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

[HairyMaclairy]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

[makrospex]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

short or no wick on the green daily by then, i hope.
If the dip was caused by that chinese scam, i'd see no real arguments against continued uptrend.

[HairyMaclairy]

How Close Is Hong Kong to a Second Tiananmen?

The Chinese Communist Party prefers violence to perceived weakness.

In late October 1956, students and workers massed in the Hungarian capital of Budapest to protest Soviet rule and demand the end of Moscow’s political domination. Largely leaderless at first, the protests were galvanized by increasingly aggressive police action to become a full-blown revolt against a government widely viewed as a Soviet puppet. By the end of the month, with a new rebel government in place, it seemed that Moscow might be willing to negotiate the withdrawal of Soviet troops—after all, then-First Secretary Nikita Khrushchev had denounced Joseph Stalin several months earlier.

This optimism was short-lived. At 4:15 a.m. on Nov. 4, Soviet tanks entered the city, leaving thousands of Hungarian citizens dead and eliciting widespread international condemnation, though no actual action. Yet the crackdown had succeeded in its immediate objective—forestalling Moscow’s loss of political control, at least until the collapse of the Soviet Union three and a half decades later.

The Chinese Communist Party (CCP) has a long memory, and it is increasingly obsessed with the fate of the Soviets. As usual, we don’t know what Xi Jinping and other leaders were discussing at the recently concluded yearly meeting in the seaside resort of Beidaihe—but it seems likely that the memory of 1956 loomed over discussion of unrest in Hong Kong, arguably the most significant political challenge outside its own ranks the CCP has faced since Xi assumed power in 2012.

Unfortunately for the protesters, Beijing’s calculus in 2019 is likely the same as Moscow’s nearly 70 years earlier: When backed into a corner, violence is preferable to perceived political weakness or territorial dissolution.

Full article here:  https://foreignpolicy.com/2019/08/14/how-close-is-hong-kong-to-a-second-tiananmen/

[HairyMaclairy]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

short or no wick on the green daily by then, i hope.
If the dip was caused by that chinese scam, i'd see no real arguments against continued uptrend.

The dip wasn’t caused by the Chinese scam.  It’s the other way around.

The charts were technically setting up for a nice dip.  A bunch of traders opened short positions.  Someone spun up a bullshit narrative to sell the story of the dip. Loomdart spread it around.  Every good crash need a good story.

We got a disappointingly small dip, which shows the strength of the market.  

The dip caused the FUD. Know the difference

[jojo69]

It is possible that Hong Kong will be the spark that tips over the Chinese Communist Party. Especially if the protests spread to Taiwan and Macau.  

While that would be nice I fear it is wishful thinking in this case.

[HairyMaclairy]

It is possible that Hong Kong will be the spark that tips over the Chinese Communist Party. Especially if the protests spread to Taiwan and Macau.  

While that would be nice I fear it is wishful thinking in this case.

Low probability, yes.  But you can bet your bottom yuan that it is keeping the CCP leadership awake tonight. It makes them look weak, which is just not cricket if you are an authoritarian regime

[jojo69]

Not that anyone here necessarily needs to read this article but you have friends and relatives that do, and it's a fun bullish as hell read...
https://www.forbes.com/sites/matthougan/2019/08/15/how-to-understand-bitcoin-if-youre-over-40/#733ecac647a5

The answering is to stop thinking about bitcoin as a currency and start thinking about it as a technology

smh...so Forbes doesn't have editors...

[jojo69]

If the journalists are told to leave Hong Kong....




The challenge for the CCP is everyone is a journalist nowadays...

That is an illusion.  There are a finite number of fiber optic trunklines and uplink radios out of the island.  Nobody does HF radio any more, so no, civilians have the illusion of being connected when all they are connected to is a centralized system.

[Lambie Slayer]

I feel like the Western media must have been influenced by China to somehow softly censor what happened, because I dont ever seen any mentions of actual deaths when American media talks about Tienanmen Square. Just  "human rights" or "tank man".

Not really: The satellite feeds were cut, the journalists taken out, and the army moved in at night. Next morning all was well.

They glibly gloss over the thousands of murdered students every single time.

If those students had been illegal immigrants I suppose we would have nuked China already.

