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

[MAbtc]

< 2 BTC bought/sold on BTCChina in last 15 minutes........

[MAbtc]

Fiatleak is showing lots of CNY going in, did they fix it?

This is why Fiatleak is useless.

[TERA]

We've seen in April/May/June that walls that walls of any size which pop up in front of a downtrend on low volume will be filled. At the peak of the second bulltrap in may on gox there was an 8,000 btc wall at $127 which popped up after the trend had already reversed from $136. It was filled along with about 30K of orders beneath it in a giant market order, and the downtrend proceeded to $66. On the way down there were also a variety of 5K - 20K btc walls that came into the play.

The walls are of course a bullish sign that there is demand from real investors and this may be a fair price. However, people are mistaken to think that it will stop the train.

[Sitarow]

[octaft]

Wow, some of the posts in this thread are a celebration to fiscal irresponsibility.

[ChartBuddy]

[spooderman]

yawn

[VolanicEruptor]

My prediction: back up to $1000 by new years
have fun

[freethink2013]

I'm pretty pleased with the stability tbh. We could well hit 550 tomorrow but it looks like we'll settle at 650 come monday. I don't expect much volume over christmas and once we get back over 800 we'll have officially shaken off china. We'll probably have a lot of panics as china exists but we'll be 800 into the new year regardless

[QuestionAuthority]

I'm pretty pleased with the stability tbh. We could well hit 550 tomorrow but it looks like we'll settle at 650 come monday. I don't expect much volume over christmas and once we get back over 800 we'll have officially shaken off china. We'll probably have a lot of panics as china exists but we'll be 800 into the new year regardless

Have you ever watched the price of petrol/gasoline during a global crisis? It increases dramatically. When the event is over and the market stabilizes the price drops but never to the level that it was before the event that moved it. Bitcoin is proving to be a commodity the reacts similarly. 

[Sitarow]

[spooderman]

Comeon I wnat chip coins so I cna hodl.

[freethink2013]

I'm pretty pleased with the stability tbh. We could well hit 550 tomorrow but it looks like we'll settle at 650 come monday. I don't expect much volume over christmas and once we get back over 800 we'll have officially shaken off china. We'll probably have a lot of panics as china exists but we'll be 800 into the new year regardless

Have you ever watched the price of petrol/gasoline during a global crisis? It increases dramatically. When the event is over and the market stabilizes the price drops but never to the level that it was before the event that moved it. Bitcoin is proving to be a commodity the reacts similarly.  

I hear what you are saying but gas prices are the most manipulated commodity ever. bitcoin is heavily manipulated but not to the same extent i.e. there is no real opec in our scenario.  We could say the 'bit' in 'bitcoin' is because it's a bit like oil, a bit like gold, a bit like whatever.

I suppose the gold/oil connection is scarcity/difficulty. I'd argue bitcoin is closer to gold than oil. Gold and bitcoin have arguable intrinsic value but it's scarcity that makes them valuable. Same for diamonds/silver etc. Yes you can do some stuff, make jewelry and electronic components but it's manly about a store of wealth.

Oil is different. Oil has a real intrinsic value. It is fuel. A real difficultly(cost) to mine plus it has a cartel limiting the supply.

talking out loud tbh lol

[CryptStorm]

We've seen in April/May/June that walls that walls of any size which pop up in front of a downtrend on low volume will be filled. At the peak of the second bulltrap in may on gox there was an 8,000 btc wall at $127 which popped up after the trend had already reversed from $136. It was filled along with about 30K of orders beneath it in a giant market order, and the downtrend proceeded to $66. On the way down there were also a variety of 5K - 20K btc walls that came into the play.

The walls are of course a bullish sign that there is demand from real investors and this may be a fair price. However, people are mistaken to think that it will stop the train.

+1

[QuestionAuthority]

I'm pretty pleased with the stability tbh. We could well hit 550 tomorrow but it looks like we'll settle at 650 come monday. I don't expect much volume over christmas and once we get back over 800 we'll have officially shaken off china. We'll probably have a lot of panics as china exists but we'll be 800 into the new year regardless

Have you ever watched the price of petrol/gasoline during a global crisis? It increases dramatically. When the event is over and the market stabilizes the price drops but never to the level that it was before the event that moved it. Bitcoin is proving to be a commodity the reacts similarly.  

I hear what you are saying but gas prices are the most manipulated commodity ever. bitcoin is heavily manipulated but not to the same extent i.e. there is no real opec in our scenario.  We could say the 'bit' in 'bitcoin' is because it's a bit like oil, a bit like gold, a bit like whatever.

I suppose the gold/oil connection is scarcity/difficulty. I'd argue bitcoin is closer to gold than oil. Gold and bitcoin have arguable intrinsic value but it's scarcity that makes them valuable. Same for diamonds/silver etc. Yes you can do some stuff, make jewelry and electronic components but it's manly about a store of wealth.

Oil is different. Oil has a real intrinsic value. It is fuel. A real difficultly(cost) to mine plus it has a cartel limiting the supply.

talking out loud tbh lol

I like that - a bit like oil, a bit like gold. lol

I meant the reaction from market manipulation instead of actual intrinsic value. Bitcoin is highly manipulated by a few power players, so is crude oil.

[thefunkybits]

Where's all the bulls from this morning? They're about to get burned.

[electronistul]

On our way to 400s - by Sunday evening.
Now, it's either  or    , depending where your money is.

[tutkarz]

Where's all the bulls from this morning? They're about to get burned.

I'm a bull because only not very smart people would be bears in deflationary currency and new technology which is in early stage of adoption. And I'm FAR from burned.

[ChartBuddy]

[Drabla]

On our way to 400s - by Sunday evening.
Now, it's either  or    , depending where your money is.

Imho there are too many people waiting for those prices. It has to first go up to a level that is considered a good exit point for the anti-hodlers (and those chinese that want to pass the bomb to another player)