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

[rpietila]

New money still uses Gox because it has historically been the most reliable and trustworthy exchange. Big money gives zero fucks about Goxbucks, they just want fresh and juicy coins.

You could be right, but considering that other exchanges are not moving, and there is a large overhang of goxbux from people who cashed out last week, I think the action in Gox is mainly their money transfer. Gox is higher than China atm!

More consolidation ahead...

[niothor]

41

Fixed

[DougTanner]

New money still uses Gox because it has historically been the most reliable and trustworthy exchange. Big money gives zero fucks about Goxbucks, they just want fresh and juicy coins.

You could be right, but considering that other exchanges are not moving, and there is a large overhang of goxbux from people who cashed out last week, I think the action in Gox is mainly their money transfer. Gox is higher than China atm!

More consolidation ahead...

China isn't moving because the Chinese are asleep. Stamp isn't moving because it was already ahead of itself after that huge fiat dump last week (after the bank software was down for a few days).

Stamp will fall behind Gox again, and China will catch up this evening.

Probably 

[JustAnotherSheep]

Wouldn't it be triple top?

I thought $10 was too big a margin to be considered a repeated peak? But then again I'm a noob and you might be right!

It's the calm before the storm, fiat is still arriving, people are just waiting to break the ATH before committing. And there's still another ~week before we see the new money from the senate hearings news-coverage.

You might be completely right. However resistance at 900 is understandable, it´s the old ATH afterall. If the market breaks that resistance, I will only get worried again when we reach parity with gold...

I'm worried about the upcoming thanksgiving holiday, and seeing how Americans like to spend holidays somewhat extravagantly I doubt there will be much more fiat coming in. Add to this that China and Stamp aren't joining in on this one and you have the perfect conditions for a double (or perhaps triple) top and the subsequent crash.

[oda.krell]

This rise is just someone (or somegroup) who is pumping the price and they have no control over BTCChina. The last few days movements are obvious algo-trades.

Hurr durr, algo trades!


I don't believe for one second that you have anything even remotely related to a technical understanding of the words you use.


I looked at the charts as well, by the way, and I can clearly tell current trading is dominated by horny geishas and class of 2012 Westpoint graduates. Don't ask me how I know, I just can tell, from looking at it real good.

[ChartBuddy]

[Ivanhoe]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

[mccorvic]

Rocket remains fueled. Very silly to sell now with intent of buying back.

[meanig]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

[niothor]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

About advising people that the price is unstable and it's not safe to invest too much in it during this time.

[Rampion]

Rocket remains fueled. Very silly to sell now with intent of buying back.

Agreed. Sweet spot to secure some profits for those who bought at low double digits or single digits, bad spot for those hoping to buy back significantly lower.

This train is headed to Alpha Centauri. Next stop, the moon.

[meanig]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

About advising people that the price is unstable and it's not safe to invest too much in it during this time.

Is that it!!! I thought it was going to be about shutting down the exchanges or something like that 

[rpietila]

China isn't moving because the Chinese are asleep.

China is down -5.7% over 3 days.

Also the arbitrage is closed, which means that west will have to raise the price to $1,000 by themselves.

We are also more than 2x ahead of the long-term trend, which is a very extended position.

Bid/ask charts are quite tilted towards the latter. Especially noteworthy is the lack of bids $700+

Volume is low.


Ch00000000000000........

EDIT: the last one is pronounced: "irrational exuberance is running rampant in the forum, expecting price to rise based on previous rise"

[niothor]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

About advising people that the price is unstable and it's not safe to invest too much in it during this time.

Is that it!!! I thought it was going to be about shutting down the exchanges or something like that 

It was a minor bearish news.
Not a bear rampage news.
And , just thinking about that make me shiver.

[Rampion]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

About advising people that the price is unstable and it's not safe to invest too much in it during this time.

This is extremely bullish. You know how this works, and never fails:

1) when everybody says "it is a bubble" (like now on mainstream media), its because it's not.
2) when the "pro" financial advisors say "do not invest, this is too risky" (as they are saying now), it means that you definitely have to buy and hold
3) when everybody says "it is a new paradigm, best investment ever", the its a bubble that it is about to pop
4) when "pro" financial advisors say "get in, it is a safe investment", then it is definitely the moment to GET OUT

We are currently at points 1) and 2), the path to be followed is very clear.

[Richy_T]

It was a minor bearish news.
Not a bear rampage news.
And , just thinking about that make me shiver.

With antici....

[micalith]

 Especially noteworthy is the lack of bids $700+

What do you mean by lack of bids? I see what looks like a healthy cumulative slope of bids $700+

[thoughtfan]

Gox people are afraid price isn't going lower like they hoped, so they have to buy back in like they are doing now. The majority didn't sell because they wanted cash, they sold because the rise was to fast and they thought they could buy back in lower. Before we see new money coming in the next weeks. Stamp people actually can cash out, so there is more resistance, that's why their price is lower and rises slower. This is the exchange to watch in my opinion. China still spooked, because they had a bigger correction and some minor bearish news ( CCTV ). They will catch up when they see new ATH's on american exchanges. 

What was the minor bearish news about?

About advising people that the price is unstable and it's not safe to invest too much in it during this time.

For different reasons than Rampion I also see this as bullish news even if not immediately.  For the many who believe the powers that be a warning from them that it is unsafe to invest too much is to say it's OK to invest not too much!  I would prefer people didn't invest 'too much' too - especially coupled with the belief we're constantly on the way to the moon.  That is a recipe for disaster I would call bearish much more than people investing cautiously.

[UnDerDoG81]

Damn never thought LTC´s will go up that fast after hiting 9$  

Would´ve been a good choice too to invest. People running to LTC because they hope they can buy in low as on bitcoin at the beginning.

[rpietila]

 Especially noteworthy is the lack of bids $700+

What do you mean by lack of bids? I see what looks like a healthy cumulative slope of bids $700+

In Bidstamp it's half the depth to $700 vs. to $1,000. But admittedly in Gox not. Did not check that.