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

[Spaceman_Spiff]

Current bitcoin trends aside, that's a pretty awesome building/train.  

[ChartBuddy]

Explanation

[Zule]

It seems that we are slowly detaching from china, the way we detached from gox...

[podyx]

 

[macsga]

SUCH TRAIN!!!!1

MUCH MOON...
COMING SOON!!!!1

[PoolMinor]

SUCH TRAIN!!!!1

MUCH MOON...
COMING SOON!!!!1

[macsga]

PS:
HODL!!!!1

[Spaceman_Spiff]

Just wanted to thank stan.distortion here for escrowing the bet.  
We didn't do any m-of-n stuff, so he was free to do with the funds as he wanted, but delivered as promised.  
So yes, there are some decent folk involved with bitcoin, it ain't all scams and hacks  .

[macsga]

Just wanted to thank stan.distortion here for escrowing the bet.  
We didn't do any m-of-n stuff, so he was free to do with the funds as he wanted, but delivered as promised.  
So yes, there are some decent folk involved with bitcoin, it ain't all scams and hacks  .

There are some crazy ones too (Hint: look posts above)

[KeyserSoze]

Just wanted to thank stan.distortion here for escrowing the bet.  
We didn't do any m-of-n stuff, so he was free to do with the funds as he wanted, but delivered as promised.  
So yes, there are some decent folk involved with bitcoin, it ain't all scams and hacks  .

2 opposable thumbs up!

[adamstgBit]

Just wanted to thank stan.distortion here for escrowing the bet.  
We didn't do any m-of-n stuff, so he was free to do with the funds as he wanted, but delivered as promised.  
So yes, there are some decent folk involved with bitcoin, it ain't all scams and hacks  .

whats the bet?

[Spaceman_Spiff]

Just wanted to thank stan.distortion here for escrowing the bet.  
We didn't do any m-of-n stuff, so he was free to do with the funds as he wanted, but delivered as promised.  
So yes, there are some decent folk involved with bitcoin, it ain't all scams and hacks  .

whats the bet?

I said on saturday it would go below $530 within the week.

[oda.krell]

The chart I posted consisted of 2 (or maybe 2.5) descending triangles. The question exactly how "arbitrary" they are is valid in principle, but if you look at it you will note the lines aren't drawn completely out of the blue: the major descending line has 6, maybe 7 points of contact with daily price candles, to a pretty remarkable degree of accuracy. You can certainly question the validity and staying power of that downtrend (since the December ATH), but trading on it sure turned out to be profitable in the past weeks. At some point that trendline *will* be broken, I'm sure, but so far it hasn't happened (with any kind of volume as well).

The lower lines that form the smaller  triangle run through the pretty well established support at ~520, slightly ascending perhaps. I said "2.5 triangles" because to me it looks like there are 2 levels of support running close to each other, but they aren't much apart, so many in this forum put the two lines together as one lower trendline. The trend lines of the smaller triangle are about to touch, and we either have to go up or down (breaking out towards the upside, or the downside), that's the trivially true part.

Now, today, we broke through the 520 support trend line (that marked the smaller triangle), although we're currently resting above it, which is not a bad sign. My chart was intended to raise the question: will we "break" the smaller triangle to the downside (i.e. go below 520, then 500), or rather: did we just break out to the downside, and will we perhaps, in the following weeks look for resistance/support in the larger triangle (that lasts into May 2014).

Here's the chart again:

Thanks for that explanation, and in essence you are suggesting that there will be a sort of force that causes BTC to gravitate towards these kinds of trendlines, despite a potential exponential growth curve... In other words, even if there were an exponential explosion of BTC prices, there would be a force pulling the price back down to the trendlines... unless the trendline were to shift upward or downward.. depending on if there is enough evidence to support drawing the line in a different way based on the number of connection points. 

I don't really have any problems with these kinds of analyses... b/c they seem to make sense.... even though you may NOT bet the farm on it.. but they could guide you absent other news.

More or less. I think the most basic idea behind analyzing trends is that there are several trends that govern the price function, shorter term as well as longer term trends, but not all of them are active at the same time. So the validity of a long-term exponential upwards trend isn't necessarily questioned because of a shorter term downtrend. The shorter term trends can still /influence/ our assumptions about the long term trends.

[seleme]

I guess that 563$ seller from few days ago was someone in the know.

[seleme]

[Dalmar]

I guess that 563$ seller from few days ago was someone in the know.

Bobby Lee of course. Two faced punk.

[Spaceman_Spiff]

Does that function like the bat-signal?
"Out of nowhere, our hero trader emerges and slowly but confidently draws his ruler... "


EDIT: or maybe it just shows we are on our way back to earth after visiting the moon...

[MoreFun]

You bought back in?

[seleme]

You bought back in?

Haha, not yet

that's me and my wife:

[adamstgBit]

I guess that 563$ seller from few days ago was someone in the know.

ya maybe he "knew" he was going to make up BS fud about china banning bitcoin and make it look as legit as possible / use sock puppet accounts to help spread / legitimize the "news"