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

[seleme]

I feel some mini rally is coming unless we get some China bad news confirmation.

Sellers look bit exhausted and only that news could change the things.

Pre-confirmed. 

 

[aminorex]

I feel some mini rally is coming unless we get some China bad news confirmation.

Sellers look bit exhausted and only that news could change the things.

Pre-confirmed. 

 

that's racist

[TERA]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

Didn't you say you would stop posting once you got your cheap coins. Wasn't that around 600 or so? Considering how low we are i'm pretty sure you got all the cheap coins you could afford already. Right?

That was a long long time ago with a different chart and different TA. These coins were cheap 2 months ago, but they are no longer cheap because more time has passed, the long term indicators on the chart have changed, and the volume is dwindling. We are clearly in a different pattern than the previous cycles. The 1 week EMAs are about to cross down. I would have been all over these coins 2 months ago but not now.

[seleme]

What parameters are you using for EMA? 1 week EMA has crossed down 4-5 weeks ago on my Wisdom.

[ShroomsKit]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

Didn't you say you would stop posting once you got your cheap coins. Wasn't that around 600 or so? Considering how low we are i'm pretty sure you got all the cheap coins you could afford already. Right?

That was a long long time ago with a different chart and different TA. These coins were cheap 2 months ago, but they are no longer cheap because more time has passed, the long term indicators on the chart have changed, and the volume is dwindling. We are clearly in a different pattern than the previous cycles. The 1 week EMAs are about to cross down. I would have been all over these coins 2 months ago but not now.

Ooooh right. I didn't see that coming. Basically you will be crying about bull traps and how we will go down because you want cheaper coins till the end of times.
Well, in that case, time to put you on ignore. Buh bye.

[TERA]

What parameters are you using for EMA? 1 week EMA has crossed down 4-5 weeks ago on my Wisdom.

Default wisdom parameters: 7/30.  The bottom ema was first breached 6 weeks ago but it did not cross down and still hasn't.

[boumalo]

456$ on bitstamp, it will probably go lower Or we will all be surprise and it will spike up

[EuroTrash]

Triangle closing. Drop coming. Much fear. Some hope.

[billyjoeallen]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

Even TERA thinks we could go to $550 soon!

[ChartBuddy]

Explanation

[EuroTrash]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

I think that those orders are from new market meat. Like a friend of mine who called me a fool at 100, and yet he is now patiently waiting for his chance to become my greater fool. Their logic is quite simple: "it looks like it's going to go up but it is crashing now. 1000 is too much, 300 is right, let me put a bid at 350-450."
I think there are many of them this time. This month we'll see them fighting with the butthurt fools who want out of bitcoin.

[TERA]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

Didn't you say you would stop posting once you got your cheap coins. Wasn't that around 600 or so? Considering how low we are i'm pretty sure you got all the cheap coins you could afford already. Right?

That was a long long time ago with a different chart and different TA. These coins were cheap 2 months ago, but they are no longer cheap because more time has passed, the long term indicators on the chart have changed, and the volume is dwindling. We are clearly in a different pattern than the previous cycles. The 1 week EMAs are about to cross down. I would have been all over these coins 2 months ago but not now.

Ooooh right. I didn't see that coming. Basically you will be crying about bull traps and how we will go down because you want cheaper coins till the end of times.
Well, in that case, time to put you on ignore. Buh bye.

The thing is, there is not a such thing as a 'cheap coin'. 'Cheap coin' is a cult term. Coin cheapness is only something that's relative to the past, and relative to a potential future. If price suddenly drops 50% from what it was yesterday, then yes it's a cheap coin because you'll probably get a huge bounce out of it and make a great trade. And, if you think that according to TA this is the last chance to get a certain price before a huge rally in the near future, then that is a cheap coin also.  However, this projection changes with time based on TA and world events.

Here was the situation 2 months ago:
1. Price had suddenly dropped from 800 to 400, with high volume.
2. The chart resembled very closely the conditions in 2013 before the reversal.
Both conditions of coin cheapness were fulfilled. There was both recent high prices and a probably rally in the future. I expected a great bounce/trade with a likely rally play. Therefore, coins were 'cheap' and a bought in. However, I later had to sell when technical indicators reversed and a rally clearly wasn't happening.

