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

[JorgeStolfi]

Why do you think it is bullshit? I doubt they would say they had seen a document unless it was true.

1 there was a lot of similar fake news recently.
2 CEOs of Chinese exchanges said they haven't seen any document
3 There is no real proof and no government official to confirm
4 Nobody wants to take responsibility for the news naming himself as the source
5 Chinese government said the previous (similar) news were FAKE

As for 4, the Caixin reporter stands by his story and says that the document was sent by the PBoC to regional offices, not to the exchanges yet:
http://english.caixin.com/2014-03-27/100657518.html

As for 5, the PBoC has not yet denied this report. So maybe that Caixin article "we stand by our story" and the lack of PBoC denial explain this second dip.

Also, that news may be fake, but the sensitivity of bitcoin price to rumors is now demonstrated.  Some investors may be dumping because of this fact, rather than the rumours themselves.

[mah87]

Isn't this fake news from the past week already

IS THIS ANOTHER FAKE NEWS ?

[Ultros]

Ouch.

[hdbuck]

i'm short! i'm short! cmon bitcoin you can do it! drop drop drop drop!!

[bitgeek]

epic bull trap?

Not the first one, there was one when Gox went down, this pump and dump at the beginning of March, now this FUD week. A lot of people lost money on this.

[Painful Truth]

epic bull trap?

or epic bear trap 

[fonzie]

Wow, finally massive profit. Shorts closed. Longs opened@528$ will close between 550-570$
GoGoGo

@Shroomskit- Thanks for panic sellin you sheep 

[Todorius]

I wonder how low this sucker will go 

[JorgeStolfi]

So far this dip has not yet undone the lasting effects of the 10--15% jump of Mar/03 (presumably due to the 1500 BTC buy on Bitstamp and/or Bloomberg's "important announcement" that wasn't).

The price is still higher than what it should have been according to the trend line of the Feb/10--Mar/02 period, that followed MtGOX's debacle.  (That trend apparently started 3 days earlier on Bitstamp: GOX insiders taking their coins out?)

[magicmexican]

Could be a tripple-ish bottom

[nakaone]

not a trader so probably wrong here but the funny thing is that panic buying is always faster than panic selling. every fuckin time I hodl money for btc I'm just afraid to miss the latest news and buy back when price is already up - so HODL

[EvilPanda]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

[fonzie]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

I predict ~564 in the next 8 hours 

[hdbuck]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

i disagree. Imo it was very much predictable (i predicted it ). there is no price support, and even less pumping going on. volumes are shit, nobody is rushing to buy bitcoins, everyone is on an observation phase. so we're going down until some other whale decide to pump the price a little, just to avoid crashing back to 400. but you can clearly see that slow down pattern ever since the ATH was reached. there was no genuine capitulation yet. Everybody still thinks sub600$ is cheap. i call it BS.

[Bronstad]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

I predict ~564 in the next 8 hours 

[elebit]

i disagree. Imo it was very much predictable (i predicted it ).

That means nothing. Your prediction will be wrong from time to time, every time an unexpected whale shows up, and when it is you'll lose.

[EvilPanda]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

i disagree. Imo it was very much predictable (i predicted it ). there is no price support, and even less pumping going on. volumes are shit, nobody is rushing to buy bitcoins, everyone is on an observation phase. so we're going down until some other whale decide to pump the price a little, just to avoid crashing back to 400. but you can clearly see that slow down pattern ever since the ATH was reached. there was no genuine capitulation yet. Everybody still thinks sub600$ is cheap. i call it BS.

So you think this fall would've happened even if there was no Chinese FUD twice this week (each taking us lower)?

[fonzie]

Maybe 480$ first?

Huobi shows no mercy!

[adamstgBit]

http://www.coindesk.com/bitcoin-price-drops-new-chinese-bank-rumours/

to me this is a gr8 gambling opportunity

is the news real of fake

place your bets!

 

[hdbuck]

Could be a tripple-ish bottom

Don't look for a pattern here, this is a FUD correction, not a typical one created by lack of price support. The same as when people found out Karpeles stole their money. Nobody can predict something like that.

i disagree. Imo it was very much predictable (i predicted it ). there is no price support, and even less pumping going on. volumes are shit, nobody is rushing to buy bitcoins, everyone is on an observation phase. so we're going down until some other whale decide to pump the price a little, just to avoid crashing back to 400. but you can clearly see that slow down pattern ever since the ATH was reached. there was no genuine capitulation yet. Everybody still thinks sub600$ is cheap. i call it BS.

So you think this fall would've happened even if there was no Chinese FUD twice this week (each taking us lower)?

yup. chinese fud is the only explanation you could come up with for this downtrend, because people need to rationalize things. However, i believe the leg down has nothing to do with news. Just weak hands getting impatient because of the lack of upward pressure. News is just an excuse to give up a little bit more: if it wasnt for chinese fud it would have been something else.