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

[Biodom]

Hey, anybody care to comment on Monday?
Up, down, sideways?

Not down would be good enough, considering that Ever..whatever is said to be defaulting.

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[cAPSLOCK]

Hey, anybody care to comment on Monday?
Up, down, sideways?

Not down would be good enough, considering that Ever..whatever is said to be defaulting.

I think we see some "up" type price action.  Most likely starting tomorrow... but possibly as the week goes on.

[ChartBuddy]

Explanation

[xhomerx10]

[suchmoon]

Blockstream *is* taking 100% of these fees, and has built a powerful Bitcoin sidechain that might make them some pretty serious money.  They are basically positioning themselves as a modern day payment rail like Visa or Amex.

[...]

As far as I understand ALL of my trades happened trustlessly on the Liquid blockchain at little to no risk to me whatsoever.  No third parties, or at least a blind distributed federation making it possible.

That's all a bit contradictory, isn't it. If Blockstream and/or 10 of the 15 (or whatever the multisig set up is) "federation" members got hacked or "hacked" or raided by the FBI or whatever, it sounds like you might have some trouble getting your money back. Not quite "your keys".

Ethereum for all its faults executes native craptoken contracts atomically. I would have expected LBTC to be like that but it sounds like it's not much better than WBTC and other wrapped Ethereum garbage where you also need to trust the peg holder.

[BobLawblaw]

Hey, anybody care to comment on Monday?

Ok. I'm probably going to very very wrong, but I'm feeling *EXTREMELY* bullish this upcoming week.

Expecting us to blast back above $60k by Friday.

Did not foresee us dropping below $52.5k, but, this is bitcorn, so...

[ChartBuddy]

Explanation

[Syke]

That's all a bit contradictory, isn't it. If Blockstream and/or 10 of the 15 (or whatever the multisig set up is) "federation" members got hacked or "hacked" or raided by the FBI or whatever, it sounds like you might have some trouble getting your money back. Not quite "your keys".

Ethereum for all its faults executes native craptoken contracts atomically. I would have expected LBTC to be like that but it sounds like it's not much better than WBTC and other wrapped Ethereum garbage where you also need to trust the peg holder.

RSK is merge-mined with BTC, and supports Eth contracts. No federation. There are a few DeFi options built on RSK.

[proudhon]

Hey, anybody care to comment on Monday?
Up, down, sideways?

Not down would be good enough, considering that Ever..whatever is said to be defaulting.

Down. Proven. Confirmed. Absolutely no question. Mathematically settled. Short bitcoin if you care about math and science and money.

[ChartBuddy]

Explanation

[jojo69]

Bitcoin - Welcome To The Big Leagues

Recent developments are undoubtedly a thorn in the side of the once-isolated crypto trading community, filled with many who after spending years mastering their specific market are now essentially in competition with firms backed by billions in capex and decades of experience. Because unless it’s also a coincidence that Tesla and Bitcoin have hit their high or low for the month on the same day 8 out of the last 15 months, it really appears that Bitcoin trades only as a composite of long ‘the next big thing’ FOMO and short U.S debt. There’s nothing wrong with that - the trade has done well. But it’s a slap in the face to the uncorrelated/digital gold/reserve asset narrative. And it’s a major blow to those who were looking for an ‘alternative’ investment. Increasing correlation with bonds and equities is the biggest threat to Bitcoin right now.

It’s possible and maybe even likely that this is temporary - but whatever needs to happen for Bitcoin to again decouple from greater markets hasn’t happened yet. In light of the past two weeks, can anybody seriously say right now that they think Bitcoin will end the year higher than where it is currently if the S&P 500 doesn't?

But to be fair, long term hodlers don't really have anything to worry about since if the world post-GFC is any guide, the current pullback in equities will bottom out soon and if it doesn’t - the Fed will just announce a pause in their tapering plans and at that point everyone should go even more all in because rest assured it will give way to new all time highs for the Nasdaq, home prices, inequality, and the newest member of the liquidity-firehose winners club, Bitcoin.

[Biodom]

yea, good find @jojo69, but their Big League(s) suck balls...manipulation, interference, front running, etc., etc.
Honestly, I think they lost the ability to properly allocate money to most productive enterprises of the future.

[JayJuanGee]

Bitcoin - Welcome To The Big Leagues

Recent developments are undoubtedly a thorn in the side of the once-isolated crypto trading community, filled with many who after spending years mastering their specific market are now essentially in competition with firms backed by billions in capex and decades of experience. Because unless it’s also a coincidence that Tesla and Bitcoin have hit their high or low for the month on the same day 8 out of the last 15 months, it really appears that Bitcoin trades only as a composite of long ‘the next big thing’ FOMO and short U.S debt. There’s nothing wrong with that - the trade has done well. But it’s a slap in the face to the uncorrelated/digital gold/reserve asset narrative. And it’s a major blow to those who were looking for an ‘alternative’ investment. Increasing correlation with bonds and equities is the biggest threat to Bitcoin right now.

