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

[Wekkel]

Torque, so that means $3,000? 

[JimboToronto]

No chance. We’re at the bottom now.

I agree mostly, but I said the same thing at $5780 back in June.

I thought we'd seen capitulation with volume in February and that when it went below $5.8k in June it was just the final double-bottom dip before the slow climb back up, similar to the August 2015 dip down under $200 after high-volume capitulation the previous January.

Wednesday's medium-sized dip was enough to prove that wrong.

That said. I'll be buying as soon as I get back to where there's competitive Bitcoin ATM commerce.

good,GOOD,GOOD someone thats keep the BULL alive in WO

Don't worry. There are lots of bulls around here.

They're just to busy enjoying the fruits of the Bitcoin lifestyle to bother trying to get a word in edgewise between the sniveling of the worrywarts.

[Bitcoinaire]

Rastani throws in the towel, capitulation begins

https://www.youtube.com/watch?v=fRCYQz6EAAY

He's one of my favorite analysts.

TLDW: We're going to $4,000-$4,500

No chance. We’re at the bottom now. I’m buying right now and will keep buying all the way back to $6,500.

I like your hypothesis better, QuestionAuthority, but the others have kind of substantiated their view with external TA or with their own arguments. Why do you think the bottom is in? Please share.

I'd also love to hear a contrarian opinion, like Tera's. Alas, (s)he's not here anymore.

If I'm not mistake, her call was $1,000 low.

[Paashaas]

Rastani throws in the towel, capitulation begins

https://www.youtube.com/watch?v=fRCYQz6EAAY

He's one of my favorite analysts.

TLDW: We're going to $4,000-$4,500

High possibility for a final shakeout.

[Toxic2040]

Good morning all.

Haven't been in the "groove" lately... I feel disconnected with the market somewhat so have been in the mindset of if you don't have anything positive to say..say nothing at all.

That being said..this bcash fork has been something to watch. All I can say is karma can be a bitch..
-------
Bitcoin
I believe this weekend will bring some more capitulation. Monday could be ugly for all markets..have to ride out this storm. I do see a slight bubble trying to form on Wednesday for a possible Thanksgiving retracement. Not hodling my breath however.

We have broken underneath what I call the prevailing upwards channel for the first time. I think it might take quite awhile for the market to stabilize after this drubbing. Looking towards late summer of 2019 for the reemergence of the Bulls.

[El duderino_]

via Imgflip Meme Generator

There’s booze thats a good start so might be drunk this evening

And when i am .... Then Maybe i have Some knowledge to share as well in here
Probably BTFD-hodl and mmmm do it again

[starmman]

ready for a rebound after the BCH fork?

[Raja_MBZ]

European Central Bank Exec Calls Bitcoin the 'Evil Spawn of the Financial Crisis'

https://cointelegraph.com/news/european-central-bank-exec-calls-bitcoin-the-evil-spawn-of-the-financial-crisis

[infofront]

Good morning all.

Haven't been in the "groove" lately... I feel disconnected with the market somewhat so have been in the mindset of if you don't have anything positive to say..say nothing at all.

That being said..this bcash fork has been something to watch. All I can say is karma can be a bitch..
-------
Bitcoin
I believe this weekend will bring some more capitulation. Monday could be ugly for all markets..have to ride out this storm. I do see a slight bubble trying to form on Wednesday for a possible Thanksgiving retracement. Not hodling my breath however.

We have broken underneath what I call the prevailing upwards channel for the first time. I think it might take quite awhile for the market to stabilize after this drubbing. Looking towards late summer of 2019 for the reemergence of the Bulls.

Hi Toxic. Many people here discourage bearishness, but there's practically no plausible, short term bullish scenario at this point.

Your take sounds reasonable. I'm crossing my fingers for a bart back up to $6K+, but I'm not holding my breath.

[infofront]

TLDW: We're going to $4,000-$4,500

pretty much

It seems like a good time to take up drinking again.

