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

[seleme]

A moment of silence for all the panic sellers who will have lost in this most recent, but oft repeated bitcoin ride.  We've all been there.  Your initiation is complete.  Welcome to the club.

Too early to brag I am afraid.

I'm not bragging.  Whether the bottom is actually in or not, lots of newcomers are going to have lost on this as they try to be day/swing traders and fail at it.  This is the, what, fourth time I've experienced this?  The infrastructure is stronger than ever and more people than ever recognize a value in a distributed ledger system.  Bitcoin is finally bumping up against governments, who are taking it seriously, and the market is working through that uncertainty.  Nevertheless, I think odds are in favor of the system making it through these challenges.  That isn't to say it still won't be a very rough ride for a while.

Well, I could agree with that.

[SnowMonkey_CG]

Gox going for 0.800!  (0.790 atm)

[dwdoc]

"A joint statement from several Chinese official bodies such as the People's Bank of China said Bitcoins are not a currency and cannot be used as a form of payment by any businesses or financial institutions."

is that bold statement correct?  don't think I saw mention of that in discussions here.

The notice said that Bitcoin was “not a currency in the real meaning of the word” but was rather a “virtual commodity that does not share the same legal status of a currency. Nor can, or should, it be circulated or used in the marketplace as a currency.”.

http://www.nytimes.com/2013/12/06/business/international/china-bars-banks-from-using-bitcoin.html?_r=0

In other words people can use it but not require anyone to pay with it. Same as gold, silver, etc.

Yes it is a virtual commodity, not a virtual currency so the Chinese can still use it as they intended: as a hedge against the yuan and to transfer assets outside China.

[MikeH]

I have no idea what to do. I want to go to bed, but not sure if i should cash into btc now or stay in fiat.

toss a 3 sided coin, buy, wait, buy 50%

[Peter R]

Bears and Bulls: Can't we just call it $700 for the night, get some sleep, and start again tomorrow?

EDIT: Oh wow, it's almost morning!

[spooderman]

i feel like 200/300 is gonna be the bottom. this will probably get nastier over the weekend

[DaRude]

A moment of silence for all the panic sellers who will have lost in this most recent, but oft repeated bitcoin ride.  We've all been there.  Your initiation is complete.  Welcome to the club.

This is becoming to sound more and more like troll box where everyone claims to have bought in at 580!

[dwdoc]

Bears and Bulls: Can't we just call it $700 for the night, get some sleep, and start again tomorrow?

EDIT: Oh wow, it's almost morning!

I'd rather stay awake and call it 800.

[Jamievs]

When you look at the order book @ bitstamp.. I takes a pretty low volume to push the price back to 700$. that is pretty scary lol

[MicroFi]

[Zangelbert Bingledack]

A moment of silence for all the panic sellers who will have lost in this most recent, but oft repeated bitcoin ride.  We've all been there.  Your initiation is complete.  Welcome to the club.

This is becoming to sound more and more like troll box where everyone claims to have bought in at 580!

I had a bid at 560 on Gox, just missed it :/

[seleme]

I had like one hour of sleep. And its 12:30 PM here 

[Searing]

I have no idea what to do. I want to go to bed, but not sure if i should cash into btc now or stay in fiat.

me I have 28 coin..so gonna stick it out for those of you with a lot more...no idea...just saying

[simonk83]

Alright, off to bed.  I'd rather it was higher when I wake up, but honestly I'm not too bothered.  I'm long long, so blips like this don't really faze me anymore.  I got all the fear out the first couple of times this happened, several years ago    Actually feels pretty liberating

[Rampion]

I have no idea what to do. I want to go to bed, but not sure if i should cash into btc now or stay in fiat.

me I have 28 coin..so gonna stick it out for those of you with a lot more...no idea...just saying

In case of doubt, hold unless you need the fiat.

[micalith]

right, so I'm hoping that this is the dead cat bounce which might confirm that we reached the bottom, rather than a sucker's bull trap. Either way, I would be amazed if we don't revisit 500s by the end of the weekend

[Rampion]

right, so I'm hoping that this is the dead cat bounce which might confirm that we reached the bottom, rather than a sucker's bull trap. Either way, I would be amazed if we don't revisit 500s by the end of the weekend

It should definitely be a bull trap, 80% chances for it to be a bull trap.

Anyhow, bottom shouldn't be lower than $350ish in any case, and it should be reached quite fast.

Anyhow: I'm holding. Not worth to risk coins in this moment, after BTC just went full mainstream. Im content with my BTC position, I really don't need more of them but i will hate losing a bunch of them.

[simonk83]

right, so I'm hoping that this is the dead cat bounce which might confirm that we reached the bottom, rather than a sucker's bull trap. Either way, I would be amazed if we don't revisit 500s by the end of the weekend

It should definitely be a bull trap, 80% chances for it to be a bull trap.

Your statistic has 87.34% chance of being bullshit.

[Rampion]

right, so I'm hoping that this is the dead cat bounce which might confirm that we reached the bottom, rather than a sucker's bull trap. Either way, I would be amazed if we don't revisit 500s by the end of the weekend

It should definitely be a bull trap, 80% chances for it to be a bull trap.

Your statistic has 87.34% chance of being bullshit.

Ok, let's see if we revisit the $600s or not. Either way I will be happy, isn't BTC wonderful?

[Nemo1024]

Alright, off to bed.  I'd rather it was higher when I wake up, but honestly I'm not too bothered.  I'm long long, so blips like this don't really faze me anymore.  I got all the fear out the first couple of times this happened, several years ago    Actually feels pretty liberating

Interestingly, I don't feel much fear, just indecision. And I came to the exchange after the April crash, so I was not through it the last time, but read quite a lot about it.
Take for example, the last hour. I woke up to 650. By the looks of it 500 was to be retested, so I set some buy orders there, and the market promptly jumped to 780!  

I think I am going to cash out what I initially invested in direct bitcoin purchases and mining equipment, plus a small revenue bonus on top of that. The rest will be used to re-buy bitcoins at the next low.
That way I would recover everything what I could have lost, and will feel even more emotionally detached from my BTC holding.