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

[TERA]

I am still waiting to see a recovery that is not led by btcChina.

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[BitChick]

This week was the perfect storm.  We have a bunch of people that need to cash out for Christmas (I know not everyone celebrates Christmas but I think many do )  couple that with the China fiasco and we have a nice big crash.  Just thankful it was not worse really.

Next week there will be Christmas money flooding in, and a few people that want to buy before the end of the year for whatever reason, (Perhaps because Second Market is giving a discount on fees if they buy in before the end of 2013 for one example)

It will go up before the end of the year.  I have no doubts.

[Nolo]

This week was the perfect storm.  We have a bunch of people that need to cash out for Christmas (I know not everyone celebrates Christmas but I think many do )  couple that with the China fiasco and we have a nice big crash.  Just thankful it was not worse really.

Next week there will be Christmas money flooding in, and a few people that want to buy before the end of the year for whatever reason, (Perhaps because Second Market is giving a discount on fees if they buy in before the end of 2013 for one example)

It will go up before the end of the year.  I have no doubts.

This is exactly how I see it. 

[OldGeek]

Well I just consulted my trading team and asked them if I should by more bitcoins or wait for a lower price? They have analyzed the information available and said "Buy more bitcoins daddy". When all else fails you listen to the 5 and two year olds. They know what's up!

Good teamwork.  Did they advocate averaging down as well?

[MasterJumanji]

It will go up before the end of the year.  I have no doubts.

Only question is: Going up from 500, 400, 300, ...

[erk]

I am still waiting to see a recovery that is not led by btcChina.

Although they had the biggest volume lately, that was certainly not more than the combined volume of the other exchanges who have already been though the central bank pressure to restrict fiat flow into BTC, it's just that media sentiment is still following China.

[virtualfaqs]

Well I just consulted my trading team and asked them if I should by more bitcoins or wait for a lower price? They have analyzed the information available and said "Buy more bitcoins daddy". When all else fails you listen to the 5 and two year olds. They know what's up!

But did you ask your kids the same thing when BTC was $1200? haha  

[Pruden]

It is useful because there is obviously a correlation between coins on and off the books, especially in similar situations, and the fact is there are no new coins for sale showing up whereas it has been typical of them to do so in a dramatic manner.

What similar/typical situations are we talking about?

This seems very anecdotal. I'm not sure I see the evidence.

Doesn't ask depth dropping make sense when asks are pulled to market sell? Does it make sense to keep your limit orders at $1500 on the book if you are willing/planning to dump them lower?

About the typical situations: during the april crash ask sum more than doubled (50k to ~120k). During the november crashcorrection ask sum trebled (10k to 30k, you can't see it accurately so you will have to believe me).

Now, however, ask sum is steady (see chart right above shown on blockchained.com), and decreased suddenly during the hardest fall. While the panics previously mentioned involved coins coming out of nowhere into market sells, today's sells did not cause more coins to appear, unlike in previous crashes.

This is what oda.krell said about feeling bullish for the bid/ask ratio, but in other words.

[Adrian-x]

Well I just consulted my trading team and asked them if I should by more bitcoins or wait for a lower price? They have analyzed the information available and said "Buy more bitcoins daddy". When all else fails you listen to the 5 and two year olds. They know what's up!

Last Bull Run my 6 year old asked in earnest are the bulls or the bears winning today Dady

[damiano]

This week was the perfect storm.  We have a bunch of people that need to cash out for Christmas (I know not everyone celebrates Christmas but I think many do )  couple that with the China fiasco and we have a nice big crash.  Just thankful it was not worse really.

Next week there will be Christmas money flooding in, and a few people that want to buy before the end of the year for whatever reason, (Perhaps because Second Market is giving a discount on fees if they buy in before the end of 2013 for one example)

It will go up before the end of the year.  I have no doubts.

I think you nailed it

[pickard]

http://www.youtube.com/watch?v=F9tKkDJt2Vc

You trust that guy?

RT is Russian state sponsored TV.  Everything on that channel is pure Russian propaganda.

It's Putins words watered down for a global audience.  Why would they want to destroy the dollar? ohh wait 1 second..

[rpietila]

The immediate trend is strongly UP. On daily basis we are way oversold. I expect an advance to 666 area in the following hours/days. After that, the downtrend resumes and visiting the long-term trendline at about 450 is a strong possibility.

