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

[Ultraviolet]

I am still trying to figure out what the heck happened on July 5-6 that would cause this so called 'trend reversal'.  I have come up with bubkis as it seems so arbitrary.  I would have expected it to touch closer to 50s first and then slowly increase, not a shot right to 100. WTF man WTF

There's nothing to figure out. When the price stabilized around 76 and nobody would eat the wall at 80 someone realized they could pick up 15,000B for like 1.1-1.2 mega USD buying from $76-82, with a high probability of pushing the market to at least $100 on the momentum. What gave assurance there would be momentum there? Bids were stacked _deep_ in the 60s and 50s since everyone was waiting for "the bottom". Since they want to buy cheap coins, where does all that money go if the price starts to take off again? After all, $70-80-90 were _extremely_ profitable entry points when we spent several weeks between $100-134.

It was a good time to pick up a ton of coins and produce a trend reversal as a result. So many people were waiting on the sidelines for "confirmation" before buying anyway.

Technical indicators don't mean anything when _one_ person with 7 figures in fiat on Gox can move the market to that extent, although I certainly expect they did use TA to time their decision.

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[BitPirate]

I am still trying to figure out what the heck happened on July 5-6 that would cause this so called 'trend reversal'.  I have come up with bubkis as it seems so arbitrary.  I would have expected it to touch closer to 50s first and then slowly increase, not a shot right to 100. WTF man WTF

There's nothing to figure out. When the price stabilized around 76 and nobody would eat the wall at 80 someone realized they could pick up 15,000B for like 1.1-1.2 mega USD buying from $76-82, with a high probability of pushing the market to at least $100 on the momentum. What gave assurance there would be momentum there? Bids were stacked _deep_ in the 60s and 50s since everyone was waiting for "the bottom".

It was a good time to pick up a ton of coins and produce a trend reversal as a result. So many people were waiting on the sidelines for "confirmation" before buying anyway.

Technical indicators don't mean anything when _one_ person with 7 figures in fiat on Gox can move the market to that extent.

Disagree! Plenty of us bought in below the walls as it looked like the bear market was running out of steam. The market had plunged irrationally and was being held down by manipulators. It was not time to sell in anticipation of $50s... It was time to buy back.

Pretty much all of your assertions could be mirrored and used to cast doubt on the dumps that led to $60s

There's still chance to get back in. After we hit $115 things will accelerate.

[ChartBuddy]

[SilentSonicBoom]

I am still trying to figure out what the heck happened on July 5-6 that would cause this so called 'trend reversal'.  I have come up with bubkis as it seems so arbitrary.  I would have expected it to touch closer to 50s first and then slowly increase, not a shot right to 100. WTF man WTF

There's nothing to figure out. When the price stabilized around 76 and nobody would eat the wall at 80 someone realized they could pick up 15,000B for like 1.1-1.2 mega USD buying from $76-82, with a high probability of pushing the market to at least $100 on the momentum. What gave assurance there would be momentum there? Bids were stacked _deep_ in the 60s and 50s since everyone was waiting for "the bottom".

It was a good time to pick up a ton of coins and produce a trend reversal as a result. So many people were waiting on the sidelines for "confirmation" before buying anyway.

Technical indicators don't mean anything when _one_ person with 7 figures in fiat on Gox can move the market to that extent.

Disagree! Plenty of us bought in below the walls as it looked like the bear market was running out of steam. The market had plunged irrationally and was being held down by manipulators. It was not time to sell in anticipation of $50s... It was time to buy back.

Pretty much all of your assertions could be mirrored and used to cast doubt on the dumps that led to $60s

There's still chance to get back in. After we hit $115 things will accelerate.

Another small point outside of technical analysis. Coinbase started accepting "instant" buying of bitcoin for level 2 verified users. This may have had an effect on price with excited users temporarily buying more coin available now instead of with a 4 day wait.

[lebing]

The that bid wall at 94 is going to get nibbled very soon it seems.

