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

[crypmike]

Don't even understand why to discuss BCH in serious context here..

[gappie]

Who still cares about BCH. That is so 2017

[JimboToronto]

Who still cares about BCH. That is so 2017

LOL Maybe we should all talk about Bitcoin Gold. 

[crypmike]

A Brief History of Bitcoin Bear Markets
https://medium.com/mosaic-network-blog/a-brief-history-of-bitcoin-bear-markets-1eeac2d646e5

[eddie13]

This is what I'm seeing...


The highs have come down in a reverse parabolic manner, much like the way it went up but the other way around..
The lows seem to be bottoming in a more linear fashion, with a slight downtrend which I don't like to see too much but it is what it is..

No mater, the trading channel continues to narrow and that I do like to see.. The channel will keep getting narrower and narrower and eventually BTC is going to have to break out of this channel if it maintains any volatility at all, unless we expect BTC to completely stop swinging, which I don't..

I think it will remain in this channel for a while, with the swings getting smaller, tightening up, to stay in the channel, until it just cannot take it anymore and breaks out..

which way will it break? I think it will break UP out of the channel but could break down.. I will be watching for the price to break out of this pattern in either direction and then I will be confident that exciting things are about to happen, for dump or for glory, something is gonna happen..

I don't think it is going to happen soon.. It seems to be forming itself to the pattern quite nicely, tightening up its swings, and hasn't felt too claustrophobic yet..


Another thing it really looks like to me is how we would mark Instantaneous Shut In Pressure, ISIP, in the oilfield..

I had to draw one..


Pretty much when your pumping 10,000 psi on a well which has a natural surface pressure of about 3,000 psi or so, when you stop pressure pumping all of a sudden the pressure drops and then bounces like this when the pressure finds it equilibrium..
The bounce tapers out like that in a slight downtrend and eventually flattens out to a steady pressure once it settles..


So like BTC was getting pumped at 20k psi, pumps stopped, it charts a textbook ISIP trace and finds its equalibrium, which thankfully for us seems to be around 6k, as apposed to 1k or whatever it could have been..

I for one am not too sad to see BTC in the 6k area, lol.. Pretty nice, it could be much worse.. = their is a lot of natural pressure in the well of users considering it was only in the hundreds before the pumping started, the fracks must have worked exposing the well of BTC to much more natural pressure (people) than their was previously..

Fracking pretty much exposes the well to more surface area in the target formation, where their is pressure..
In this case the target formation is the eyes and wallets of the general public, so the big pump on BTC has broken it's awareness out to a bunch more surface area of the general public and investors, where their is buy pressure, and now that it is better exposed their is more natural pressure from the exposure, and we are having bottoms in the 5k-6k range rather than the 300-400 range we started at.. 

[Elwar]

I was off on a remote island for a week with no Internet. I come back to the WO thread and see talk about bcash?

It's trading less than .07 BTC now. That's less than bgold was trading after the value dropped.

How much discussion was there in this thread about bgold?

Let it go. They tried, it failed. Bring on the next big block size coin to get people excited about.

[Wekkel]

I become very comfortable when looking at the weekly and 3days charts. Assuming a move up out of the triangle of course. But why wouldn’t it (sellers suddenly willing to sell after 6 months of no-crash)?

[bitcoinPsycho]

[HairyMaclairy]

I become very comfortable when looking at the weekly and 3days charts. Assuming a move up out of the triangle of course. But why wouldn’t it (sellers suddenly willing to sell after 6 months of no-crash)?

If we keep tracking sideways like this we are going to hit the cryptowinter support line in another month or so.

I expect we will rally first and then really collide with it in Dec / Jan which is where we should get the huge volatility. 

[HairyMaclairy]

Still sideways. At a slightly higher level, and possibly with slightly wider swings, but still sideways.
As if it's not the weekend already. Sideways weekend? I don't buy it.
I'm kind of hoping for a swing - either up or down. It doesn't matter much since it will be reversed by Tuesday.
A bit more wait and see.

@Hairy - I didn't have the guts to gamble even 10% of my play money by shorting Eth, even if I value your hunches. When I get a fit and try to day trade, I'm always late, so it's a "control the losses" kind of game. Not entertaining at all for me.

Good thing, it went up the last few days. Lots of whales in that pond, I barley got out with my skin last time I tried that. Lol took 4 months and I had to keep everything locked up during the BCH split so I got no free coins. Lesson learned.

Yes I was making good money on the run from $195 down to $165.   I have since blown about 5 tight stops in a row close to entry so I have stopped and am sitting on my hands. Still up overall but not easy money right now.  We are in the middle of the wedge so I don’t have any guidance as to whether we are going up or down.   I thought we were turning down again after $220 and we did for awhile but then we copped a bounce and are back at $220 now.