It's tough to say how many people died that night. Leaders and others were rounded up over the next few months, it was a pretty complete suppression. However keep in mind that tens of millions died under the idiocy of the "Great Leaps", which should serve as a reminder of how bad it can be when insane people get into power.

Of course people forget.....

Thanks, Ill have to read up on some of the history you referenced earlier. Im not familiar at all with it but Ill check it out.

[HairyMaclairy]

If the journalists are told to leave Hong Kong....




The challenge for the CCP is everyone is a journalist nowadays...

That is an illusion.  There are a finite number of fiber optic trunklines and uplink radios out of the island.  Nobody does HF radio any more, so no, civilians have the illusion of being connected when all they are connected to is a centralized system.

Good point.  Just shut down the cell towers. 

[Biodom]

"I fight for the users"...

Anyway, were we over or under 10300 at that "magical" time frame?

[jojo69]

If the journalists are told to leave Hong Kong....




The challenge for the CCP is everyone is a journalist nowadays...

That is an illusion.  There are a finite number of fiber optic trunklines and uplink radios out of the island.  Nobody does HF radio any more, so no, civilians have the illusion of being connected when all they are connected to is a centralized system.

Good point.  Just shut down the cell towers. 

And it's not like you have to go around to each one.  There is a facility for each provider called the NOC; Network Operations Center.

The crackdown will not be televised.

[Biodom]

If the journalists are told to leave Hong Kong....




The challenge for the CCP is everyone is a journalist nowadays...

That is an illusion.  There are a finite number of fiber optic trunklines and uplink radios out of the island.  Nobody does HF radio any more, so no, civilians have the illusion of being connected when all they are connected to is a centralized system.

Good point.  Just shut down the cell towers.  

And it's not like you have to go around to each one.  There is a facility for each provider called the NOC; Network Operations Center.

The crackdown will not be televised.

I am throwing up in my mouth a little after reading all these theoretical suggestions on how to suppress dissent.

[degxtra1]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

it's confirmed, prepare for next rally

[cAPSLOCK]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

short or no wick on the green daily by then, i hope.
If the dip was caused by that chinese scam, i'd see no real arguments against continued uptrend.

The dip wasn’t caused by the Chinese scam.  It’s the other way around.

The charts were technically setting up for a nice dip.  A bunch of traders opened short positions.  Someone spun up a bullshit narrative to sell the story of the dip. Loomdart spread it around.  Every good crash need a good story.

We got a disappointingly small dip, which shows the strength of the market.  

The dip caused the FUD. Know the difference

Funny you mention loomdart. I unfollowed him with prejudice just earlier today. 

Nothing last forever.

[HairyMaclairy]

If we can hold this level around $10,300 for two more hours, we should get a nice relief rally tomorrow

short or no wick on the green daily by then, i hope.
If the dip was caused by that chinese scam, i'd see no real arguments against continued uptrend.

The dip wasn’t caused by the Chinese scam.  It’s the other way around.

The charts were technically setting up for a nice dip.  A bunch of traders opened short positions.  Someone spun up a bullshit narrative to sell the story of the dip. Loomdart spread it around.  Every good crash need a good story.

We got a disappointingly small dip, which shows the strength of the market.  

The dip caused the FUD. Know the difference

Funny you mention loomdart. I unfollowed him with prejudice just earlier today.  

Nothing last forever.

Here’s Loomdart’s supposed short entry at $10,486. Dated August 16 so he’s a bit late to the party. Shame that. Would hate for him to be stopped out at $10,630. 

[Bitcoinaire]

It's only a matter of time. Big time money is flowing in, under the radar!

Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.

https://twitter.com/brian_armstrong/status/1162185049699057664

[HairyMaclairy]

It's only a matter of time. Big time money is flowing in, under the radar!

Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.

https://twitter.com/brian_armstrong/status/1162185049699057664

I would love this to be true but Brian Armstrong is completely full of shit

[Bitcoinaire]

It's only a matter of time. Big time money is flowing in, under the radar!

Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.

https://twitter.com/brian_armstrong/status/1162185049699057664

I would love this to be true but Brian Armstrong is completely full of shit

As bad as novogratz?

[Icygreen]

Hopefully Armstrong was just late to the party delivering bullish news  and we've seen the bottom. J. Dimon took this one again it appears.
Ah, whatever.. Happy to see even lower prices if need be but I'm not sure I'll get the chance. Sold nothing, solid 100% HODL