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

[drbrockcoin]

The altcoin market is starting to show a lot of red. This could mean that they are going to crash soon and the money is going to flow to BTC or that they are going to start crashing along side BTC.

Looking at the BTC chart we are stuck in a very well established down channel. I see roughly 4 hits on the support and 4 hits on the resistance. fingers cross we get a bounce off support at 14400, and then a break of resistance at roughly 16000.

One thing that has me concerned about this correction over the other ones this year is the speed. it seems to be a lot slower than the others, I hope this doesn't mean anything.

Well its a possibility but I think maybe a lot of new people coming into alts rather than btc as they see btc as too expensive which means that some not all of them will be thinking long term and ignoring the current price action.

I dont think someone which has just invested say in 5 NEO or whatever coin is going to think about selling because the price starts to drop as its not enough of an investment to warrant worrying about smallish price movements in the short term.

And I suspect there is a lot of people who have entered the scene but have invested less than a 1000 dollars into X-coin and so will not be thinking about selling anytime soon

Also a lot of alts are showing RED because they made significant gains in the past few days so are in a sideways action... Some of them forming bullish pennant flags although like I say in BTC anything can happen

[Rosewater Foundation]

Well done miners, trying to kill bitcoin. The price dumping hard, the fees very hard... Useless network.

https://scontent.faep4-1.fna.fbcdn.net/v/t1.0-9/25550166_1682176411821632_4810748985398429631_n.jpg?oh=6dba8439c1975abea5884f05a8ad9f20&oe=5ACFC1DB

This actually makes me wonder how much I paid for fees today. I used arbitrage opportunities to transfer coins between exchanges for some trades and ended up with more coins than I sent out. But I didn't really pay attention to whether or not the fees were significant for the BTC transfers...

Soon it will cost more to send a coin than to buy one.

[BTCMILLIONAIRE]

The altcoin market is starting to show a lot of red. This could mean that they are going to crash soon and the money is going to flow to BTC or that they are going to start crashing along side BTC.

Looking at the BTC chart we are stuck in a very well established down channel. I see roughly 4 hits on the support and 4 hits on the resistance. fingers cross we get a bounce off support at 14400, and then a break of resistance at roughly 16000.

One thing that has me concerned about this correction over the other ones this year is the speed. it seems to be a lot slower than the others, I hope this doesn't mean anything.

Well its a possibility but I think maybe a lot of new people coming into alts rather than btc as they see btc as too expensive which means that some not all of them will be thinking long term and ignoring the current price action.

I dont think someone which has just invested say in 5 NEO or whatever coin is going to think about selling because the price starts to drop as its not enough of an investment to warrant worrying about smallish price movements in the short term.

And I suspect there is a lot of people who have entered the scene but have invested less than a 1000 dollars into X-coin and so will not be thinking about selling anytime soon

Also a lot of alts are showing RED because they made significant gains in the past few days so are in a sideways action... Some of them forming bullish pennant flags although like I say in BTC anything can happen

I'm having quite a few green candles in terms of alt/BTC today.

[BTCMILLIONAIRE]

Well done miners, trying to kill bitcoin. The price dumping hard, the fees very hard... Useless network.

https://scontent.faep4-1.fna.fbcdn.net/v/t1.0-9/25550166_1682176411821632_4810748985398429631_n.jpg?oh=6dba8439c1975abea5884f05a8ad9f20&oe=5ACFC1DB

This actually makes me wonder how much I paid for fees today. I used arbitrage opportunities to transfer coins between exchanges for some trades and ended up with more coins than I sent out. But I didn't really pay attention to whether or not the fees were significant for the BTC transfers...

Soon it will cost more to send a coin than to buy one.

Even if that was the case, it'd become virtually free once LN rolls out.

[luckygenough56]

i told you to sell at 20k.

i got insulted for it.

Well i hope it'll bounce to 16k once more to save your skins

Bear season can last a while, hopefully LN will release soon

[Elwar]

Nobody will spam attack Bcash because nobody cares enough about that alt coin to try to replace it with their own forked version.

[Rosewater Foundation]

Well done miners, trying to kill bitcoin. The price dumping hard, the fees very hard... Useless network.

https://scontent.faep4-1.fna.fbcdn.net/v/t1.0-9/25550166_1682176411821632_4810748985398429631_n.jpg?oh=6dba8439c1975abea5884f05a8ad9f20&oe=5ACFC1DB

This actually makes me wonder how much I paid for fees today. I used arbitrage opportunities to transfer coins between exchanges for some trades and ended up with more coins than I sent out. But I didn't really pay attention to whether or not the fees were significant for the BTC transfers...

Soon it will cost more to send a coin than to buy one.

Even if that was the case, it'd become virtually free once LN rolls out.

Not holding my breath.

