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

[fr33d0miz3r]

Any speculation why the weekend dips switched to weekend rallies?

to draw green weekly candles.

[Erdogan]

http://www.zerohedge.com/news/2014-01-23/china-bank-run-beginning-farmers-co-op-unable-pay-depositors

Gonna be huge, right?

Right, agree.

[Richy_T]

None of these companies are going to accept bitcoins directly. Payment through a payment processor is not bullish. It indirectly causes selling pressure on exchanges.

The reasons we didn't see much selling pressure after Overstock is because so few are actually buying things with bitcoin. Overstock did 500k sales total since Jan 9. 125k was on the first day... That is a huge dropoff. Bitcoin = failcurrency.

People have to accept Bitcoin before you can buy things in Bitcoin. With enough of a network effect, those who were converting $$$ to BTC will start holding BTC back to pay their suppliers. People getting on board is long-term bullish even if they are starting out with immediate conversion.

[Davyd05]

never seen so much consolidation in bitcoin, a month worth nearly. I think China has created an artificial new start line that will probably be broken Jan 31 st due to everyone intense belief they can topple the value of bitcoin when they sell their coins.

I've never looked forward to Feb. so much as I have today

[fonzie]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

[T.Stuart]

http://www.coindesk.com/australian-bus-commuters-soon-pay-fares-bitcoin/

[T.Stuart]

None of these companies are going to accept bitcoins directly. Payment through a payment processor is not bullish. It indirectly causes selling pressure on exchanges.

The reasons we didn't see much selling pressure after Overstock is because so few are actually buying things with bitcoin. Overstock did 500k sales total since Jan 9. 125k was on the first day... That is a huge dropoff. Bitcoin = failcurrency.

People have to accept Bitcoin before you can buy things in Bitcoin. With enough of a network effect, those who were converting $$$ to BTC will start holding BTC back to pay their suppliers. People getting on board is long-term bullish even if they are starting out with immediate conversion.

And importantly, practically every customer who opens a Bitcoin wallet will buy more Bitcoin than they spend. You don't make a habit of carrying your wallet around empty wherever you go do you (if you can help it!)? People will keep some Bitcoin in their wallet. So more merchant adoption = more Bitcoin will be bought than spent in this context for the foreseeable future.

[DaRude]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Aren't we still just working on the 4th red candle? At least according to wisdom

[ChartBuddy]

Explanation

[Davyd05]

Just give me one little downward move. Had been waiting days for that retest of 800. If we can revisit 780-790 just one more time....

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Yep. 

but they are so small (red candles).. they don't even add up to a candle of 2 medium volume drop days.. this is just laggard fear of China saying no again...which is really like a kid saying no to going to bed when he's sleepy.

[proudhon]

None of these companies are going to accept bitcoins directly. Payment through a payment processor is not bullish. It indirectly causes selling pressure on exchanges.

The reasons we didn't see much selling pressure after Overstock is because so few are actually buying things with bitcoin. Overstock did 500k sales total since Jan 9. 125k was on the first day... That is a huge dropoff. Bitcoin = failcurrency.

People have to accept Bitcoin before you can buy things in Bitcoin. With enough of a network effect, those who were converting $$$ to BTC will start holding BTC back to pay their suppliers. People getting on board is long-term bullish even if they are starting out with immediate conversion.

And importantly, practically every customer who opens a Bitcoin wallet will buy more Bitcoin than they spend. You don't make a habit of carrying your wallet around empty wherever you go do you (if you can help it!)? People will keep some Bitcoin in their wallet. So more merchant adoption = more Bitcoin will be bought than spent in this context for the foreseeable future.

No, bitcoin has been proven to be a failcurrency already.  Just see all the simple facts.  For one thing, it's already like 5 years old and it doesn't even have 1 billion users yet.  Also, just look at the price.  It isn't even making new ATHs anymore, which demonstrates in a confirmed way that it has failed.

