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

[molecular]

Bitstamp broke 200 USD! When does 300 USD broke? With 10% daily growth it takes 5 days.

In the normal world, this is ridiciulous to think would even be possible.

But in bitcoin world ¯\_(ツ)_/¯

Yeah lol. And here I am thinking: well, rpietila is a bit optimistic. Better use something 3-5%.

[SheHadMANHands]

I just see the price being bought up with little selling and no real reason behind it.

It can't continue for too long as people do like to take profit and then it will start to go down.

There's been a LOT of capitulation that's already happened after this recent correction.  There hasn't been much profit to take since by dumping, and there certainly hasn't been any exponential growth since.

I'd like to see a new ATH before a big dip. I guess we'll know in a few days.

To me this is obvious manipulation as nobody really needs to buy 1000's of Bitcoin at this price when it will surely come down if they just wait. It's painting the tape.

Seems logical that someone would buy 1,000 bitcoins, at any price, if they believed the price would be climbing higher in the near future.  The actual price is arbitrary.  "Surely come down if they just wait" is not so "sure".  If it were, the price would have already collapsed (certainly if it were as obvious as you make it sound).

If the bid depth was high enough the buyers would be selling already.

Selling about $300,000 worth of Bitcoin right now (1500 BTC) reduces the current bid price by $10 devaluing all Bitcoin by about $120 Million

Everyday about 10 people allude to how far the price could collapse, during upward movement, due to a large market sale and slippage.  They seem to not even consider that most people would put up a sell wall instead of dumping, unless they liked throwing money away.  When does a dump become more profitable?  Perhaps when there's an obvious bubble and fear that someone else will dump before your ask wall gets eaten into (like last weeks exponential growth).  Right now, and with China's buying pressure, it would seem a state of borderline retardation to dump a huge market sell with significant slippage.  But that's just me..

[molecular]

Note to self: Below $200 == dip.

Yeah, the times are back..

holding fiat or anything else equals shorting bitcoin, 'cause you could have bought bitcoins if you sold that other stuff

You could also have bought hobo nickels on ebay.

I wonder if there is anything on the planet that you could have bought in the last three years which has performed as well as Bitcoin?

certain lottery tickets maybe

[RationalSpeculator]

This price rise is clearly sustainable and will continue for the rest of time  

You bearish? Somebody give me some bearish analysis. I want to be a bear so bad... I want to see prices in the $130s...  Seriously.

I just see the price being bought up with little selling and no real reason behind it.

It can't continue for too long as people do like to take profit and then it will start to go down.

I'd like to see a new ATH before a big dip. I guess we'll know in a few days.

To me this is obvious manipulation as nobody really needs to buy 1000's of Bitcoin at this price when it will surely come down if they just wait. It's painting the tape.

If the bid depth was high enough the buyers would be selling already.

Selling about $300,000 worth of Bitcoin right now (1500 BTC) reduces the current bid price by $10 devaluing all Bitcoin by about $120 Million

Glad to see one bear still standing

Bitstamp now again over $200.

This is becoming a nightmare.

Been watching with unbelief since price rebounded from $85 only 3 weeks back.

Tempted to panic buy.

[MAbtc]

I still see a bearish wedge on gox.

Yes, I've been watching this bearish wedge continue to rise following the correction, and wonder if it will indeed break downwards. Is this the one you mean, or are we on different time frames?



No volume here.

[prophetx]

I still see a bearish wedge on gox.

Yes, I've been watching this bearish wedge continue to rise following the correction, and wonder if it will indeed break downwards. Is this the one you mean, or are we on different time frames?



No volume here.

end of the month is coming

the typical pattern at least the pattern that i see is down in the first couple days of the month

[MAbtc]

They seem to not even consider that most people would put up a sell wall instead of dumping, unless they liked throwing money away.  When does a dump become more profitable?  Perhaps when there's an obvious bubble and fear that someone else will dump before your ask wall gets eaten into (like last weeks exponential growth).  Right now, and with China's buying pressure, it would seem a state of borderline retardation to dump a huge market sell with significant slippage.  But that's just me..