[Icygreen]

The altcoin market is starting to show a lot of red. This could mean that they are going to crash soon and the money is going to flow to BTC or that they are going to start crashing along side BTC.

Looking at the BTC chart we are stuck in a very well established down channel. I see roughly 4 hits on the support and 4 hits on the resistance. fingers cross we get a bounce off support at 14400, and then a break of resistance at roughly 16000.

One thing that has me concerned about this correction over the other ones this year is the speed. it seems to be a lot slower than the others, I hope this doesn't mean anything.

I think it's going down slow to create the maximum fear value with all those who bought recently. Whoever did the large portion of pumping BTC the last month or so is now banking on sells at the bottom. Not our first rodeo, we all know sooner or later where the price will go. I've got my eye on the 11k-13500 range as a buy. Breaking below 10k will be an extra sweet buy op but if it jumps back from here I won't complain, just won't have cheap coinz.

[BTCMILLIONAIRE]

i told you to sell at 20k.

i got insulted for it.

Well i hope it'll bounce to 16k once more to save your skins

Bear season can last a while, hopefully LN will release soon

Again, a bear season would be welcome for my upcoming fiat influx. I don't think anybody really minds some downtrends after going x24 in a single year.

[Peter R]

For those who still think that the fee problem will eventually be fixed, read this.  This is from Greg Maxwell, probably the most influential developer within the BS/Core group.  He is so pleased with the high fees and transaction backlog that he is uncorking champagne to celebrate.  The current state of the BTC network is their vision becoming a reality.  

[Rosewater Foundation]

He's right you know. We always worried the fee market wouldn't work. Well proof is in the pudding.

[gentlemand]

He's right you know. We always worried that the fee market wouldn't work. Well proof is in the pudding.

Complete thread here - http://bitcoin-development.narkive.com/7lfUFGW7/total-fees-have-almost-crossed-the-block-reward

I'm intrigued to see how much tolerance users will have for this. Perhaps rather less than they're banking on.

[Gab0]

For those who still think that the fee problem will eventually be fixed, read this.  This is from Greg Maxwell, probably the most influential developer within the BS/Core group.  He is so pleased with the high fees and transaction backlog that he is uncorking champagne to celebrate.  The current state of the BTC network is their vision becoming a reality.  

[Rosewater Foundation]

He's right you know. We always worried that the fee market wouldn't work. Well proof is in the pudding.

Complete thread here - http://bitcoin-development.narkive.com/7lfUFGW7/total-fees-have-almost-crossed-the-block-reward

I'm intrigued to see how much tolerance users will have for this. Perhaps rather less than they're banking on.

It will drive lots of users to BCH. If I was starting out in Bitcoin today... I wouldn't be. It gives me pause.

[RCan06]

I only spent $158 for a cup of coffee, it still works, bitcoin still works!!

Go bitcoin go!!

Seriously though, I sent a transation with a 420 sat/Byte 2.5 days ago, almost looked like it was going to go through until everyone started going higher damnit lol

[petahashminer]

we have new ATH here

Best transaction FEE is

1005 Satoshis/byte | 0.01005 BTC/KB

for 1 kb lol, it is $ 160 fee.

[explorer]

we have new ATH here

Best transaction FEE is

1005 Satoshis/byte | 0.01005 BTC/KB

for 1 kb lol, it is $ 160 fee.

$144 and falling fast.  I get it now!  The key to lower fees is just lower price!  Dump all the bitcorns!

[goggles]

I only spent $158 for a cup of coffee, it still works, bitcoin still works!!

Go bitcoin go!!

Seriously though, I sent a transation with a 420 sat/Byte 2.5 days ago, almost looked like it was going to go through until everyone started going higher damnit lol

OMG I sent mine at 440/sat and it's only been a few hours. Guess I'm holding.

[RCan06]

we have new ATH here

Best transaction FEE is

1005 Satoshis/byte | 0.01005 BTC/KB

for 1 kb lol, it is $ 160 fee.

Remember the days when Bitcoin had cheaper fees then visa and western union? I think that used to be a big selling point, the idea of banking for the unbanked or something like that... lol

[somac.]

Lets face it, at this point in the life of BTC the high fees are an issue, these fees may not matter in 10 years time, but, they do at the moment because BTC is still a young technology and smallish market. $70 for a transaction is just stupid any way you cut it. Segwit adoption is slow, so maybe something should be done in the meantime until segwit adoption increases and until the lightning network arrives.

remember the fight over segwit? The price was having troubles and then once it happened the price boomed. I think the reason for this boom was that it was now possible for bitcoin to scale, however, we are now finding out this scaling is slow going and price is being affected. If we fixed this now, and yes through a increase in blocksize, people would be a lot happier, because it would buy time for the lightning network and segwit adoption. You would also find that price may boom again.

BTC dominance is nearing an all time low, if this doesn't concern you, you're an idiot. Once we lose this this dominance getting it back will be tricky.