It’s possible and maybe even likely that this is temporary - but whatever needs to happen for Bitcoin to again decouple from greater markets hasn’t happened yet. In light of the past two weeks, can anybody seriously say right now that they think Bitcoin will end the year higher than where it is currently if the S&P 500 doesn't?

But to be fair, long term hodlers don't really have anything to worry about since if the world post-GFC is any guide, the current pullback in equities will bottom out soon and if it doesn’t - the Fed will just announce a pause in their tapering plans and at that point everyone should go even more all in because rest assured it will give way to new all time highs for the Nasdaq, home prices, inequality, and the newest member of the liquidity-firehose winners club, Bitcoin.

Yeah.. good luck with those nonsense correlation theories.....and supposed suggestion that correlation with bitcoin and equities is so obvious that even a caveman would recognize it.

What a bunch of nonsense.

These desperate status quo financial twats come up with supposed correlation quite frequently, and we see how well that worked out in March 2020.. .yeah in the short-term there were all kinds of fucktwats gloating about "obvious" correlation blah blah blah.. and how long did that supposed correlation nonsense last?  They talked about it for a long time, even when such supposed correlation did not match actual facts... but since when did nonsense need to match facts?

What happened in March 2020-ish?

You going to comment on the substance of the article jojo or just hide behind some bullshit text snip-it that you posted...   I know that you are likely not a correlation zealot or even a believer in status quo bullshit ideas, but do you believe the correlation baloney?  Yes.. I know that there are guys spouting that correlation nonsense in this thread too...

Let's attempt to take it apart a wee bit.

Let's be charitable, and start BTC from $9k in February/March 2020...   We see that in March 2020 there would have been slightly more than a 50% BTC price correction (down to $3,850), and then over the next year a bounce back that took BTC to more than a 7x price appreciation from its $9k starting point and even if we account for the woa-is-me 56% correction down to $28,600 in summer 2021, that $28,600 still would have been more than a 3x price appreciation from our $9k starting point.  

And, even if we look at BTC's price now, where are we?  Last week we were at $58k, which would have been more than 6x our $9k starting point, and even now at $49k, we are still around 5.5x our $9k starting point.

Where the hell is equities in all of this?  

Oh equities are the same as BTC because we are going to start over and we are going to start to match BTC's price with equities in a shorter timeframe.. We are not going to start from $9k in February/March 2020, right?  Instead we are going to select some random price point that is more convenient and show correlation from there, no?, and we are going to selectively choose some random price point in which BTC and equities were dropping and the same time and viola!!!! we are going to proclaim correlation.

Did I say nonsense?


Zoom out.  WE do not have correlation, even if some people are so damned attached to short-term periods and want to assert that there must be correlation merely because during such and such snap-shot period we had correlation.

Good luck with those wanna believe correlation theories, and furthermore, don't be telling me that there is any kind of close approximation in what happened with equities - even if you attempt to be selective about the matter.... Instead how the hell do we get here?  and where are we going from here?  Good luck if you are listening to the seemingly desperate equities pumping folks.  

[ChartBuddy]

Explanation

[aysg76]

Good one! I'll repeat it in big & bold, for clarity, in case the WO resident trolls/retards still don't get it:

THANKS FOR
ALL THE
CHEAP SATS,
YOU WEAK
ASS PAPER
HANDS
BTC

Because he knows this:

In coming days (as few time back the keyword was years but now it has changed) stacking sats will also be expensive and there will be two categories :

Paper Hands - are already selling at this moment

Diamond Hands- holding and buying at this moment

You choose your freedom wisely.

[ChartBuddy]

Explanation

[serveria.com]

Good one! I'll repeat it in big & bold, for clarity, in case the WO resident trolls/retards still don't get it:

THANKS FOR
ALL THE
CHEAP SATS,
YOU WEAK
ASS PAPER
HANDS
BTC

Because he knows this:

In coming days (as few time back the keyword was years but now it has changed) stacking sats will also be expensive and there will be two categories :

Paper Hands - are already selling at this moment

Diamond Hands- holding and buying at this moment

You choose your freedom wisely.

Nope, year 2030 $1600 = 1 sat you bear! 

[greensheep]

Hey, anybody care to comment on Monday?
Up, down, sideways?

Not down would be good enough, considering that Ever..whatever is said to be defaulting.

SOMA:
ATH was broken, everyone and their dog thought the mania phase started as it is december, historically a good month.
Late longs were entered and then crushed.
Everyone now thinks the bull is over... fear is everywhere...

But muh lenghtening cycle...

[OutOfMemory]

Sorry, no drone pics of deep snowy winter today, shit my guts out last night.
Mood: Very much dark side.
Condition: Exhausted, dehydrated.
Actions: Cancelled all external activities for today.

Have a nice day, hope MF king daddy pumps today, after the european markets cleaned up their mess.

[BobLawblaw]

Sorry, no drone pics of deep snowy winter today, shit my guts out last night.
Mood: Very much dark side.
Condition: Exhausted, dehydrated.
Actions: Cancelled all external activities for today.

Uhoh? You catch the coof or something?