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

[beetcoin]

What about this:
A triple double top, in the same shape that's been printing on a smaller time scale over and over again.

that looks like a volcano. does that mean BTC is about to explode? 

[windjc]

What about this:
A triple double top, in the same shape that's been printing on a smaller time scale over and over again.

that looks like a volcano. does that mean BTC is about to explode? 

Its the very bearish volcano formation.

[tHash]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

[windjc]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

Sometimes TA only takes into account TA. Not fundamentals, order book, etc.

[beetcoin]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

[NewLiberty]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

DDoS vs exchange does tend to thin the book.
slightly more robust now.

[ChartBuddy]

[TERA]

5 Reasons I'm not comfortable keeping my long right now:



1. previous resistance
2. Daily moving average possibly acting as resistance.
3. Downtrend line.
4. 4 hour moving averages.
5. Volume of rise much smaller than volume of drop.

Also.

MACD, PSAR

[windjc]

5 Reasons I'm not comfortable keeping my long right now:



1. previous resistance
2. Daily moving average possibly acting as resistance.
3. Downtrend line.
4. 4 hour moving averages.
5. Volume of rise much smaller than volume of drop.

Also.

MACD, PSAR

You realize Europe is waking up and Bitstamp is already making new highs. Both Gox and China are within 200 btcs of breaking the first resistance. I imagine if they do the buying gates will open and take us right up to the 4 hour moving average.  And this is all on a Monday morning.

The downtrend line will stay intact.

But the volume is still weekend volume. And down volume is almost always higher than up volume.

So its not the strongest case in the world.

[seleme]

Add Stoch to that too, it's overbought heavily.

But then again, I never expected it here on Monday morning so anything can happen as always with btc. It went up a lot today, almost 20%.

[tHash]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

And we might have another Carrington event, etc.   Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . .   Regulating exchanges? Having to abide by KYC?   That would certainly kill bitcoin.    

I was talking about the next few weeks anyway.   Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad.

[beetcoin]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

And we might have another Carrington event, etc.   Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . .   Regulating exchanges? Having to abide by KYC?   That would certainly kill bitcoin.    

I was talking about the next few weeks anyway.   Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad.

well then we are not in disagreement. i thought that the bottom was going to be around $600 and was right for once. only problem is that i didn't have any fiat to buy BTC.

then again, if there were another group in addition to the baidu one, that were to purposefully throw some bad news out there.. there could have possibly massive panic and fear.

[windjc]

Short term resistance broken.

[windjc]

This rally is a stronger impulse move than from the dip last weekend.

Looks like more selling pressure has been released and more buying pressure is pent up.

Very interesting.

[seleme]

crazy stuff... it had met some resistance now

[DaRude]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

And we might have another Carrington event, etc.   Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . .   Regulating exchanges? Having to abide by KYC?   That would certainly kill bitcoin.    

I was talking about the next few weeks anyway.   Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad.

You're delusional if you think there are no bad news that could bring btc down. 90% of it's value is speculation. Things like exchanges going down/getting hacked (looking at btc-e), protocol issues (big hard fork), any news of some retards getting busted for something illegal and getting paid with BTC (think child pornography rings, some dictators funneling funds to repress ppl) negative press, one of those BTC100k wallets getting hacked and dumped with one market sell (sheep), some senator in US decides to make a career by fear mongering against BTC etc...etc...etc... Hell look at the catalyst of this crash apparently it was the not so bad news from Chinese. I'm long on BTC but don't fool yourself thinking there aren't any risks  

[windjc]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

And we might have another Carrington event, etc.   Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . .   Regulating exchanges? Having to abide by KYC?   That would certainly kill bitcoin.    

I was talking about the next few weeks anyway.   Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad.

You're delusional if you think there are no bad news that could bring btc down. 90% of it's value is speculation. Things like exchanges going down/getting hacked (looking at btc-e), protocol issues (big hard fork), any news of some retards getting busted for something illegal and getting paid with BTC (think child pornography rings, some dictators funneling funds to repress ppl) negative press, one of those BTC100k wallets getting hacked and dumped with one market sell (sheep), some senator in US decides to make a career by fear mongering against BTC etc...etc...etc... Hell look at the catalyst of this crash apparently it was the not so bad news from Chinese. I'm long on BTC but don't fool yourself thinking there aren't any risks  

The market crashed this time because it was weak and looking for any excuse. There has been worse news that the market shrugged off.

[tHash]

Exactly what is going to happen to make 10's of millions of dollars suddenly run away from bitcoin?   Which is what would have to happen to see the price slide.   Other than wishful thinking, I can't wrap my mind around what you bears think is going to destroy bitcoin.   Can any of you read an order book?   After the April crash, the order book collapsed.   It is building like crazy right now.

well for starters.. governments could start shutting down or regulating exchanges. that or government might announce that it will pursue tax evaders who hold bitcoin. i'm not bearish, i'm "idontknowish."

And we might have another Carrington event, etc.   Of course there will eventually be a push to find tax evaders using bitcoin, but the best way to get caught would be to sell on an exchange . . .   Regulating exchanges? Having to abide by KYC?   That would certainly kill bitcoin.    

I was talking about the next few weeks anyway.   Sure there could be bad news, but in my opinion the odds are greater that we have good news than bad.

You're delusional if you think there are no bad news that could bring btc down. 90% of it's value is speculation. Things like exchanges going down/getting hacked (looking at btc-e), protocol issues (big hard fork), any news of some retards getting busted for something illegal and getting paid with BTC (think child pornography rings, some dictators funneling funds to repress ppl) negative press, one of those BTC100k wallets getting hacked and dumped with one market sell (sheep), some senator in US decides to make a career by fear mongering against BTC etc...etc...etc... Hell look at the catalyst of this crash apparently it was the not so bad news from Chinese. I'm long on BTC but don't fool yourself thinking there aren't any risks  

That's what you took from what I said?   BTC is extremely risky.   I am just saying that the odds are not in favour of that happening at such a time as to send us into a prolonged downtrend.   The biggest risk I see right now, is the speed of the recovery.  I think you are overestimating the effect of some of the news possibilities you bring up too.   The market was just looking for an excuse to correct when the China misunderstanding popped up.  

Edit: windjc beat me to my points . . .

[MikeH]

yea manipulators made use of the confusion around the China announcement - I mean headlines on some news sites were simply 'China bans bitcoin', it was too easy to exploit.

[byronbb]

So why are the exchanges suddenly in step with each other?