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

[shahzadafzal]

They see me rollin', they hatin'

[becoin]

Who sold at the bottom?

[ChartBuddy]

Explanation

[JayJuanGee]

China is thinking about unbanning bitcoin mining after price rise and started a new research.  ...lol.

https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

Translation: "Tell the chinese miners to turn the bitcoin mining rigs back on"  

They will flood market with gear sales will begin in Jan or Feb.

We are very much matching to 2017 which end in a huge bull rush.

2018 was a flood of gear for months on end. So maybe just maybe 🤔 it is not so differently after all.

Do you really believe that the so many variables at play in this particular market (at this time) would be able to play out in less than two months?  (implying that the top plays out in this calendar year?)...

Surely, I do not want to take away from the power of the 4-year fractal because there does seem to have some kind of gravitational pull to comply again with such overall broad brush-strokes of such earlier comparison periods, but each cycle has its unique dynamics too that could affect how the curvening plays out, even if later periods may well end up looking very similar to earlier periods - they never seem to be precisely the same....

So even though I am kind of inclined to conclude that there could be some dragging out of this cycle, I do appreciate that sometimes the blow off top can also end up happening pretty rapidly, too.. I will admit that through 2018, I had a similar kind of feeling that the 2017 blow off top was not really a blow off top, so we were not done with the UPpity, yet.. but I ended up being wrong about that.. so I could be wrong this time too.. even though I am thinking that our lil 56% correction in the midst of this run (which largely ended up being mid-may through Mid-July-ish) .. before ramping back up.. but we are getting a kind of slow ramping up to reach the previous ATH.. that causes this period to seem different from 2013 too.. even though maybe closer to 2013 than to 2017.. and so the BIGGER question still concerns whether there is going to be a dragging out or not... which I keep coming back to having more favorability towards some kind of dragging out.. even if I am not going to be shocked off my feet if we end up with a "wham bam thank you ma'am," rather than a "dragging out"..... either way.. I can proclaim that I called it.. hahahahahaha  at least on the inside... like a good sorcerer wannabe...

China is thinking about unbanning bitcoin mining after price rise and started a new research.  ...lol.

https://digesttime.com/2021/10/24/china-is-thinking-about-unbanning-bitcoin-and-started-a-new-research/

Translation: "Tell the chinese miners to turn the bitcoin mining rigs back on"  

They will flood market with gear sales will begin in Jan or Feb.

We are very much matching to 2017 which end in a huge bull rush.

2018 was a flood of gear for months on end. So maybe just maybe 🤔 it is not so differently after all.

If the rigs are still in China. It's possible the rigs actually physically moved from China to other countries and run from outside China. In which case, there is no incentive to return unless China either forces the miners somehow, or pays them to do so, or electricity rates have subsidies or support or something. It is unlikely they will get back the older miners, but they can try to encourage new ones. They effectively kicked out their exchanges as well. No existing exchange is going back, it will be new ones.

China shot themselves in the foot.

I still think that they can recover.

There are some folks who are mobile for sure, and I agree with you that if equipment or people leave, then they are likely not coming back.. Of course, there are some people (including Chinese people) who have comfort living in china.. because maybe things are better for them in China as compared with trying to make things work in some other jurisdiction. .. You might be right that previous existing exchanges might not want to open up again and risk getting more whip saw by Chinese administrators, but if they have existing skills, they still might consider it short-term profitable to actually open up again, even if they can also calculate that they may well end up getting whipsawed another time... I am sure that there are some on-the-ground Chinese folks participating in this forum, too.. one or two, no?

Ya might find this funny but it is true. The fish in the Sea are drowning...

Not funny at all because as a loser nocoiner..  you just make shit up hoping for some attention..

By the way, it is not too late, even for nocoiners to start to accumulate BTC.. you will be in a much better place.. even if it takes 4-10years to become consistently profitable based on your purchases from today... whether you are able to take a medium level of aggressive stance, such as $100 per week, a more aggressive stance of $1k per month, or surely there are some folks who are ONLY able to do something like $10 per week.. but do what you can do based on whatever is your own situation.. without overleveraging.. and hopefully, whatever you end up doing, you do not want to put ur lil selfie in a worse position where you end up feeling that you have to sell some of all of whatever BTC you had ended up accumulating at some point later down the road at a loss.

