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

[Rampion]

We have a potential classic bitcoin triangle forming. Needs to climb back to and bounce down off of 775ish to really see if it forms though... But it looks like it could happen... We shall see.

What is a 'classic bitcoin triangle'?

Bitcoin has an incredible habit of forming the triangle wave pattern. It does it all the time thus it has become a bit classic for the bitcoin market to do them. At times it almost seems like certain big players are trying to design the triangles.

Pics or it didn't happen.

[macsga]

From BTCGuild:

Record Highs and Their Impact on Payouts
As many are likely aware, Bitcoin exchange rates have been soaring to new record highs for the last month, and things are really heating up after a mostly positive public senate committee hearing in the US.

During large rallies, the pool sees a huge increase in withdrawal activity, and I'm sure all other pools are the same. As a result, payouts are sometimes taking longer due to a significant number of backlogged transactions across the whole network competing for space in the next block. BTC Guild pays fees on all payouts, which significantly improves the odds of our pool's payouts making it into the next block.

However, please note that withdrawal activity should not spike like this! Users are highly encouraged to set automatic payout thresholds so they are never relying on the pool as a bank. The pool has been forced to move many coins from cold storage into the hot wallet during the rally. This can delay payouts, especially if the hot wallet runs completely dry due to multiple large payouts in a short time frame.

Please take this opportunity to set your automatic payout if you have not done so already! It ensures your coins are readily available to transfer in response to market conditions because there is no reliance on a pool hot wallet.
November 18th, 2013

* macsga holds...

[San1ty]

Argh, Who am I kidding... I love bears! 2 Whole BTC's for free thanks to this lovely volatility.

[wopwop]

PLEASE STOP SELLING!

[NamelessOne]

We have a potential classic bitcoin triangle forming. Needs to climb back to and bounce down off of 775ish to really see if it forms though... But it looks like it could happen... We shall see.

What is a 'classic bitcoin triangle'?

Bitcoin has an incredible habit of forming the triangle wave pattern. It does it all the time thus it has become a bit classic for the bitcoin market to do them. At times it almost seems like certain big players are trying to design the triangles.

Pics or it didn't happen.

Which part didn't happen? There is no way to prove my little theory about triangle makers with pics. It is just a hunch. The triangle thing in the market is a pretty well known thing for people doing EW. As for one happening at the moment, my original post was again... Another hunch. If we go too much lower it will be invalidated.

[San1ty]

PLEASE STOP SELLING!

SELL MORE!!!!! Also does anybody else notice the lack of volume on the book @ bitstamp. Could shoot up to 650 with a small buy WTF .

[BitPirate]

Crash is still bullshit while we're still up week on week.

This could go on for a long time

[Rampion]

12k for sale on Bitstamp, aprox. double what we used to see the last days.

Bears are reloading ammo, bulls crapping their pants?

[Davyd05]

Argh, Who am I kidding... I love bears! 2 Whole BTC's for free thanks to this lovely volatility.

If I didn't have to sell my entire position to earn that in the volatility today I would've probably traded at the highs, 2 good chance on cavirtex today.

Oh well a lil hookie pookie means more coins when the transfer roll through hopefully I am part of the uptrend

[tarmi]

I should've clarified I was talking gox, stamp is rarely at parity with gox, still pretty far apart atm I'd expect roughly 30-40 dollars closer

I admire your bravery.

I find it difficult to understand why people keep their money on Gox.

[Davyd05]

I should've clarified I was talking gox, stamp is rarely at parity with gox, still pretty far apart atm I'd expect roughly 30-40 dollars closer

I admire your bravery.

I find it difficult to understand why people keep their money on Gox.

I am at cavirtex but in reality, I watch gox cause I tend to believe it to pull or push cavirtex more often than other exchanges

[San1ty]

Argh, Who am I kidding... I love bears! 2 Whole BTC's for free thanks to this lovely volatility.

If I didn't have to sell my entire position to earn that in the volatility today I would've probably traded at the highs, 2 good chance on cavirtex today.

Oh well a lil hookie pookie means more coins when the transfer roll through hopefully I am part of the uptrend

Writing a bot atm so I don't have to do the trading anymore. Currently running in testing mode (Sold at 680 today, hasn't bought back yet). PROFITUS MAXIMUS!

[Taxidermista]

There is no way to prove my little theory about triangle makers with pics. It is just a hunch.

So those triangles only exist on your mind.

[BitPirate]

The drop in China will be spectacular when it comes. They're really betting against gravity.

[Wekkel]

this volume is sooo lowwwwww L . O . L

gotta realize there's 12 million BTC, and only 2000 bitcoins are needed to reduce its value 5%?

W T F

You just found out the speculative part.

[el_rlee]

The drop in China will be spectacular when it comes. They're really betting against gravity.

Not necessarily . It's supply and demand - watch the volume develop on btcchina over the last year. I don't believe demand will vanish so quickly.
Of course it can still crash, many people are sitting on a lot of profit.

[Davyd05]

The drop in China will be spectacular when it comes. They're really betting against gravity.

Let see if gox can stay above 600 :d

[tarmi]

[NamelessOne]

There is no way to prove my little theory about triangle makers with pics. It is just a hunch.

So those triangles only exist on your mind.

In terms of the "triangle maker" theory, yes, and in the minds of other that have noticed similar buying and selling patterns and discussed this with me. By stating it was a hunch it is pretty obvious I'm not calling it fact. People have theories all the time. But the triangles the happen all the time in the bitcoin are openly discussed on these forums with pics... Like all the time... They aren't just in my mind, they are in the markets subconscious.

[Ivanhoe]

Nobody knows what is going on. Bear trap? maybe.. Let's see if 600 ( and 500 on Stamp )holds, if it holds we'll see 1000 soon. I guess there will be a lot of money coming in next weeks after all this media attention.