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

[ChartBuddy]

Explanation

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[Syke]

Not looking good for the bulls

Limp dildo pattern. It can only go up from here.

[Mpamaegbu]

If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.

– Satoshi Nakamoto



It's 11 years of that famous saying by the grandmaster himself here on this forum...



Picture credit: https://twitter.com/blockfolio/status/1288457841913798658?s=19

[shahzadafzal]

Not looking good for the bulls

Try this… it will go up!

[ChartBuddy]

Explanation

[bkbirge]

Well, that was short lived. Back to HODLsleep as the cool kids here say.

[JayJuanGee]

Who the fuck are these people taking profits now at $38k. SMH.

Probably the people who can drive the price back down,

I wonder if there are such a class of people?  Might be a temporary status, no?

For example, in early 2016,  when the BTC price was stuck in the mostly $350 to $450 range there seemed to be quite a few people who were proclaiming that BTC prices would never go above $500 again.  Gosh we must have stayed in that range for nearly 7 months, so by the time that we were several months in that seemingly stuck zone, more and more people were believing that BTC prices would never go above $500 again.

Personally I believe that there were likely lot of decently powerful forces who would have preferred that BTC prices never go above $500 again.. so they did strive to keep BTC prices below $500... and they were able to do it, until they could not do it any longer.

After May 2016, it would have sucked to have been a person betting on (or believing upon) sub $500 prices forever

or

Only two categories of people who are selling BTC at $38k, and now the lower prices of $36.5k (as I type).. and presumably at price points in between?

people who bought way more than they should hold in the first place.

Are there such a kind of people?

Can you ever have too many BTC?  Hey, note that I am kind of playing devil's advocate in my having had posed this question, because there do seem to be a variety of scenarios in which someone might have too many BTC.,. but the more common scenario (or problem) seems to be the vast majority of peeps have way too few BTC (for their own good).

I suppose that your bills are going to be due and they are going to be payable in some other forum of asset or currency, aka fiat, no?

I will agree that there are surely people who gamble too much, so perhaps those are the kinds of people who bought too much BTC because they were betting on up, yet when we got up, then their bet came true, so surely not a bad thing to sell some BTC at that point, in the event that was what they had planned to do, no?

I recall that in late 2014, I established a BTC accumulation goal of having 10% of my quasi-investible asset value in BTC, so when I reached my goal in late 2014 (and BTC prices had gotten down to around $350 or so), I still could not resist but to continue to buy BTC beyond maintaining a 10% allocation during 2015 - even though I had already reached my 10% allocation goal.. so I suppose by the time that late 2015 came and I had reached around 13.5% allocation in BTC, I fit that same category as you describe of having had bought "way more" than what I should have held in the first place, so sure, having gotten my lil selfie into such a classification, I did feel somewhat over-allocated into bitcoin, yet I really did not panic, but I started to feel somewhat more psychologically comfortable to shave off some BTC here and there from time to time, but since the BTC price largely kept going up way faster than my readiness and willingness to shave off some of the BTC allocation, that allocation continued to grow.. and it got above 90% a few times, and it largely hovered in a 45% to 70% range for a large part of 2018, 2019 and 2020...

Sucks to be me to both have had overly allocated into BTC and then maintained such overallocation in order to feel comfortable to sell whatever amount of BTC whenever I want - even though I have kept "way too much" in BTC.  By the way, over the years, I have developed some additional criteria - even though my BTC has continued to stay way over allocated.  Funny how the concept of overallocation works, sometimes, and also the concept of adjusting new strategies based on such ongoing overallocation acceptance.

[ChartBuddy]

Explanation

[JayJuanGee]

Not looking good for the bulls

hahahaha

You opportunist...    

I will agree with you, that there is a need for BTC prices to stay above $35k for several more days.. more than a week longer in order to show another example once again how uie poo-ie, aka the wannabe sorcerer who happens to be a diptwat, happens to be wrong yet another time - even though you had been right for a decent amount of time (was it two months so far?) and hardly can even credit you with that level of happening to be right either.. because you don't know shit.. you just happen to throw out some nonsense, and every once in a while you happen to be correct. takes a lot of talent for those kinds of maths and sciences, no?

Well, that was short lived. Back to HODLsleep as the cool kids here say.

I was thinking something like the same thing.

It was fun while it lasted.

Hey, I do still think that it was not wasted, even if we might go back down into the lower $30ks.. and surely that is NOT a given, neither.  There's no guarantee that we will ever see sub $35k ever again, even though the odds are probably not much greater than 50/50.. but whatever, at some point, we are going to be in a place that we consider sub $35k bitcoin as laughingly unlikely.  