[Torque]

.... pretty sure this bitch is a spook or intelligence asset that is trying to use the recent public campaign of hate against social media to torpedo FB plans for end-to-end encryption roll out

... we've known for years FB and socials are toxic cesspits, so after embedding herself in FB for less than 2 years she comes out with this 'whistleblower' crap that has been obvious for anyone looking from the outside what FB has been doing to young minds

Could she have been an insider plant? Sure, maybe. This type of insider espionage/sabotage has been done to corporations before.

... the spooks have been happy to turn a blind eye to FB social crimes while they have been major beneficiaries of gaining all that juicy surveilled data and privacy-raping their citizens .... now suddenly they grow a conscience when FB rolls out end-to-end encryption plans?

They never grew a conscience. The FB user base growth has stalled, and up to this point these criminal orgs have bought all the data they need from FB atm.
https://finance.yahoo.com/news/facebook-alarmed-teen-usage-drop-110010566.html

Once a major corporation stops growing, it's time to create FUD and go mega short. Classic insider playbook.

[dragonvslinux]

All this price action... But so little retail volume.

This is incredibly bullish in my opinion. 

Who is buying?

Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.

The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.

Imagine what happens when there is buying pressure 

Bullish

[Torque]

All this price action... But so little retail volume.

This is incredibly bullish in my opinion.  

Who is buying?

Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.

The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.

Imagine what happens when there is buying pressure  

Bullish

Yes. At this point 99% of all 'price pressure' is all institutional or whales. The float is just being challenged, as it is a mere fraction of what people think is available for trade (and getting smaller by the day).

[cAPSLOCK]

All this price action... But so little retail volume.

This is incredibly bullish in my opinion. 

Who is buying?

Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.

The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.

Imagine what happens when there is buying pressure 

Bullish

That's my point.

But Something (someone, someones?) is vacuuming all the chips off the exchanges.  They are not being sold, but withdrawn.

So either the OTC market knows how to hook up whales with shadowy buyers, or the exchanges themelves are going short.

There is no situation I can think of where this does not absolutely explode up.

The ONLY scenario I can think of that is not bullish is a coordinated attack at the nation state level where they quietly buy huge positions with the intent to dump them on retail and crash the price of bitcoin.  That idea is all but tinfoil hat insanity.  It IS true that bitcoin stands to be majorly manipulated via the retail exchanges... but for some reason no one is trying that, and it looks very strongly that large positions are being taken (as they have been being for over a year now) behind the scenes.

And we are running our of cheap coins.

Hodl.  (I never say that... but I am invoking it as a spell now...)

[dragonvslinux]

All this price action... But so little retail volume.

This is incredibly bullish in my opinion. 

Who is buying?

Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.

The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.

Imagine what happens when there is buying pressure 

Bullish

That's my point.

I know it was 

But Something (someone, someones?) is vacuuming all the chips off the exchanges.  They are not being sold, but withdrawn.

So either the OTC market knows how to hook up whales with shadowy buyers, or the exchanges themelves are going short.

There is no situation I can think of where this does not absolutely explode up.

I think it's most likely exchanges at this point, they also know the drill. They have the infrastructure to "trickle off" their coins to cold storage, without triggering to much interest from blockchain analytics firms like glassnode. It it were whales, you'd see much bigger chunks being withdrawn, that as far as I understand isn't quite the case right now. That was more like the $30-40K range with higher trading volume, when a lot of evidence pointed to institutional accumulation as opposed to distribution. Ie retail selling to institutions, as opposed to the other way round.

The ONLY scenario I can think of that is not bullish is a coordinated attack at the nation state level where they quietly buy huge positions with the intent to dump them on retail and crash the price of bitcoin.  That idea is all but tinfoil hat insanity.  It IS true that bitcoin stands to be majorly manipulated via the retail exchanges... but for some reason no one is trying that, and it looks very strongly that large positions are being taken (as they have been being for over a year now) behind the scenes.

