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

[Pruden]

If you think that 27M in bids on Gox and 13M on Bitstamp (both at ATH) is irrelevant well good luck to you trying to swim upstream.

The previous bid sum ATH in Gox had been set after the April crash. I guess it was all the dollars on their way from before the bubble pop and arriving at a quite less optimistic scenario than when they were sent, together with the dollars of bears waiting to get back in.

There is a difference now, though: The ask sum is still quite lower, unlike in late April at $160 when the order book was balanced as well as liquid and next thing you knew WEEEEEEE! back to double digits again.

[macsga]

If you think that 27M in bids on Gox and 13M on Bitstamp (both at ATH) is irrelevant well good luck to you trying to swim upstream.

Read the post again, young man.

Upon waking up, I removed 25% of BTC China (world's biggest exchange) bid depth. The guys who have more bitcoins than I do, control the bid depth in Gox and Stamp. When they remove the bids and start rolling, the price moves down however much they like.

This is how it works. Read the post again, so you understand why I wrote it in a byzantine way.

What about the ethics of this method? I mean, how do you feel when acquiring all those cheap coins from fool (or ignorant) people? Is there an up limit to greediness? I know it sounds like a philosophical POV but a) I am Greek (where philosophy was born) and b) there's a point in my question. There's a chance that I may predict my future life thesis from your current one. Does it ever stop?

[ag@th0s]

Money hits my exchange
All the bears are in the caves
No 400 dollars coins for lil' ol me?

Haiku!  (well, almost)

[ErisDiscordia]

Fortuna, of course

Eris. Discordianism gives a unique insight into Bitcoin and you'd be surprised how much the law of fives helps with TA.

You have my blessing! Go forth and trade, lest ye be traded!

Pro-tip: the law of fives is an excellent guide to reality, but it can not, I repeat can not hold a candle to the all mighty nexus of chaotic synchronicity, that is the number 23. Of course, 23, 2 + 3 = 5. So watch out for Fridays. And the 23rd day of the month. If it falls on a Friday you can expect pure chaos. And what if it Friday the 23rd is in May, the 5th month of the year...like NEXT YEAR?

Then you should come here:

http://goo.gl/maps/clEVJ

47 (23,5*2) latitude, 23,5 longitude for the first ever worldwide discordian celebration!

[windjc]

So are you saying with all these bids, someone could still crash the market? During the last correction, it was over once we met with these solid bidwalls. What do you think theres some of those guys from the old gox days waiting to dump 100k btc loads all at once?

Did the walls look like this in april before crashing to 50?

How many bitcoins do you have? You don't need to tell me. How much do you know about bitcoin, compared to the ones that have 10x less? Yes, you tend to have a very different knowledge and mindset than they do.

Now is the difficult part. How do the people think that have more bitcoins than you do, let's say 10x more? Don't they think differently than you? What are the implications?

I have a certain number of bitcoins and think a certain way. I extrapolate that the guys above me know even more and better than I do. If they have figured out that this is a good time to have a breather, they will execute their will. If I am wrong, I will eat my losses ($2 million in bank is a such a shame to have). Bitcoin is a managed currency.

--Of course the walls etc. have predictive value, but the difference is: you accept them, I erect them. The actual game is, whether (or: who of the) manipulators can increase their coincount, and how to keep the price appreciating such that it preserves bitcoin's long term potential to replace fiat.

Its more than a bit arrogant to equate # of bitcoins with knowledge or intelligence in trading. It makes you sound small for suggesting it.

More big money is coming into this market and the amount of coins someone needs to "manipulate" it is becoming larger and larger.

Go ahead, dump 10k coins right now. Lets see where we are in 24 hours. I would suggest we would be at the same level or maybe higher.

You want to risk 10k+ coins to see if you can move the market down a few dollars from your average cost of coin sold? Ha. Ok, be my guest.

Unless there are a room full of 50k+ bitcoin owners strategizing together, then I doubt there is very much successful manipulation going on.

I mean, you were on here earlier today preaching bear to try to drive down the price and everyone saw right through your motivations right away.

But, lets do an open experiment. Choose an exchange. Dump 10k coins and see what you can buy them back for.  I'd love to see this case study. It certainly would shut everyone the hell up for a while about manipulation and "whale power."

