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

[Majormax]

Everyone is so bearish here that the bottom must be IN already.

No, people are still buying and HODLers are still holding. We need panic on high volume. The current bounce to $6xxx is pathetic. More to come.

Agree. Saying that all along.

A couple of days of $40BN+ volume, and a spike low.

Doesnt matter where the low is, but ~$2000 feels about right (leaves a gap to the 2013 high of $1200).

Price/time relationship is not yet right either. 6 months to 2 years is a more proportional bear market.

[Last of the V8s]

Do you think this bloodbath for today is over?
It seems like market is recovering

nope

Between 2018 and 2013 there had been 5 Years.

Once could argue that this meltdown could heal in another 5~10 years. But I doubt that. The momentum has been lost, the notation of the currency as a store of value destroyed.

Give me a break, store of value, ha. Bitcoin is about getting the fuck out of a corrupt system that enriches the rich by taking from the poor. Bitcoin's value is an escape from that system and its injustice, end of story. If it happens to go up to an incredible $ amount, making it a store of value, so be it.

The system is fucked, throughout history it has always been fucked. Now, for the first time ever, the common people have an escape from that system. In 10 years time when current amount of bankers fiat has increased 5 million times, Bitcoin will be there. It will be priced high because not being in the system will be worth it.

Shit, your meant to be a legendary member. You should understand this.

That's the point folks!!!

Disagree. Btc is as elitist as previous system, if not more.
Who bought on the way down? the rich.
Who lost all their money? the poor.
who can airgap their wallet to keep their own btc? the elite
who gives their money to strangers so they can play traders? sheeple

[HairyMaclairy]

So to be clear if you bought X at $6k you would resell X at $8k? (Not exact prices I would buy inside the resistance points)   Do you keep some small fraction of X as BTC profit?

[flynn]

cex.io is down.

works for me..

Yuh I'm fine with that, too.

[Torque]

Sheesh, talk about systemic risk.... I wonder how many other Chinese companies are this underwater...

https://finance.yahoo.com/news/leshi-internet-says-must-repay-082129074.html

[TERA2]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

[bitebits]

Everyone is so bearish here that the bottom must be IN already.

No, people are still buying and HODLers are still holding. We need panic on high volume. The current bounce to $6xxx is pathetic. More to come.

Agree. Saying that all along.

A couple of days of $40BN+ volume, and a spike low.

Doesnt matter where the low is, but ~$2000 feels about right (leaves a gap to the 2013 high of $1200).

Price/time relationship is not yet right either. 6 months to 2 years is a more proportional bear market.

You guys like Tera still live in the more early days. You can’t just ignore the massive developement and adoption since.

That said, Bitcoin is not fully resistant against external powerful entities. It mainly can be harmed and surpressed on the onramps and offramps, which obviously will be reflected in the dollar value.

[Phil_S]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

I can afford
To board a Bitcoinooga choo choo

[Torque]

Looks like another day of pain for the stock market. Dow down 2.5% in pre-market.

[somac.]

Looks like another day of pain for the stock market. Dow down 2.5% in pre-market.

There's been a decent bounce in the futures overnight, so, maybe won't be too bad.

[lightfoot]

No its not postponed...its happening in about 4 hours

Morning!

Well, we're not down to 1k this morning (6450 or so) so the world didn't end last night. And I guess I was wrong, we'll see if the Govt comes for everyone's bitcoins or not at 10am.

Back to sleep.

[Last of the V8s]

Are you guys watching Bitstamp live? The second 500BTC buy wall is almost eaten too.

This is really important.
Yesterday ({[they]}) bought 3 1k buy walls at 7800 - that i saw in just a short Wall Observe. But the dumps now are just little titties by comparison - 12, 15, 50 coins.
They think big gobs of coin are worth having at 6/7 k
They stand to make far more by encouraging it back up once they've shaken the trees and picked up the ripe fruit, than by going short.
So yes Tone Vays might be right we're in for another ~month of floggings.
After that, add a few zeroes.

