car. A lot of fun too. I have hammered fast cars round various tracks in the UK and it's where they belong. The rest is mostly posing  

Of course. Where is the fun in having a fast car without abusing it.
When my father was still alive I took his countach for a spin on the track, that was nice. fun part is he actually broke a camshaft just cruising it around town. For now my bitcoin payed GSX-R satisfies my need for speed.

[10c]

So we all agree 50 is a bargain/on track for now?
I too don't believe we will be seeing 30

[adamstgBit]

So we all agree 50 is a bargain/on track for now?
I too don't believe we will be seeing 30

I think you bearish bulls would be lucky to see 99$

[10c]

So we all agree 50 is a bargain/on track for now?
I too don't believe we will be seeing 30

I think you bearish bulls would be lucky to see 99$

Funny how perma bulls turn bear isn't it?
Do you have any interesting theory as to why we won't go below that?
Some nice TA or other stuff?
Even though I don't always agree with it I like to learn from you guys and find it interesting.
I also don't quite understand how conventional TA is applied to BTC.
Mainly because this is a relatively new market and most people factor out the continuously changing parameters and circumstances which you don't have in 'old' markets.
 

[Pale Phoenix]

No probs, I will buy it anyway within 5 years with or without bitcoin

You're still pretty young I think, and since aren't asking for advice... I'm going to give it to you anyway. :-)

Take it from someone a little older, cars and fast living won't make you nearly as happy as building up your capital so that you never have to take shit from a boss or a client again. I chased that fast life in LA for years and thought all the toys made the bullshit worth it, but man, when you have freedom, real freedom, to do what you want, when you want... you'll wonder why you ever parted with a penny that didn't have a return attached to it.

If fast cars are your thing, buy one after you build enough capital to never have to work again.

[rdsc]

My deeply considered TA

http://s12.postimg.org/kw6jzjbzx/Bear_Pushing.jpg