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

[prophetx]

Seems the bubble is inflating again. But the bids are so thin...

Look at what's happened to Mt Gox's relative volume:

http://data.bitcoinity.org/#caaaabegaa

keep in mind that is the result of 0% trade commissions

[theonewhowaskazu]

Got another buy in at higher prices, putting my recent average at $174.5. Lets see if this one gets canceled due to high risk by coinbase

[justusranvier]

keep in mind that is the result of 0% trade commissions

Still impressive, since BTCChina is only 21% of the total Chinese market:

http://btckan.com/price

[solex]

Anyone creeped out by this slow low-volume recovery and all the selling?

There is no "all the selling".
Although the charts are similar the volume this week is a fraction of the volume in April (even allowing for gox's lost marketshare). A huge amount of coins are in stronger hands this time.

[Walsoraj]

There is no "all the selling".
Although the charts are similar the volume this week is a fraction of the volume in April (even allowing for gox's lost marketshare). A huge amount of coins are in stronger hands this time.

Holding because cannot get fiat out of exchange = stronger hands?  lol.

[windjc]

There is no "all the selling".
Although the charts are similar the volume this week is a fraction of the volume in April (even allowing for gox's lost marketshare). A huge amount of coins are in stronger hands this time.

Not selling because cannot get fiat out of exchange = stronger hands?  lol.

fixate much?

Btw, 1000s of people in Japan are getting their $$ out within 2-5 days.  Most of the european and us trading has already migrated to other exchanges.

[Loozik]

Anyone creeped out by this slow low-volume recovery and all the selling?

TERA, there are some similarities.

Note, increased volume at blue circles (historical chart). That's where impatient speculators were buying in hope for the price to go from 104 to at least 190 (it went only to 136). First they bought at 104, then they bought at 91, and then the price fell even more causing them to partially exit with a loss. Each time they bought, the price went down (to 79). It was fun to watch.

They failed to analyze the increased volume at red circle + did not see some other things that happened earlier (not covered by your chart), which indicated for the patient speculators that the so called bull trap would develop later.

Well spotted!

[adamstgBit]

just buy, sell later if you think price is to damn high 

[TERA]

A moment of truth?

[SheHadMANHands]

[mccorvic]

I expected a face plant of epic proportions. Left disappointed.

[ChartBuddy]

[TERA]

[windjc]

What are you predicting with this chart?

[TERA]

Just that two trends are meeting right now and there should be some action by the next candle - either a breakout or breakdown.

[ChartBuddy]

[BitAddict]

I don't know if this means anything to you, but Localbitcoins selling offers in Europe are worse and illiquid than ever.

I guess that is a clear bullish sign. I won't be surprised if price keeps rising with strength.

[windjc]

Just that two trends are meeting right now and there should be some action by the next candle - either a breakout or breakdown.

I agree. Although I think the breakout up or down will not be huge.  I actually expect that it might go south, simply because so many people expect it to go up but there are still many many coins to dump. Especially with the approaching holidays.

But news has been bullish so that might take us north. Although today had a lot of bullish news and we didnt move far.

[TERA]

Don't coins automatically get dumped at the end of the month by bitfinex or something?

[ChartBuddy]