[Davyd05]

How long do you guys think this rally last... we gonna rubber band a lil more if/or when some drops coins at 4-5am est again.. I am kind've feeling the rest of Nov as a Bearish month.

[Davyd05]

Money hits my exchange
All the bears are in the caves
No 400 dollars coins for lil' ol me?

Haiku!  (well, almost)

I give you license to perfect it ...considering it was born out of my angst of being a day late to grab the cheaper coins.. It sure hurt buying the last on at 619 + fees after seeing the dips over the past week.. Ahh buy and hold.. buy and hold.. remind me to never let the fiat well run dry on the exchanges.. oh shit I gotta make another bill payment before its too late lol

[TERA]

I'm getting that euphoric feeling again that I've been getting every night lately where I'm completely confident in the price, buy more and am ready to go to sleep right before it starts crashing and I should have sold.

[macsga]

How long do you guys think this rally last... we gonna rubber band a lil more if/or when some drops coins at 4-5am est again.. I am kind've feeling the rest of Nov as a Bearish month.

You never know... it's Bitcoin world.

[Davyd05]

So are you saying with all these bids, someone could still crash the market? During the last correction, it was over once we met with these solid bidwalls. What do you think theres some of those guys from the old gox days waiting to dump 100k btc loads all at once?

Did the walls look like this in april before crashing to 50?

How many bitcoins do you have? You don't need to tell me. How much do you know about bitcoin, compared to the ones that have 10x less? Yes, you tend to have a very different knowledge and mindset than they do.

Now is the difficult part. How do the people think that have more bitcoins than you do, let's say 10x more? Don't they think differently than you? What are the implications?

I have a certain number of bitcoins and think a certain way. I extrapolate that the guys above me know even more and better than I do. If they have figured out that this is a good time to have a breather, they will execute their will. If I am wrong, I will eat my losses ($2 million in bank is a such a shame to have). Bitcoin is a managed currency.

--Of course the walls etc. have predictive value, but the difference is: you accept them, I erect them. The actual game is, whether (or: who of the) manipulators can increase their coincount, and how to keep the price appreciating such that it preserves bitcoin's long term potential to replace fiat.

Its more than a bit arrogant to equate # of bitcoins with knowledge or intelligence in trading. It makes you sound small for suggesting it.

More big money is coming into this market and the amount of coins someone needs to "manipulate" it is becoming larger and larger.

Go ahead, dump 10k coins right now. Lets see where we are in 24 hours. I would suggest we would be at the same level or maybe higher.

You want to risk 10k+ coins to see if you can move the market down a few dollars from your average cost of coin sold? Ha. Ok, be my guest.

Unless there are a room full of 50k+ bitcoin owners strategizing together, then I doubt there is very much successful manipulation going on.

I mean, you were on here earlier today preaching bear to try to drive down the price and everyone saw right through your motivations right away.

But, lets do an open experiment. Choose an exchange. Dump 10k coins and see what you can buy them back for.  I'd love to see this case study. It certainly would shut everyone the hell up for a while about manipulation and "whale power."

to be honest.. seems like your goading him into cheap coins for all. I like your style.

[ag@th0s]

Fortuna, of course

Eris. Discordianism gives a unique insight into Bitcoin and you'd be surprised how much the law of fives helps with TA.

"Never whistle while you're pissing" helps too

[Davyd05]

How long do you guys think this rally last... we gonna rubber band a lil more if/or when some drops coins at 4-5am est again.. I am kind've feeling the rest of Nov as a Bearish month.

You never know... it's Bitcoin world.

Just seeing what others are speculating towards.. I myself felt by 4am-5am est the rubber banding would ensue with an adequate run up...just out of the mentality left by the profits made in the recent dips. Not saying I think people with coins are still feeling greedy but scorned noobs like myself might over react and assume its time to sell to take adv of a incoming dip.. doesn't help btc charts is not letting me see whatsup in volume and percentage change figures.

[windjc]

How long do you guys think this rally last... we gonna rubber band a lil more if/or when some drops coins at 4-5am est again.. I am kind've feeling the rest of Nov as a Bearish month.

We are inching closer to some very important resistance levels. If Gox goes over 748 we are in full bear mode. Its around 680 now. Of course it will have to fight its way over $700.

I think we may continue to inch up slowly through Thanksgiving. But we could be consolidating close to our highs by then.