Edit:

I forgot to add another devastating fact from confirmed sources.  When companies like Overstock implement bitcoin we see it gets used "a lot" for the first few days and then usage drops off after a while.  The fact that Overstock's entire customer base isn't using bitcoin yet demonstrates in yet another conclusive and verifiable way that the whole system is a failure.  This is all proven.  You can check it with a simple google search.

[Davyd05]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Aren't we still just working on the 4th red candle? At least according to wisdom

suppose it depends where you live in the world its Thursday 23 @ 3:04pm here. However even if goes 5 deep it just means the slowest slide to 800 we ever saw.

edit: Proudhon is prime of example of why we need better mental healthcare globally

[adamstgBit]

None of these companies are going to accept bitcoins directly. Payment through a payment processor is not bullish. It indirectly causes selling pressure on exchanges.

The reasons we didn't see much selling pressure after Overstock is because so few are actually buying things with bitcoin. Overstock did 500k sales total since Jan 9. 125k was on the first day... That is a huge dropoff. Bitcoin = failcurrency.

People have to accept Bitcoin before you can buy things in Bitcoin. With enough of a network effect, those who were converting $$$ to BTC will start holding BTC back to pay their suppliers. People getting on board is long-term bullish even if they are starting out with immediate conversion.

And importantly, practically every customer who opens a Bitcoin wallet will buy more Bitcoin than they spend. You don't make a habit of carrying your wallet around empty wherever you go do you (if you can help it!)? People will keep some Bitcoin in their wallet. So more merchant adoption = more Bitcoin will be bought than spent in this context for the foreseeable future.

No, bitcoin has been proven to be a failcurrency already.  Just see all the simple facts.  For one thing, it's already like 5 years old and it doesn't even have 1 billion users yet.  Also, just look at the price.  It isn't even making new ATHs anymore, which demonstrates in a confirmed way that it has failed.

shit more confirmed bad news.

[T.Stuart]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Aren't we still just working on the 4th red candle? At least according to wisdom

However even if goes 5 deep it just means the slowest slide to 800 we ever saw.

Maybe I misunderstood something, but do people really still believe there is going to be a China crash now?

[proudhon]

I added this to my above post, but I want to make sure people see it as it is helpful confirmed bad news to show why SHOTRING bitcoin on maximum leverage is a winning strategy.  Here, I'll quote a verified source:

I forgot to add another devastating fact from confirmed sources.  When companies like Overstock implement bitcoin we see it gets used "a lot" for the first few days and then usage drops off after a while.  The fact that Overstock's entire customer base isn't using bitcoin yet demonstrates in yet another conclusive and verifiable way that the whole system is a failure.  This is all proven.  You can check it with a simple google search.

[billyjoeallen]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Aren't we still just working on the 4th red candle? At least according to wisdom

With less than four hours to go on bitcoincharts, This will be the first time since early September of last year that we have four red-candle days consecutively. Considering the low volume, I read this as bullish, but we need a good-sized down-tick to put blood in the water and ignite the feeding frenzy.

[RooKIED]

Welcome Tigerdirect!!!!!!!  

[adamstgBit]

We´re probably about to get the 5th red daily candle on Stamp in a few hours, that´s bullish isn´t it?

Aren't we still just working on the 4th red candle? At least according to wisdom

With less than four hours to go on bitcoincharts, This will be the first time since early September of last year that we have four red-candle days consecutively. Considering the low volume, I read this as bullish, but we need a good-sized down-tick to put blood in the water and ignite the feeding frenzy.

so your bullish that it will go down

interesting

a falling price on low volume isnt bullish

we are going to 0 poeple wake up!

[solex]

http://www.zerohedge.com/news/2014-01-23/china-bank-run-beginning-farmers-co-op-unable-pay-depositors

Gonna be huge, right?

Right, agree.

This plays out one of two ways. If the PBOC allows loads of small banks and lenders to go bust then this is positive for CNY as money become scarce, prices (and assets) face downward pressure. Or, if the PBOC caves in (as usual) and prints a few more trillion CNY to bail out banks then this is negative for CNY as the system is flooded with more cash, prices rise, Bitcoin rises too.

[spooderman]

bulls bears everywhere. And the price has done NOTHING for about 14 days.