This is basically it. Apart from the same old-age conspiracy theories that would explain why price is so high without much buying volume, it's simply just bullish. Sometimes, rarely, this is simply the case!

And no China is talking of un-banning Bitcoin again? Guess they got their $40K buy orders filled then 

[ChartBuddy]

Explanation

[JayJuanGee]

All this price action... But so little retail volume.

This is incredibly bullish in my opinion. 

Who is buying?

Not a lot of people? Neither retail nor institutional is showing any decent volume right now as price continues to move upwards.

The relevance is there is a lack of sellers in the market right now, hence very low supply on exchanges at the moment.

Imagine what happens when there is buying pressure 

Bullish

That's my point.

But Something (someone, someones?) is vacuuming all the chips off the exchanges.  They are not being sold, but withdrawn.

So either the OTC market knows how to hook up whales with shadowy buyers, or the exchanges themelves are going short.

There is no situation I can think of where this does not absolutely explode up.

The ONLY scenario I can think of that is not bullish is a coordinated attack at the nation state level where they quietly buy huge positions with the intent to dump them on retail and crash the price of bitcoin.  That idea is all but tinfoil hat insanity.  It IS true that bitcoin stands to be majorly manipulated via the retail exchanges... but for some reason no one is trying that, and it looks very strongly that large positions are being taken (as they have been being for over a year now) behind the scenes.

And we are running our of cheap coins.

Hodl.  (I never say that... but I am invoking it as a spell now...)

You are describing some of the dynamics of exchanges as if they are new, and largely, they are not.. unless I am missing something that you are saying.

Largely since exchanges have been in existence.. budding with MTGOX in 2011 and a few others and expanding their existence into 2013 and thereafter adding and adding, the BTC price has been largely established through exchange activities, and many of us have speculated about various ways in which OTC trades are happening and exchange prices are being manipulated - simultaneously.. for example, covertly buying through OTC and dumping on exchanges.

Practices of manipulating BTC prices is not new, only the vehicles of liquidation have changed over the years so the dynamics of how to manipulate and how many exchanges have to be used have changed and likely many of us are not going to have a lot of insight into exact specifics without being either having access to exchange data or maybe being a whale ourself who has BTC/fiat on a large variety of exchanges... so it seems pretty likely that the manipulation capacities have become more and more difficult including the number of exchanges (and other liquidation avenues) and the quantity of value that has to be available to achieve such manipulation.. and is surely not outside of the capabilities of the BIGGER players.. even if there still might be questions whether some BIGGER players (such as governments or financial institutions would like to risk reputation/losses to be discovered as a BTC price manipulator.. sure some have no shame, and some likely believe that they could not be caught.. but some of us normies might not have access to the kind of information regarding if any of them are really going down such a manipulation path.. to risk potentially getting reckt if they really do not have enough capital to keep throwing at the matter - such as the employment of fractional reserves...ie bitcoins that do not actually exist that they have to purchase with dollars or some other form of fiat).

I am not even really disagreeing with your overall conclusion, cAPSLOCK, because it seems that no matter whatever playing around might be happening or attempting to be happening, there still seem to be difficulties to fight what seems to be our ongoing UPpity price pressures.. and yeah, we could end up having a double top because anything can happen, even though the odds of such a "double top" bet seem to be one that is not too likely to play out..

in udder wurds... keep stacking boyz.. especially if u have not adequately prepared ur lil selfies for UP...

 

This is basically it. Apart from the same old-age conspiracy theories that would explain why price is so high without much buying volume, it's simply just bullish. Sometimes, rarely, this is simply the case!

And no China is talking of un-banning Bitcoin again? Guess they got their $40K buy orders filled then 

China is surely earning a reputation for ongoingly and continuously shooting themselves and their citizens in the foot/feet (as Dabs mentioned), so would not speculate for sure that the government has actually gotten any meaningful advantage from their wiffle-waffling about the bitcoin topic.  Of course, there are going to be some insiders (whether with the government or otherwise connected to insider information) who will be able to profit from these kinds of crazy-ass and seemingly inconsistent behaviors/policy positions, but I would not conclude that level of corruption as intentions of the policy makers to personally profit.. that just is assuming way too much corruption rather than really having had believed that they were doing the right thing by banning bitcoin and then later having to reverse themselves (without really admitting that they are reversing themselves).