EDIT: Bitstamp

[TERA]

I am still waiting to see a recovery that is not led by btcChina.

Although they had the biggest volume lately, that was certainly not more than the combined volume of the other exchanges who have already been though the central bank pressure to restrict fiat flow into BTC, it's just that media sentiment is still following China.

All of the bots and traders are still wired to btcChina. Every move on btcChina is immediately reflected somehow on other exchanges. All of the volume on gox is merely an algorithmic interpretation of btcChina (and maybe bitstamp). If there is a 20k buy wall, and btcchina went down, then gox would have a 20k sell. Then when btcchina went back up, gox would have a 20k buy. Any territory can be entered if btcChina leads to there.  As long as this kind of behavior is there, the market cannot recover from the loss of China, and will continue to trend down since btcChina is on a strong downtrend.

[adamstgBit]

http://www.youtube.com/watch?v=F9tKkDJt2Vc

You trust that guy?

RT is Russian state sponsored TV.  Everything on that channel is pure Russian propaganda.

It's Putins words watered down for a global audience.  Why would they want to destroy the dollar? ohh wait 1 second..

I like max keiser because he's just fun to watch. he put a cool spin on the stories

[Nolo]

This is starting to get posted everywhere:

The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"

Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

It looks like this exchange has found a way around the new regulations.  

[jojo69]

http://www.youtube.com/watch?v=F9tKkDJt2Vc

You trust that guy?

RT is Russian state sponsored TV.  Everything on that channel is pure Russian propaganda.

It's Putins words watered down for a global audience.  Why would they want to destroy the dollar? ohh wait 1 second..

RT operates with a surprising degree of autonomy, as anyone who reads it regularly can easily see.  They were defenders of Pussy Riot from the beginning, as an example.

[BitChick]

The immediate trend is strongly UP. On daily basis we are way oversold. I expect an advance to 666 area in the following hours/days. After that, the downtrend resumes and visiting the long-term trendline at about 450 is a strong possibility.

EDIT: Bitstamp

You are usually right.  I would love for you to be wrong on this one though.  Just tell me when we are going to $10,000 Rpietila!  

[I_bitcoin]

This week was the perfect storm.  We have a bunch of people that need to cash out for Christmas (I know not everyone celebrates Christmas but I think many do )  couple that with the China fiasco and we have a nice big crash.  Just thankful it was not worse really.

Next week there will be Christmas money flooding in, and a few people that want to buy before the end of the year for whatever reason, (Perhaps because Second Market is giving a discount on fees if they buy in before the end of 2013 for one example)

It will go up before the end of the year.  I have no doubts.

I think you nailed it

I am giving bitcoins as gifts.  Suspect a certain fraction of those will be immediately transferred to FIAT.   Perhaps a few will hold and use for "real" as either an investment or used in the economy.   

Not sure if I am a good sample but this would then follow with a Christmas "sell."   I would give it a few weeks after Christmas before the behavior settles into a more understandable trend.   

Then again, who knows, maybe we will all be hunted down by the 'leet financial termination squads in our local regimes and the value will go to zero

[Macno]

This is starting to get posted everywhere:

The front page of huobi.com says "银行汇款充值24小时到账，支持招商、建设银行。"

Apparently it translates to: "You can use the remittance to deposit fiat into our platform. The fund will be available in 24 hours. We support China Merchants Bank and China Construction Bank".

I know huobi is a Chinese exchange.  I know they're saying they are now accepting fiat via "remittance".  What is remittance though?  And they say they support two different banks. Is remittance like a cashier's check form one of these banks?  Is it a bank wire?

It looks like this exchange has found a way around the new regulations.  

Maybe another webmaster trying this:
http://de.reddit.com/r/Bitcoin/comments/1t6yaa/let_me_tell_you_why_the_price_in_china_rose_3/

[wachtwoord]

The immediate trend is strongly UP. On daily basis we are way oversold. I expect an advance to 666 area in the following hours/days. After that, the downtrend resumes and visiting the long-term trendline at about 450 is a strong possibility.

EDIT: Bitstamp

You are usually right.  I would love for you to be wrong on this one though.  Just tell me when we are going to $10,000 Rpietila!  

$300k!