[ChartBuddy]

[Dalib]

The that bid wall at 94 is going to get nibbled very soon it seems.

similar to Bitstamp 92.3 ...

[ChartBuddy]

[Traktion]

I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it. Updated - And look at the negative volume divergences (2) with an up price. That had been a good reversal indicator, but not lately. Also, topping out on RSI.

That's an interesting chart. $100 is definitely a key battle ground and it has psychological meaning.

The last bear run broke $100 after the first two tests (May and June) held. Previous support levels often become new levels of resistance.

Compound with the highs getting gradually lower (about 155, 135, 115), with this final high barely breaking $100 and it paints an interesting picture.

Unless something big happens in the coming week to vault us cleanly over $100, I suspect breaching $100 again for any extended period will be unlikely for quite some time.

[Its About Sharing]

I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it. Updated - And look at the negative volume divergences (2) with an up price. That had been a good reversal indicator, but not lately. Also, topping out on RSI.

That's an interesting chart. $100 is definitely a key battle ground and it has psychological meaning.

The last bear run broke $100 after the first two tests (May and June) held. Previous support levels often become new levels of resistance.

Compound with the highs getting gradually lower (about 155, 135, 115), with this final high barely breaking $100 and it paints an interesting picture.

Unless something big happens in the coming week to vault us cleanly over $100, I suspect breaching $100 again for any extended period will be unlikely for quite some time.

Yeah, $100 is a really key level and as you said, for more than one reason. We have had lower highs and lower lows since April/May and if we reverse this up movement below 110, then we will again have a lower high, and what about that lower low following?

People that were waiting below (me included) were a bit taken back by the Huge buyer that stopped the fall and basically walked BTC up to where it is now (at least in large part). But, as many TA guys will say, "market manipulation" only delays the inevitable (unless of course some huge great news comes...

[Kazu]

I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it. Updated - And look at the negative volume divergences (2) with an up price. That had been a good reversal indicator, but not lately. Also, topping out on RSI.

That's an interesting chart. $100 is definitely a key battle ground and it has psychological meaning.

The last bear run broke $100 after the first two tests (May and June) held. Previous support levels often become new levels of resistance.

Compound with the highs getting gradually lower (about 155, 135, 115), with this final high barely breaking $100 and it paints an interesting picture.

Unless something big happens in the coming week to vault us cleanly over $100, I suspect breaching $100 again for any extended period will be unlikely for quite some time.

I like that stochastic.

[Abandon]

I expect a slow gradual decline, then a waterfall. Then again, if the market somehow manages to break 100 again, we can expect a bubble.

[ChartBuddy]

[Loozik]

Be quick

[QuestionAuthority]

Be quick

We're do you get this fantasy from? lol

[Loozik]

We're do you get this fantasy from? lol

From my head, dear.

[ardana123]

Be quick

We're do you get this fantasy from? lol

nothing is impossible in the bitcoin realm if a big enough whale wants it to happen

[Loozik]

nothing is impossible in the bitcoin realm if a big enough whale wants it to happen

Looks like the dump that was supposed to eat the wall at 94.20, was not triggered. A whale's hand shook or daddy Loozik has been having a fantasy? We'll never know 

[QuestionAuthority]

nothing is impossible in the bitcoin realm if a big enough whale wants it to happen

Looks like the dump that was supposed to eat the wall at 94.20, was not triggered. A whale's hand shook or daddy Loozik has been having a fantasy? We'll never know 

lol

[molecular]

Highly recommend Croatia - Split is amazing and the sailing culture there is a part of every-day life, not some wizzed up nonsense for people who don't know a forestay from a jib-sheet.  Great pizzas too.

If you're going to Croatia then go to the real gem - Dubrovnik. Not only because I was born there

What hotels do you recommend?- please links if possible. I intended to go to Cuba in September but there seems to be cholera outbreak there, which scared me. I am looking for alternatives.

If you just want a bed and breakfast, you can use a bed and breakfast place instead of a hotel.