At any rate this last bounce up has been huge and consistant all day and backed up with a ton of bid depth. This is looking more and more bullish by the hour.

[TERA]

This might for 6 months be known as the "the chance you had to sell at the top of that bulltrap" but I can't bring myself to do it...

[rpietila]

Its more than a bit arrogant to equate # of bitcoins with knowledge or intelligence in trading. It makes you sound small for suggesting it.

More big money is coming into this market and the amount of coins someone needs to "manipulate" it is becoming larger and larger.

Go ahead, dump 10k coins right now. Lets see where we are in 24 hours. I would suggest we would be at the same level or maybe higher.

You want to risk 10k+ coins to see if you can move the market down a few dollars from your average cost of coin sold? Ha. Ok, be my guest.

Unless there are a room full of 50k+ bitcoin owners strategizing together, then I doubt there is very much successful manipulation going on.

I mean, you were on here earlier today preaching bear to try to drive down the price and everyone saw right through your motivations right away.

But, lets do an open experiment. Choose an exchange. Dump 10k coins and see what you can buy them back for.  I'd love to see this case study. It certainly would shut everyone the hell up for a while about manipulation and "whale power."

It is not intelligence but the resources and tools available for trading:

With BTC10 trading capital you can pick opportunities that the elephants cannot. But the elephants can use their BTC1,000 trading capital to manipulate the bid/ask volumes, erect small walls and do dumps. As for the large holders (BTC100,000), the market is at their mercy when it is ripe for a correction, because they can do whatever they want. Only rule is that when they relinguish coins, the average price has to be higher than the buyback.

For this reason, based on the trend analysis, this was a good chance to go bearish. Even if I am wrong initially, sitting tight on this fiat position is all right because I know that bitcoins are a tad high atm, and only after 4 months they "should" be worth this much.

There may be collusion between some large owners, I don't know. But the same effect follows even if everybody just acts individually, trying to outsmart others.

I think BTC100,000 manipulates this market more now than ever, because of the exchange situation... But I don't have such money to play with. Otherwise I think you are right.

[macsga]

Lots of fiat have on their way to the exchanges. Bitcoin network will see a bigger capitalization soon. Nevertheless there are those who will try to acquire the lion's part off it; so buy and hold. I found out that, this is the most profitable way to go.

[windjc]

If you think that 27M in bids on Gox and 13M on Bitstamp (both at ATH) is irrelevant well good luck to you trying to swim upstream.

Read the post again, young man.

Upon waking up, I removed 25% of BTC China (world's biggest exchange) bid depth. The guys who have more bitcoins than I do, control the bid depth in Gox and Stamp. When they remove the bids and start rolling, the price moves down however much they like.

This is how it works. Read the post again, so you understand why I wrote it in a byzantine way.

To be honest, I think you made a mistake. I think the Chinese exchange is a GREAT investment right now. That dragon is asleep, but the other exchanges look bullish. Remember, China did not start this rally, Gox and Stamp did. China just gained the most momentum and left the others behind.

This will happen again. China is being arbitraged right back into line right now. But they will explode up fast and furious once the other exchanges confirm the continued bull trend.

You could have made yourself a couple of more million over the next few weeks (probably sooner) had you had the balls to buy.

Oh well.

[Davyd05]

This might for 6 months be known as the "the chance you had to sell at the top of that bulltrap" but I can't bring myself to do it...

lol the quality of this video reminds me of my outlook on bitcoin in 2010-2011.. terrible.. but I think that dam rubberband man.. never know when he's gonna snap

http://www.youtube.com/watch?v=my0fQzecfsA

[windjc]

How long do you guys think this rally last... we gonna rubber band a lil more if/or when some drops coins at 4-5am est again.. I am kind've feeling the rest of Nov as a Bearish month.

We are inching closer to some very important resistance levels. If Gox goes over 748 we are in full bear mode. Its around 680 now. Of course it will have to fight its way over $700.

I think we may continue to inch up slowly through Thanksgiving. But we could be consolidating close to our highs by then.

At any rate this last bounce up has been huge and consistant all day and backed up with a ton of bid depth. This is looking more and more bullish by the hour.

you mean bull?

Yes bull.

[ag@th0s]

"My prophet is a fool with his one, one, one..."

Everything is clear beneath the Magick square of the Sun.