Who is ({[they]})  

It's r0ach's oft-mentioned 'one guy on Bitfinex'. It's HairyMaclairy's 'Wall Street'. It's Mircea Popescu's 'USG'. It's what everyone here calls 'whales'. Someone else posited a 'market-maker'. It's @bitfinexed's 'wash trading'

snip
We have never had Wall Street professional shorts before either. Not saying it is going to happen but we must remain open to all possibilities.

http://log.mkj.lt/trilema/20180205/#464
[18:57:12] · <mircea_popescu> asciilifeform isn't it lulzy how there's EXACTLY the same "volume" going on the fiat fansites irrespective ?

[19:00:49] · <mircea_popescu> basically, usg got what, 3-5k bitcoin, which it keeps sloshing back and forth to itself on closed "exchange" tripod websites ?


It's just some little ex-Wall St trader who has been told he's to play the newbs on the markets, 'accumulating for a crypto hedge-fund'.

[fragout]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

For the lazy -



Maybe...just maybe. fingers crossed

[JayJuanGee]

So to be clear if you bought X at $6k you would resell X at $8k? (Not exact prices I would buy inside the resistance points)   Do you keep some small fraction of X as BTC profit?

I am sorry that I communicated badly.

If I bought at $6k, then my next buy order would have already been set at $5k (because I had set it at $5k the first time around when I had sold at $6k on the way up, whenever that would have been) and after the $6k buy order fills, I would immediately set my sell order at $7k (again, not exact, but you get the idea).

Regarding how much I set in reserve or whether I am stacking extra in BTC or in dollars depends in part on my sense about whether I feel that I need to accumulate more bitcoins or whether I believe that I should accumulate more dollars.  Also, since I have been doing this all the way up from $250, that means that I have gone through accumulating fiat from a lot of sell orders that never returned back down to their buy orders.  So I have sometimes rethought what to do with all the extra fiat that I have accumulated because of those buy order that left unfilled.  Sometimes I reallocate it, and sometimes I take the money off the table.  Also, whenever I am changing my increments, going from $250 increments to $500 and then to $750 and then to $1,000 allows me to rethink how much money do I want to dedicate towards buying back, how far down do I want to set my buy orders and do I want to cause an extra large fiat reserve that is likely going to get taken off of the table.

In mid September 2017 when we corrected about 40% from $4980 down to $2970, I only had buy orders set down for a 50% retracement, and since I was on a trip, that inadequate preparedness caused me way more stress than necessary, because even though I had the money to be able to buy further down, my money was not in a place in order for me to really be prepared for more than a 50% retracement, if it were to occur... so little by little, after that September 2017 correction, I was able to pretty much keep myself prepared for larger and large severities of retracement and to feel comfortable with that - but that preparedness came through our being spoiled by a 4x to 5x better BTC price performance than the most bullish of expectations, so I reconfigured my buy orders down 85% while BTC prices were in the $15k arena... ... so yeah, I am not smart.. just got spoiled with 4x to 5x better BTC price performance than expected... which allowed for a lot easier path for downward BTC price preparations.

[Cassius]

Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes

Repeat with 1D tonight at closing

^^^^

1d is shaping up for record volume. This pleases me.

[Phil_S]

I like 1m right now, so green...

[HairyMaclairy]

Tradingview shows BTC USD LONGS at ATH.  34,000?  

Either we are going up or these longs are going to get liquidated and we are going to be fucked up fam.  Today will not be boring.

To be fair USD SHORTS are much lower at 15,000.  

Normally this would be bullish.  But things could get squishy if equity markets dump again.  

[Cassius]

Tradingview shows BTC USD LONGS at ATH.  34,000?  

Either we are going up or these longs are going to get liquidated and we are going to be fucked up fam.  Today will not be boring.

To be fair USD SHORTS are much lower at 15,000.  

Normally this would be bullish.  But things could get squishy if equity markets dump again.  

Well, if it goes down and they start getting liquidated, that's your uber capitulation spike

[colombuszka]

I like 1m right now, so green...

Anyway, depth chart looks terrible.

[600watt]

was the bottom in or not? I bought back, then sold again, now buying back... or.. not?!