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

[CoinDox]

I just don't see how bitcoin could become a major currency to buy and sell goods without the volatility issue being mitigated first. This is why I think the 400 billion market cap should come first, and afterwards the whole currency shabang.

well CCTV will explain it to you....
http://www.youtube.com/watch?v=BKEZQ4RFghE
China wants to dump the dollar , is just that simple ,, they want a currency beyond political control ,
a consensus currency more nutral as the red cross.

bull$hit ..guess who holds most of the bonds? ...hmmm  

exactly! China does , so if the whole population has its savings etc in bitcoins they can savely dump them whitout
riots , of chineese population
and when done saveley switch to a BTC economy.

I mean no offence by this, but do you read what you write? How many businesses, how many regulations, shit how many high ranked officials who rely on fiat need to be "reconstructed" in order to adopt it as a national currency?! This is not la la land. If the wrong foot is stepped on before given a peice of the pie it's toodles to btc.

Note though how I did not say crypto currencies... If one falls another will absorb the value! The hard part is knowing which one.

as long as they are the first in bitcoin they don't care about fiat , if they can replace it they wil simply do so
they only worry of officials is riots of chineese locals witch will not happen if they can invest in a currency not connected to banks , bitcoin is digital gold , and can and will replace fiat infaltables as dollar and euro.

You say this with so much conviction but have no idea about the true time and power it takes to produce such a change in the system. Hence, such a small word like "if" carries with it more weight than the remainder of your entire statement... I am not outright disagreeing with you as I see fiat on the decline, but you have to truly realize what it is btc is up against.

[notme]

Everyone please, stop the madness !

I don't wanna see any more posts (probably americans) with people saying saying China wants to see the USD go down.

This is outright wrong, you need to stop reading this Wall observer and go read the newspapers first.

China is the absolute #1 investor in USD. Get your facts straight.

Well, since you apparently have your facts straight, please point me to a source that verifies you claim that "China is the absolute #1 investor in USD".

They do own many billions worth of our bonds.

Yup, pretty much. It has been extremely conductive for their exporting strategy.

China is by far the largest foreign holder of U.S. Treasury securities.  At the end of July, the last month for which official statistics are available, it had stockpiled $1.2773 trillion in Treasuries.  The country is way in front of second-place Japan, whose portfolio was $141.9 billion smaller.  If you add in the Treasuries of autonomous Hong Kong, the hoard of the People’s Republic increases by $120.0 billion.

Source: http://www.forbes.com/sites/gordonchang/2013/10/06/what-if-china-stops-buying-u-s-government-debt/

FWIW though, in the last few weeks, this strategy appears to be shifting, but still, they hold most of the treasuries.

Largest foreign holder != #1 investor

The Fed and US citizens hold most of the treasuries.  How can you quote $1.3 trillion and then claim that is "most of the treasuries" when US debt is north of $16 trillion?  It looks like <10% from here.

[TERA]

Anyway we might not be ready to rally just yet. I think the chart ought to do something like this:

It's happening! 

[ChartBuddy]

[spazcoin]

Sick today, taking it easy. Bored.

https://i.imgur.com/pJrxJkG.png

+1

[n8rwJeTt8TrrLKPa55eU]

Sick today, taking it easy. Bored.

+1

Exactly.

I need my daily (hourly?) fix of humongous volatility.

[Odrec]

This weekend will make me decide if I turn into a Bull or a Bear.

[macsga]

This weekend will be the perfect time for to buy some more BTCs...

[seleme]

Slow volume, I've expected more things to happen today.

It's really interesting situation. My view is that 400 has to be broken soon or people might lose confidence and start selling.

Meh. I doubt it. It's more like people waiting for it to crash, and when that doesn't happen, they get worried that this is the last chance to buy at this price, and then they panic buy.

That's the other option too, I agree. But I'll consider both of them, 400 is resisting for 4-5 days now and that is interesting with all bullish sentiments around.

Some big buy would need to jump on 400 wall for smaller players to join the party.

To be honest, I'd be pretty bearish at this point if it wasn't to Lucif being bullish. I respect his analysis a lot.

Who's Lucif ?

MasterLuc now, "Analysis never ends" thread.

[ChartBuddy]

[bitboyben]

Oh poo. Probably all those stolen bitcoins hitting the market.
Then UP!

[proudhon]

btcchina's order book looks primed for a move one way or another.

[neilol]

btcchina's order book looks primed for a move one way or another.

i think its either going to go up or down

[bitcodo]

btcchina's order book looks primed for a move one way or another.

i think its either going to go up or down

I could agree. Some indicators show something.

[proudhon]

btcchina's order book looks primed for a move one way or another.

i think its either going to go up or down

We'll yeah, but the point is that most of the western books look like they're in a holding pattern with nobody willing to provide any depth near the spot price.  BTCChina, on the other hand, has healthy depth building on the bids side.  That doesn't really tell you where things will go, but it is, I think, and indication that at the very least there should be significant movement one way or the other soon.  Sellers could look at it as a chance to liquidate significant amounts without much slippage, which would probably push the price downward.  Buyers might look at is as building competition for bitcoins, which could induce a healthy round of buying if somebody decides to break ranks and buy into the sell orders.  So there you go.

[MoreFun]

What is with this maxk guy pumping the price for some large news on sunday? Haven't heard any news.

[mccorvic]

What is with this maxk guy pumping the price for some large news on sunday? Haven't heard any news.

"Maxk" is just a crazy person that some other crazy people like to quote.

[MickeyT2008]

btcchina's order book looks primed for a move one way or another.

I noticed on Bitcoinwisdom that the charts for BTCChina look much more smooth and as I'd expect them to than on MtGox, where they look quite ragged and difficult to predict.  Would this be because Gox is following BTCChina's prices?  Gox seems to have much lower volume too.

[Wekkel]

If this holds, next days are going to be epic.

[neilol]

btcchina's order book looks primed for a move one way or another.

i think its either going to go up or down

We'll yeah, but the point is that most of the western books look like they're in a holding pattern with nobody willing to provide any depth near the spot price.  BTCChina, on the other hand, has healthy depth building on the bids side.  That doesn't really tell you where things will go, but it is, I think, and indication that at the very least there should be significant movement one way or the other soon.  Sellers could look at it as a chance to liquidate significant amounts without much slippage, which would probably push the price downward.  Buyers might look at is as building competition for bitcoins, which could induce a healthy round of buying if somebody decides to break ranks and buy into the sell orders.  So there you go.

I was just being obtuse

In all honesty, you're right, we are going to break out of this channel fairly soon. My guess is downward- we have yet to test the previous highs of ~$260. I think this will happen before the end of the weekend.