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

[Coinseeker]

If Bitcoin can sustain these prices without China, I'd be very surprised.  I have a feeling it's going to be a long and nasty weekend.

Bitcoin is not "without China".

Bitcoin is without Chinese banks.

Understand?

Bitcoin is without Chinese banks and Chinese merchants.

Understand?

Ah yes, those Chinese merchants were really driving the Bitcoin economy.

Sarcasm, understand?

Nothing is driving this but speculation.  I've known that since day one.  But the future expectation of what China could bring to the table, just got obliterated.  No banks, no merchants...simply reduced to trading it online.  I'm sure this is all very bullish news though.    

I didn't say it was bullish. You said you'd be surprised if this price can be sustained without China, and I pointed out that we are not without China.

Understand?

I don't consider being reduced to trading online, "having China".  But, please continue to live in your delusions.  This is definitely the forum for it.  

[freethink2013]

Honestly, I don't think china has been obliterated at all. It was unregulated and unfettered until now and now it's both regulated and fettered. Chinese people are still able to gamble on an investment and cash out and that's all they were doing up until now not spending btc in shops so effectively not much has changed apart from they have to show ids. It's a bit like silk road closing but it's certainly not the end of the world.

Chinese people working abroad can still send money home and the recipients can still exchange that money for cash.

[wilfried]

do you really have to verify to get your coins off gox now?

@ btcchina you have to give a valid phone number (sms verification code) and enter a passport number, just took by coins out of that shit

[seleme]

wake up tomorrow at $500  "gee, that's nice"

wake up tomorrow at $2500  "gee, that's nice"

Pretty much this.

[beaconpcguru]

Massive dump incoming, price is stabilizing and no buyers...

Its amazing how there are no buyers, yet the price is going up.. bids keep filling to the lower postions.. 900 coin sell wall moved 200$ back... your right, nothing to see here, move along.

[ChartBuddy]

[maz]

A chart I posted on one of Risto's threads the other day.

Uploaded by Drew at tradingview 4 Days ago. As a short term bear his comments on the situation made excellent sense to me.



The same chart with the current trading data filled in over time.

[gandhibt]

Bought back at loss my previously sold 16% at 900 (sold at avg 862). I had aprox 5% stop loss. Another time, another trade. Big trend remains bullish so my stash remains in btc.

[kurious]

There is every probability that countries with capital controls will adopt a negative stance towards bitcoin(China).   In those countries bitcoin will be highly sought after for exactly that reason, to escape capital controls.   In countries that adopt a more liberal stance, we are just seeing the beginning of the spread of bitcoin as a useful currency.   The fact that China didn't act to shut down the exchanges is big in my opinion.

Also, all during the run up, the bears were saying that volume in China was fake, and therefore China was not a factor.   Suddenly now, China will be the end of bitcoin?  

The news was not bad - China will not be the end of Bitcoin, no.

Sentiment will decide ALL unless 'utility' overtakes 'store of value' as a reason for growth.  Store of value and speculation is all there is so far.  

What is priced in is future utility value and sentiment is the pricing factor in this.

It still is what the market believes it will become, and not YET what it actually is.

I think it will - that is why I am here - but disasters in the market can change things.  The exchanges must be fluid, accessible and trustworthy for it to grow to where (most of us) want it to.

Who wants to risk losing it all if they are buying in now?  The price is supported by hope and more importantly trust.  Exchanges must prove they are worthy of it.

[Nemo1024]

What's up? Or, should I say, why's up?
I am away from a computer for an hour and it goes back from 800 to 900!
Sold at 866 and had a buy order at 820 and it didn't get filled...
Will be re-buying on the next dip...

[freethink2013]

A chart I posted on one of Risto's threads the other day.

Uploaded by Drew at tradingview 4 Days ago. As a short term bear his comments on the situation made excellent sense to me.



The same chart with the current trading data filled in over time.

let me guess, you have buy orders in at 700.

pathetic

[Miz4r]

If Bitcoin can sustain these prices without China, I'd be very surprised.  I have a feeling it's going to be a long and nasty weekend.

Bitcoin is not "without China".

Bitcoin is without Chinese banks.

Understand?

Bitcoin is without Chinese banks and Chinese merchants.