[kenzawak]

Silicon Valley s5e08

https://youtu.be/T9A05Cxrg9M

https://cryptoinsider.com/silicon-valley-bch-hashrate-war/

[jbreher]

It doesn't really matter either way. ABC wouldn't have accepted SV blocks even without the checkpoint,

ABC not accepting SV blocks is irrelevant. The goal of the checkpoint is to limit the potential depth of a reorg to the block height of the checkpoint. The attack this is meant to preclude is SV sympathizers secretly mining an ABC chain of empty blocks. If such chain exceeds the cumulative PoW of the public ABC chain, that parallel chan could be released, invalidating all previously-considered-settled txs on what is now an orphaned ABC chain.

Of course, in order to remain a viable mechanism for forestalling such an attack, the checkpointing will need to be performed periodically, as it can only guard against reorgs preceding and including the checkpoint block height.

[JayJuanGee]

https://twitter.com/coinspeak_io/status/1063272025660121090
ABC used a centralized checkpoint to prevent re org. Pro ABC Exchanges were allegedly in on it.
 

Overall, it appears that there were no real BIG surprises in this bcash fork, and it appears that Bcash ABC largely prevailed.. and likely to continue to prevail, at least in terms of the short-term internal bcash battling. 

I think that, overall, bcash should be weaker from the totality of infighting and what the infighting reveals about bcash, but crypto markets can play out so irrationally, so that if there is any kind of bcash pump, there might be others who are willing to join in on such nonsense pumping of shit (or a subset of shit.. which is the product of a fork of shit)...

My ongoing tentatively thinking is that the actual fork of bcash (and the infighting that may or may not settle down in the near future) is mostly bullish for bitcoin, yet bitcoin might be a bit reluctant to pump, still, until there is a bit more purging of bcash nonsense.. which also could take a bit of time to play out when there may be attempts to suggest that the whole bcash fork nonsense has made it stronger, rather than weaker, merely as a means to pump the subset of the shit.. and then supposedly suggest that bcash can serve as some kind of meaningful competitor to bitcoin.. which most of us who are studying the space should realize that perpetrating bcash as having strength is nearly completely based on hopium rather than actual fundamentals that are anywhere close to the ballpark of bitcoin.

[HairyMaclairy]

Managed to get back to a computer instead of trying to chart on a mobile phone.  And I don't really like what I see. 

Overview back to 2012 showing build of long term trend line from cryptowinter (weekly)


Overview of 2017 / 2018 showing build of 2017 support line plus 2017 downward trend line (daily)


Zoomed in on daily.  Showing we have fallen through a hole beneath three key trend lines


4 hour view showing our current position in the hole


1 hour view showing our current failure to break out of the hole

[realr0ach]

Rastani throws in the towel, capitulation begins

https://www.youtube.com/watch?v=fRCYQz6EAAY

That guy is one of Max Keiser's little minions.  I don't pay attention to him much so I don't really know if he's legit or some type of CNBC fast money con artist, but in his videos he pretends like market manipulation does not exist, shakeouts don't exist, and every market is a completely aggregate market without whales causing bad signals.  In other words, just about everything he said in that video makes zero sense for someone like me that actually knows how this scam of a market trades.  Bitcoin is 99.9% market manipulation and virtually nothing to do with short term TA.

Where in his video does he mention that the entire bitcoin market is controlled by a signal entity operating on Bitfinex since the price was $200???  Where in his video does he mention $600 million in Tether was created out of thin air right before this move, all in the hands of a single entity?  The bitcoin market does not exist.  It's literally one single entity rigging the price.  The identity of this entity on ScamFinex is either some TBTF bank like Goldman Sachs, Bitmain, or the ESF.

[Bitcoinaire]

The charts look terrible. Crud.

[Last of the V8s]

The charts look terrible. Crud.

Oh come. Hairy does his best. This little dip is not entirely his fault. Probably.

[realr0ach]

The charts look terrible. Crud.

Oh come. Hairy does his best. He is foreign, you know.

You mean (((foreign)))

[fabiorem]

You mean (((foreign)))

Aaaaah, the three brackets, the pleasure they bring...

[HairyMaclairy]

An attempt at predicting trading channel from here - much lower certainty on this: