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

[oda.krell]

...

Point 2 is: I have equally much confidence that our correction is far from over yet.

Anything in particular that makes you believe that?  Anything you would care to share?

Sure. Basically, based on historical comparison. I'm not a follower of applying any strict rules of how a post-peak bear market has to play out, but, very approximately, it seems that at least time wise there's some correspondence between run up and subsequent decline. So I would expect January, February the earliest as an end of the overall bearish trend (i.e. the post double top period we're in now). There's also some correspondence between pre-run up price, ATH price, and final bottom, but it's less clear to me. But the time component really sticks out in my view.

[adamstgBit]

...

Point 2 is: I have equally much confidence that our correction is far from over yet.

Anything in particular that makes you believe that?  Anything you would care to share?

the market doesn't move for no reason

why did we go up 200,000% in 2 years?

or maybe the better question why didn't we go 300,000% in 2 years

market can't go back up over 1000$ without a damn good reason.

and if it can't go up it will go down..

The train doesn't need a reason... Was there a reason for the last time it was above 1k?

fuck ya.

[Parazyd]

[silverfuture]

i dont understand why would you buy bitcoin to buy drugs everyone knows bitcoin is the best drug in the world.

I'm on bitcoin right now!

[TERA]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

[adamstgBit]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

is CNY buying up the coins on stamps and gox?
 

[byronbb]

It's turning into a self congratulatory circle jerk in this thread.

Even if you just bought and held Bitcoin since it was $200 or less I'd like to point out that you could have made a lot more by purchasing certain alt coins and holding them back when BTC was < $200.

Lol this is all hindsight.

[Parazyd]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

it's better to leave them alone and let them do their magic

[oda.krell]

...

Point 2 is: I have equally much confidence that our correction is far from over yet.

Anything in particular that makes you believe that?  Anything you would care to share?

the market doesn't move for no reason

why did we go up 200,000% in 2 years?

or maybe the better question why didn't we go 300,000% in 2 years

market can't go back up over 1000$ without a damn good reason.

and if it can't go up it will go down..

We just crossed 800/700 (mtgox/bitstamp) for "no good reason", other than some built up buying pressure I suppose. That same reason can be good enough to cross 1000, 1200, or any other mark. Not that I really see us crossing those, but right now my best ideas come from accurately getting a feeling for the buying/selling pressure on the market, so I will watch that instead of any deeper reasons moving the market.

[farnsworth7]

i dont understand why would you buy bitcoin to buy drugs everyone knows bitcoin is the best drug in the world.

I'm on bitcoin right now!

Drugs are bad, m'kay ?

[TERA]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

is CNY buying up the coins on stamps and gox?
 

People following or arbing huobi are buying them up. Anyone who sold due to China can rebuy.

[freethink2013]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

did you mean to post this in November?

[OldGeek]

Sure. Basically, based on historical comparison. I'm not a follower of applying any strict rules of how a post-peak bear market has to play out, but, very approximately, it seems that at least time wise there's some correspondence between run up and subsequent decline. So I would expect January, February the earliest as an end of the overall bearish trend (i.e. the post double top period we're in now). There's also some correspondence between pre-run up price, ATH price, and final bottom, but it's less clear to me. But the time component really sticks out in my view.

Thanks.

So, if my fading memory is close to correct, the summer crash was 'caused' by the MtSux debacle and the recent crash was because the cny market was 'supposed' to be dead in the water.

I'm prolly wrong but the way I see it is that the market, you and I and all the others, was ready for a correction and the events were right there to allow it to happen.

XBT seems to run more on emotions than on fundamentals.  If that is true then perhaps there is a need for the price to go higher now.  ::shrug::

[gandhibt]

and we can get back on track in a minute, 750 will be down soon at stamp

[TERA]

What all this noise in here? Why isn't every single post. "Wow thanks China. We better keep an eye on China as they are 100% responsible for this action".

is CNY buying up the coins on stamps and gox?
 

Yeah... the exchange rate is increasing. China has the lowest exchange rate. Yet, China is responsible for the exchange rate increase.

I'm not seeing it, nor have I been seeing it since the huge correction.

It's more about psychology.

"Look at all the volume on Huobi. They must be buying out all the coins."

"Oops I guess China isn't over. I better rebuy the coins I sold because of China, right away because we're going straight back to the moon where we were with China".

Plus a possible short squeeze due to the unexpected action.

[ChrisML]

and we can get back on track in a minute, 750 will be down soon at stamp

I see this happening, with another race to the 900,- this time.

[seleme]

I lost 1k yesterday by shorting but as soon as I closed that position I went all in in ltc and btc, it was obvious that 800 will be attacked.

[windjc]

Looks like bitcoin is inviting us to a pants party.

[ChrisML]

I lost 1k yesterday by shorting but as soon as I closed that position I went all in in ltc and btc, it was obvious that 800 will be attacked.

Havent gone short with BTC yet, just cause of bad timing (having reached a low at that time) or being at a very high price. I refuse going short when the price hits above $740,-. Just cause there is too much of a gamble for me. Going long has paid off for me for now.

[JimboToronto]

i dont understand why would you buy bitcoin to buy drugs everyone knows bitcoin is the best drug in the world.

I'm on bitcoin right now!

Drugs are bad, m'kay ?

Yep. Especially insulin, cannabis, penicillin and interferon.