Now here are the conditions today:
1. Price has diwndled down from 700 to 460 on LOW volume.
2. The chart no longer resembles conditions from previous cycles, and the 1 week emas are about to cross down. I am no longer expecting a rally any time in the near future, and possibly even a further decline.
Neither condition of coin cheapness is fulfilled. Therefore, coins are no longer 'cheap'.  

You have to realize that things change. time changes things. TA changes. News changes. The only constant in the universe in change. nothing is set in stone. Almost everything I say is based on my stance as a trader based on the current TA and the current news. 2 months ago I honestly thought there could be another rally soon and today I honestly think there is not. If there was another rally, right now we should be at 800 and not 460. I wrote a whole other thread all about how I don't talk my book. Please read it.

Right now my biggest concern is the 1 week ema and the low volume. The price just keeps going down and down without any volume. Without any volume, the trend cannot reverse. It takes high volume to cause a reversal.

[JayJuanGee]

456$ on bitstamp, it will probably go lower Or we will all be surprise and it will spike up

I appreciate the high level of confidence and commitment that you exhume in your prediction!!!     And surely I am betting that you are going to be correct

[billyjoeallen]

If things keep changing, TERA, then things could change again and make you bullish.

[TERA]

If things keep changing, TERA, then things could change again and make you bullish.

Correct.

[JayJuanGee]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

I think that those orders are from new market meat. Like a friend of mine who called me a fool at 100, and yet he is now patiently waiting for his chance to become my greater fool. Their logic is quite simple: "it looks like it's going to go up but it is crashing now. 1000 is too much, 300 is right, let me put a bid at 350-450."
I think there are many of them this time. This month we'll see them fighting with the butthurt fools who want out of bitcoin.

Yeah... I see those kind of people saying $1000 is too much and then they want lower... then it goes lower and then they want lower.. and then it goes lower and they say, "shit, I cannot buy when prices are this low, b/c it may go down lower"   They say, let me think about it... then they buy when it is going up and then they sell when it goes back down.. and blame you for getting them into it.

[TERA]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

I think that those orders are from new market meat. Like a friend of mine who called me a fool at 100, and yet he is now patiently waiting for his chance to become my greater fool. Their logic is quite simple: "it looks like it's going to go up but it is crashing now. 1000 is too much, 300 is right, let me put a bid at 350-450."
I think there are many of them this time. This month we'll see them fighting with the butthurt fools who want out of bitcoin.

Yeah... I see those kind of people saying $1000 is too much and then they want lower... then it goes lower and then they want lower.. and then it goes lower and they say, "shit, I cannot buy when prices are this low, b/c it may go down lower"   They say, let me think about it... then they buy when it is going up and then they sell when it goes back down.. and blame you for getting them into it.

One of the biggest mistakes made by new traders is not incorporating TIME into their calculations.

[Davyd05]

This Chinese thread seems to say that bank deposit (?) at OKCoin was still working today (Apr/01) around 09:00 local time.

Thought it was clarified via bter that they were closing third party partners not a blanket ban.

[chessnut]

Triangle closing. Drop coming. Much fear. Some hope.

hmm I see a potential wedge too but if it goes up just a bit it's not gonna look like a wedge any more, not even a broken wedge. more like an ABC correction. but still why should it go down tonight. Im not expecting a confirmation, and the news of law enforced is obviously not enough to drive this trend. I maintain panic sellers are spent.

[Davyd05]

Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.

I think that those orders are from new market meat. Like a friend of mine who called me a fool at 100, and yet he is now patiently waiting for his chance to become my greater fool. Their logic is quite simple: "it looks like it's going to go up but it is crashing now. 1000 is too much, 300 is right, let me put a bid at 350-450."
I think there are many of them this time. This month we'll see them fighting with the butthurt fools who want out of bitcoin.

Yeah... I see those kind of people saying $1000 is too much and then they want lower... then it goes lower and then they want lower.. and then it goes lower and they say, "shit, I cannot buy when prices are this low, b/c it may go down lower"   They say, let me think about it... then they buy when it is going up and then they sell when it goes back down.. and blame you for getting them into it.

One of the biggest mistakes made by new traders is not incorporating TIME into their calculations.

or they weren't around when Tera showed us how to setup a proper limit buy/sell orderbook for themselves. From memory you increase the amount btc bought as the price goes down but use the same fiat value for each staggered buy.

Either way I <3 square trade, I also wait patiently for market reversal upon dark clouds dissipating.