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

[Frozenlock]

27k BTC over at bitstamp, higher than the 21k I've seen the highest so far.

Coins are coming out of the woodwork.

"Extremely limited supply" they said. 

[1714680741]

1714680741

[1714680741]

1714680741

[1714680741]

1714680741

[N12]

27k BTC over at bitstamp, higher than the 21k I've seen the highest so far.

Coins are coming out of the woodwork.

"Extremely limited supply" they said. 

Cash is king. Sell in May and go away.

[Spaceman_Spiff]

27k BTC over at bitstamp, higher than the 21k I've seen the highest so far.

Coins are coming out of the woodwork.

"Extremely limited supply" they said. 

I would say the supply is pretty well-known, around 11M at the moment .

[Dalib]

I think the down move is excellerating....
It is called... THE QUICKENING!  

I also definitely agree that the fall is still faster....



We fell below the red line, then we fell between blue and now it's even faster (orange ellipse)

About the bottom. I think that the bottom will look long (weeks or months). I think that the bottom will look long (weeks or months).

But I hope that around 55 to 30, will either bounce (as the 9th June and May 3), or fall slower.

About 50 area support is heavy, a lot of people waiting for this price and I think it will be a long-term profitable price. The bottom but may be below $ 50.

[ChartBuddy]

[Its About Sharing]

Notice the below chart.  We are pretty much sitting on "support" from April 16 and 17th. HUGE volume days.
I do give where we are a lot of consideration. But I would prefer to buy at 6 - 8 (edit - after looking at the chart I'd say around 17) dollars below where we are at (or more) ($50 is) and thinking we bounce up to form a hammer.

I'm thinking out loud so please don't take this as advice. Rather looking for comments.

I think it is too chancy to buy at the bottom of a red candle with essentially no wick (and on a Friday - weekends can be bad).

[Its About Sharing]

I think the down move is excellerating....
It is called... THE QUICKENING!  

I also definitely agree that the fall is still faster....

We fell below the red line, then we fell between blue and now it's even faster (orange ellipse)

About the bottom. I think that the bottom will look long (weeks or months). I think that the bottom will look long (weeks or months).

But I hope that around 55 to 30, will either bounce (as the 9th June and May 3), or fall slower.

About 50 area support is heavy, a lot of people waiting for this price and I think it will be a long-term profitable price. The bottom but may be below $ 50.

I am thinking that 50 is not going to hold as a bottom (but might be a bounce point. It is just too psychological of a number). We have to see how the volume plays out though. That is probably key imo.

[gandhibt]

27k BTC over at bitstamp, higher than the 21k I've seen the highest so far.

What's most fundamentally significant is of course that as I and many other non-tinfoils suspected, MtGox is just fine and withdrawals are re-enabled, meaning that The Great Dollar Extraction can freely play out now.

You think this is panic? We've seen nothing yet.

[ElectricMucus]

I'm thinking out loud so please don't take this as advice. Rather looking for comments.

You'll get my usual response for this kind of TA:

Candlestick bodies aren't suitable to derive support/resistance or derive trendlines from since they can be viewed as arbitrary in a continuously traded market like Bitcoin.
The bodies only have meaning in relationship to directly adjacent ones in the form of candlestick patterns.

What you can do instead is to find the largest volume around the target and use the that.

[Dalib]

I think the down move is excellerating....
It is called... THE QUICKENING!  

I also definitely agree that the fall is still faster....

We fell below the red line, then we fell between blue and now it's even faster (orange ellipse)

About the bottom. I think that the bottom will look long (weeks or months). I think that the bottom will look long (weeks or months).

But I hope that around 55 to 30, will either bounce (as the 9th June and May 3), or fall slower.

About 50 area support is heavy, a lot of people waiting for this price and I think it will be a long-term profitable price. The bottom but may be below $ 50.

I am thinking that 50 is not going to hold as a bottom (but might be a bounce point. It is just too psychological of a number). We have to see how the volume plays out though. That is probably key imo.

I hope so. It could be something like $ 6 7 USD in Aug 2011 at least.

[Its About Sharing]

I'm thinking out loud so please don't take this as advice. Rather looking for comments.

You'll get my usual response for this kind of TA:

Candlestick bodies aren't suitable to derive support/resistance or derive trendlines from since they can be viewed as arbitrary in a continuously traded market like Bitcoin.
The bodies only have meaning in relationship to directly adjacent ones in the form of candlestick patterns.

What you can do instead is to find the largest volume around the target and use the that.

Thanks for the comment. Gives me something to really think about. I notice I follow volume allot with candlesticks, so perhaps you are on to something.

Which types of TA do you find the most accurate?

IAS

[Voodah]

You guys seen this already?

http://www.ted.com/talks/didier_sornette_how_we_can_predict_the_next_financial_crisis.html

Can the chart he uses for his theory be generated by any tool out there?

[Sitarow]

[samson]

Woo hooo $70 !!!

Very low support above 66, I'm waiting for lower prices with lots of patience.

[wonkytonky]

i finaly understand what the 500.0000   bot is for that comes and goes away..

tricking bots to put higher bid offers..

so guess what's going to happen next  

[Miz4r]

I think we may hit $65 today, and then a bounce up into the 70s again.

Finally I made a decent prediction in here. Anyone wants to make a guess how high this bounce will go?

[Rampion]

Bought with very little of my stash (5%) at $68ish just to play lucif's game, for pure fun

Let's see how this plays out

[N12]

I'm thinking out loud so please don't take this as advice. Rather looking for comments.

You'll get my usual response for this kind of TA:

Candlestick bodies aren't suitable to derive support/resistance or derive trendlines from since they can be viewed as arbitrary in a continuously traded market like Bitcoin.
The bodies only have meaning in relationship to directly adjacent ones in the form of candlestick patterns.

What you can do instead is to find the largest volume around the target and use the that.

Thanks for the comment. Gives me something to really think about. I notice I follow volume allot with candlesticks, so perhaps you are on to something.

Which types of TA do you find the most accurate?

IAS

Any chart will work as long as you use it consistently. You can also plot price vs. volume.

[wonkytonky]

Woo hooo $70 !!!

Very low support above 66, I'm waiting for lower prices with lots of patience.

it's tempting to buy though.. but this feels like panic buying..  
also support is indeed not strong.. most of it is bots .

well i had some fun buying a a little bit at 66 and selling it at 69

it's time for weekend.. putting next bids in 50's (you never know )

[Sitarow]