Exactly -- I assume big holders will market sell when they feel momentum shifting towards reversal. At that point, it doesn't matter if placing a sell wall is more profitable... right? It's not a question of "if" this will happen, but "when".

[TERA]

I still see a bearish wedge on gox.

Yes, I've been watching this bearish wedge continue to rise following the correction, and wonder if it will indeed break downwards. Is this the one you mean, or are we on different time frames?



No volume here.

Yup

I'm not going all in until that breaks upward.

[SheHadMANHands]

They seem to not even consider that most people would put up a sell wall instead of dumping, unless they liked throwing money away.  When does a dump become more profitable?  Perhaps when there's an obvious bubble and fear that someone else will dump before your ask wall gets eaten into (like last weeks exponential growth).  Right now, and with China's buying pressure, it would seem a state of borderline retardation to dump a huge market sell with significant slippage.  But that's just me..

Exactly -- I assume big holders will market sell when they feel momentum shifting towards reversal. At that point, it doesn't matter if placing a sell wall is more profitable... right? It's not a question of "if" this will happen, but "when".

I'm no expert, but this makes sense to me.  As a bubble expands, the theoretical risk of another big seller market dumping with slippage gets greater and greater.  At some point (and maybe it's "feel") that risk becomes sufficient that market dumping is a better strategy than putting up a sell wall and hoping a dump doesn't happen before someone takes your offer.

[ChartBuddy]

[zby]

I still see a bearish wedge on gox.

Yes, I've been watching this bearish wedge continue to rise following the correction, and wonder if it will indeed break downwards. Is this the one you mean, or are we on different time frames?



No volume here.

Yup

I'm not going all in until that breaks upward.

Hourly MACD diverges as well.

[TERA]

Have a look at 4h and 1d also...

[maz]

I think there are 3 types of bitcoiners at the moment.

1) The pre-$135/btc long term holder, who knows that right now btc's true value is not ~$200 and they will not buy at that price, when a discount may be around the corner, and feel btc's true value is around $100-$150.

2) day traders, don't care what the price is but the market volatility just now is not inviting to participate in.

3) October 2013 new blood from recent spike, to these folk anything under $230 is a good price as they have seen it's potential. They are probably the ones fueling this dance around the $200 mark.

A lot of excitement about the price rise recently but it appears to have no determination to continue. i think we are looking at $140 - $170 without a panic, in the following weeks. With panic who knows....The Chinese love their money, if it starts disappearing in front of their eyes....

[MAbtc]

A lot of excitement about the price rise recently but it appears to have no determination to continue. i think we are looking at $140 - $170 without a panic, in the following weeks. With panic who knows....The Chinese love their money, if it starts disappearing in front of their eyes....

I'm starting to feel this way. Any Eliot Wave folks around here? I remember notme posting that the $233 peak was the start of an ABC corrective wave downward -- would love to see some pictures. 

[MAbtc]

Hourly MACD diverges as well.

Ah, bitcoincharts has been down. Anywhere else I can view technical indicators?

[mccorvic]

The Chinese love their money, if it starts disappearing in front of their eyes....

I hate to break it to you, but everyone loves their money.

Don't be racist

[DougTanner]

Gox going up.

[SheHadMANHands]

You bears are going to be pissed pretty soon (probably already).  

10$ to 100$ in a few months and we hear nothing.  Now 100$ to 200$ over 6 months, with new investors and positive news, and that's unsustainable..  

Going from 1$ to 100$ isn't even questioned, but a double up over 6 months and everyone is shitting their pants.  Do you realize how tiny this market still is?  2 billion market cap, lol.

[mccorvic]

10$ to 100$ in a few months and we hear nothing...

Going from 1$ to 100$ isn't even questioned

Man, you really weren't around back then, were you?

Going from $5-$10 was questioned by the bears just as loudly as $100-200.  A few bears even had "Single digits in April 2013" as a mantra.

[ardana123]

That's just it. For the tiny "market" bitcoin actually services at this very moment, the 2 billion cap is grossly overvalued.

Undervalued like hell though when you look at the potential of this thing and the scope of things to come. So it's just people speculating for a profit right now. Greed at work.