[cAPSLOCK]

I don't much give a damnn what Bitmain, Roger, and Craig do.* For my part, BCH has the properties that made bitcoin great to begin with. Scaling in a logical fashion, and free of the Segwit virus. From my perspective, it is simply technically better than BTC. Hopefully, the world will awaken to this.

* Well, I hope they keep mining it. Though, the DAA allows for drops in hashpower to be relative non events.**

** Unlike BTC, which lacks this safeguard.

Nuff Said.

[cAPSLOCK]

Maybe should ask our residential Bcash promoter, jbreher?   Wasn't jbreher keeping 50/50, or something like that? 

Ask me what?

I own many more units of BCH than I do of BTC.

I still see BCH as having a bright future.

very bright sell some BTC and buy the BCH dip

At 14:1 we're nearing the ratio where I made my biggest conversion. If it drops much further, I may have to think about it. I need to make a deeper analysis of the November fifteen probabilities before jumping.

Do it.

[crypmike]

Sorry for stupid question maybe..

Is any similar topic to this one about altcoins and their news?
I like this very active topic format (something similar even with chat) but sometimes want to discuss alts also

[HairyMaclairy]

Relative hashrate.

[El duderino_]

Some good meme material/templates right here.

https://twitter.com/StopAndDecrypt/status/1040596902310502401

Don’t worry bcashers jbreher gonna pump the price back up
Meanwhile downgrade of resto .... chickenhouse en house-wines 
Cheers weekend and weekendPUMP Common 

[bones261]

Relative hashrate.

I wonder if the hash for BCH is low enough, yet; to allow using Nicehash to implement a 51% attack?
 Let's see, current SHA256 on Nicehash is a little over 520 PHash. Current hash on BCH is almost 3 Ehash. Too bad. 

[jbreher]

You are really making the argument that Roger is not the leader of Bitcoincash?

Absolutely. Roger is not the leader of bitcoin cash. In a permissionless, decentralized, uncensorable system, there can be no leader. Kind of Bitcoin 101, that.

If you can show me an organizational hierarchy, with proof of orders being issued from above, and obeyed below, then you might have a claim about a leader. But you cannot. So you don't.

Roger has tried to trick others into buying Bcash when saying it's bitcoin. He also has spent money to do spam attacks on bitcoin.

If he has claimed that BCH is BTC, then that is news to me. Proof?

He met with the mining giant and had them only accept Bcash (most likely as essentially blackmail due to asicboost.

By the mining giant, do you mean Jihan? Are you claiming that Jihan matches to Roger's orders? Jihan has no choice but to follow Roger's edicts? Some supporting evidence would help your assertion here. Whaddayagot?

[cAPSLOCK]

If he has claimed that BCH is BTC, then that is news to me. Proof?

Are you being honest?  Roger has been claiming BCH is (the real) Bitcoin for about a year now.

https://twitter.com/rogerkver/status/987700520809783296?lang=en

[jbreher]

Really I wouldn't expect that from you. Bcash was so obviously being propped up by Bitmain, Roger and Craig that I expected nothing to come from it once Bitmain stopped their losses.

I don't much give a damnn what Bitmain, Roger, and Craig do.* For my part, BCH has the properties that made bitcoin great to begin with. Scaling in a logical fashion, and free of the Segwit virus. From my perspective, it is simply technically better than BTC. Hopefully, the world will awaken to this.

* Well, I hope they keep mining it. Though, the DAA allows for drops in hashpower to be relative non events.**

** Unlike BTC, which lacks this safeguard.

I for one much prefer the virus of segwit rather than the cancer or Jihan and Roger. I wouldn't make debatable transaction methods a hill to die on especially with leaders like that.

They are not leaders, so much as fellow travelers.

They each likely own several times the BTC that you own as well. Does this mean you are going to abandon BTC?

Didn't think so.

Some consistency, please.

Here's one of your deft retorical tricks.

haha. Deft rhetorical trick, hunh? No trick. Just a point of argument.

Roger, at least during the pre fork days, and arguably still, may have done more to drive the adoption of bitcoin than anyone else. Jihan is unavoidably the source of the majority of hashpower for both the BCH and the BTC forks. You are unable to impugn BCH for having these people in prominent roles without also impugning BTC. To try to do so is logically invalid.

You see, it's not about how much BTC or BCH some guys have.

What is this 'it' of which you speak?

It's more about the BTC/BCH ratio. Or the history behind.

Well, which one?

[bones261]

If he has claimed that BCH is BTC, then that is news to me. Proof?

Are you being honest?  Roger has been claiming BCH is (the real) Bitcoin for about a year now.

Yes, all one needs to do is go to his twitter feed. Here is a recent tweet of his. https://twitter.com/rogerkver/status/1039175734726680582 Pretty convincing evidence for me that when he is referring to Bitcoin, he means BCH and when he is referring to BTC, he calls it Bitcoin core.

And we already know his feeling on when people call BCH  bcash....