How do some of us feel about sub $3k bitcoin?  Gosh, they were surely seeming to be pretty highly likely in March 2020, no?  They were also seeming like they had good chances in November through March of 2018/2019.

These days?  There are not too many people who realistically believe that sub $3k coins in the coming years (perhaps ever) are very likely at all.

We've come a long ways boyz (and gurl).

[ChartBuddy]

Explanation

[shahzadafzal]

Ok so this happened to me this week and now i have reason # 1050 for "Why we need Bitcoin".
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Just a little follow up on my earlier remittance story.

So only today after 11 days, I received the money but what I received is -132.68 MYR less than what was sent and that's 4% in charges, fees, conversion rates or whatever.

[ChartBuddy]

Explanation

[El duderino_]

Good bullish momentum







They had to try something, didn’t they??






El duderino’s eyes where off the charts and focussed on 3* Michelin ‘t Zilte

Cheers


HODLer Mondays…..

Does everyone else who works at McDonald's eat 3* Michelin ‘t Zilte? They must pay more than I thought.

[ivomm]

So, there were FUD rumours about tether and amazon on some of the mainstream media, including the usual suspects coindesk. Someone supposedly said tether has no back up or amazon is not ready to implement Bitcoin. Daa! Everyone knows tether is not 100% backed up by USD, so what? And Amazon is only beginning to study the possibility of implementing Bitcoin by hiring up a specialist. This will take a few months to state the obvious - Amazon needs Bitcoin, not the vise versa. All this only shows that the Wall Street shorting companies have a strong ally in some of the mainstream media like bloomberg, reuters, etc. Yesterday the high leveraged shorts were popping up like popcorn and at the time when the low leverage shorts mostly in CME were endangered, the "news" appeared almost simultaneously. Some spokesman from Amazon "supposedly" said the news were not true, although they were true.  

And if someone thinks the integration of Bitcoin is a nothing burger, think this. When someone wants to buy with credit cards some items, there are numerous limitations by the card issuers. There is a day limit, a week limit, a monthly limit, and other obstacles which prevent the users from buying more items. Imagine the hassle of someone buying goods for $10K+ going to many banks, transferring money to multiple cards with limits like $2-3K and so on. I personally, would have bought 10x more items on amazon if I had the option to use bitcoin. When I had to buy for a short time many gpus, I used 2 credit cards. It seemed transactions were made, but then I received a message they were denied. Some limits activated and I couldn't unblock the cards for weeks. Finally, I had to make calls to my card issuer, explain the situation, call amazon support, until the items were canceled and the money refunded. And this happens all the time with new variations like the laughable 3d secure thing.

Anyway, let's hope this 10% insta crash from the yesterday high $40 500 will not deepen and endanger the continuation of the bull run. As some love to say: the next few days will be critical

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Edit. After further investigatin the amazon thing, my suspisions were confirmed. It started with an article in coindesk just when the price hit 40K (surprise, surprise!) claiming they have received an e-mail (!) from a spokeperson (!) denying the rumours but confirming the interest in Bitcoin payments (!). Then reuters and others repeated the "news". You know, I can write an e-mail too double confirming the news and denying the denial. Coindesk are well known "professionals" who have nothing to do with shitcoins   or shorting hands   (actually, we need a bigger wink:)

[El duderino_]

Amazon denies it will accept Bitcoin only exploring crypto.

It was just FUD.

Exploring should be good enough, it will end in using/accepting

[ImThour]

Did you know: There is a complete page on AllPoetry.com about Bitcoin poems.
https://allpoetry.com/poems/about/bitcoin

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[serveria.com]

Unpopular opinion:

1. Large well known companies buying and holding large amounts of bitcoin is bullish news. (because it eventually raises the price by taking btc off the market)

2. Large well known companies announcing they will accept bitcoin for goods/services is... well, not really bullish. (because it doesn't actually do that)

Some would say "Well #2 adds to bitcoin's legitimacy in the public's eye." Nations are now making it a legal currency. Tesla bought $1B worth. JP Morgan trades it and says clients can buy it. We have already achieved "legitimacy".

Yes, sort of, but only among coiners and WO people. Ask 10 random persons in the street about bitcoin and you'll get to hear about magic internet money and currency for kiddie porn lovers and drug dealers. 

Wake me up when Bezos, Gates, Dimon, and Buffett say they bought several billion worth of bitcoin. Then I might actually get excited.

Until then...zzzzzz.

Let's say I'm a billionaire and a public figure. I learned about bitcoin, deflation and scarcity...  I'm buying bitcoin discreetly. Would I want everyone to know I'm doing it? Or keep buying while keeping the price down?