Understand?

Ah yes, those Chinese merchants were really driving the Bitcoin economy.

Sarcasm, understand?

Nothing is driving this but speculation.  I've known that since day one.  But the future expectation of what China could bring to the table, just got obliterated.  No banks, no merchants...simply reduced to trading it online.  I'm sure this is all very bullish news though.    

That's not necessarily true, China could change their stance at any time they want when they see other countries making excellent progress with bitcoin adoption and they start to feel like getting left behind.

[seanneko]

Lol @ The bug at MTGox hasn't "saved" the crash. WTF. Having an insecure big exchange will lead to a lower overall price. So we'd be higher now without Gox' fuck up.

+1

It looks a scarily immature system for anyone to feel secure in investing in, if the 'major' and best known exchange is not remotely reliable

And yet people had (still have?) it in their head that we'll hit $10k next year.

Yeah, I can really see multi billionaires putting their money into Bitcoin when the largest exchange implodes for no significant reason.

Hahaha, do you really think "multi billionaires" buy in Gox just like regular folks ??

Um, did you even read my post? Where did I say, or even imply, that they do?

[tHash]

Massive dump incoming, price is stabilizing and no buyers...

Its amazing how there are no buyers, yet the price is going up.. bids keep filling to the lower postions.. 900 coin sell wall moved 200$ back... your right, nothing to see here, move along.

People are in wait mode.   Price moving up on low volume is because the asks have not filled in.   A consensus is formed when people don't wish to sell less than a certain price, nor do people want to buy higher than a certain price.   When there is much of a spread between the two, volume drops off a lot.   Only time will tell how the spread closes.

[TERA]

I guess my TA about the MACD, PSAR etc was correct after all...

[freethink2013]

If Bitcoin can sustain these prices without China, I'd be very surprised.  I have a feeling it's going to be a long and nasty weekend.

Bitcoin is not "without China".

Bitcoin is without Chinese banks.

Understand?

Bitcoin is without Chinese banks and Chinese merchants.

Understand?

Ah yes, those Chinese merchants were really driving the Bitcoin economy.

Sarcasm, understand?

Nothing is driving this but speculation.  I've known that since day one.  But the future expectation of what China could bring to the table, just got obliterated.  No banks, no merchants...simply reduced to trading it online.  I'm sure this is all very bullish news though.    

That's not necessarily true, China could change their stance at any time they want when they see other countries making excellent progress with bitcoin adoption and they start to feel like getting left behind.

Yep I think they probably will but decided to put the brakes on things. I'm pretty bullish but even I thought we were getting a bit carried away

[seleme]

Bought back at loss my previously sold 16% at 900 (sold at avg 862). I had aprox 5% stop loss. Another time, another trade. Big trend remains bullish so my stash remains in btc.

You should wait.. it's weekend and you'd most probably have a chance to buy without loss. I'm approx in same situation but will wait.

[manfred]

Gox leaking market share every day. The last days of an era.

bitstamp     31.010%   45152.250   0.850 USD
mtgox*   30.000%   43688.600   0.871 USD
btce           29.750%   43320.360   0.880 USD

Seems that data is lagging too. Mtgox is less than halve of BTC-e bitcoin volume plus over 1 million litecoins as well
http://www.cryptocoincharts.info/v2/markets/info/

That includes all BTC pairs .. so not very accurate

That is exactly why it is very accurate because it includes all BTC pairs. Or is a Russian bought bitcoin somehow not a full bitcoin. Must it be bought with USD to be counted?

[Vigil]

Massive dump incoming, price is stabilizing and no buyers...

Its amazing how there are no buyers, yet the price is going up.. bids keep filling to the lower postions.. 900 coin sell wall moved 200$ back... your right, nothing to see here, move along.

And it has done this many times before crashing in just the last 12 hrs. The price was about to fall through the floor with no sign of stopping - eating thousands of bitcoins in under a couple minutes. The only reason we are sitting here is because Gox engine failed. we have barely moved from the rebound spot.

[Coinseeker]

That's not necessarily true, China could change their stance at any time they want when they see other countries making excellent progress with bitcoin adoption and they start to feel like getting left behind.

Ah yes, the dream.  Please let me know when it makes it's way into reality.