[serveria.com]

Prolly been posted before (too lazy to scroll back haha) but this looks fooking BIG guys: https://www.coindesk.com/business/2021/10/25/mastercard-is-integrating-crypto-payments-through-a-new-partnership-with-bakkt/  

Last week, American Express CEO Stephen Squeri said he doesn’t currently see crypto as a threat to traditional credit cards.

 

[Torque]

https://twitter.com/AuronMacintyre/status/1452454861719674887

[El duderino_]

https://www.nytimes.com/2021/10/24/business/media/facebook-leak-frances-haugen.html

Ms. Haugen, in our phone interview, also resolved a minor mystery: whether she’s quietly relying on the financial support of Pierre Omidyar, the eBay co-founder whose groups started working with her in October, as Politico first reported.

The reality, she said, is that she has her own financial resources, and has accepted help from nonprofit groups backed by Mr. Omidyar only for travel and similar expenses.

“For the foreseeable future, I’m fine, because I did buy crypto at the right time,” she told me.

 

Long time no see, please be more on the Wall…

One of my favorite posters

[El duderino_]

Who sold at the bottom?

I did …. Some very little purchase… but I think it was the top-ish at that time 

[ChartBuddy]

Explanation

[OutOfMemory]

Observing $62,376 = Better!
Let’s begin a slow grind up to $70,000 this week.

Have a good one today boys.

I could well live with +$10k per week.
LFG, ChartBuddy!  

I was beginning to consider $1k per day or some variation of that, but then realizing that bitcoin does not work like that.. so we might start to get $1k per day then all of a sudden we get a $10k day.. perhaps? momentum was down just yesterday-ish.. and then we had nearly 24 hours of reversing.. so then.. has the baby-sized (or would it be ant-sized?) down reversed?  Could be, no?

That's why i wrote "per week". It's easier to iron out ant pumps and corrections that reverse in a matter of days on bigger timeframes. Of course, it's often a question of timing (say, the weekly candle closes high or low, for example) when weekly would not be "of enough average" to incorporate such rough expressions like "$10k". Stepping up in timeframe size would probably mostly help in a more cosmetic way.
However, i could really well live with that, too.
Everything would do, as long as there is a + in front of the change 

Actually, another thing that I thought of regarding a kind of gradual scenario is that at some point we have to get suspicious regarding "why isn't there no battle?"  So, even if the battle is not constant, it seems that we should want to see a "battle" every once in a while, just to be able to appreciate that whatever move is happening is real rather than just cooperating whales causing the price moves to happen.. and it gets so much better and exciting when the whales lose control... .. for example I doubt that the bearwhales wanted the price to get above $43k/$46k in early August.. but they likely did not really have a choice.. and I doubt that they wanted the price to get above $53/$55k in early October, and they likely did not have much of a choice at that point, either.. my tentative thinking....

"Are these bearwhales with us in the room right now?"   
Seriously, i think bearwhales (BW) progress, like most other market participants, over time. The levels of leverage and increased volumes using it make it easy to make it drop in the BW's favour in sideways moments on low trading volumes. The way down is steeper, chances to trigger a decrease in price enough to pick up the liquidated mess from the ground. This is slowing down bullish momentum and empowering the BW, imo. When retail money is being poured in, they stop the selling to have ammo for the next bear cycle(s). This way, they also profit from steep rises in price, if they are patient enough to ride it out. There's much in the (order)books to evaluate and manage the bear's risk ratio.
Damn goblins! 

And, they do not really like that we continue to be in noman's land because there is not really much that they can do about that, but that bridge was crossed in early October.. so it is largely just a matter of getting through this.. with only token battles along the way.. perhaps?  perhaps?

Agreeing on this, too.

[ChartBuddy]

Explanation

[cygan]

the birthday present for my wife is now ready
hope on the day on a few green dildos

[El duderino_]