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

[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.

IN the end, there was NO real news with any of this China FUD over the past two weeks-ish.. it was pretty much the same news as had come out in December 2013... just some rephrasing or recirculation.. but materially NOTHING really new.

uh I consider the website directly addressing what was sent to them real. At least a stance based on something they we're enforced to follow.

In this rant, I was NOT alleging that the news was NOT real, I was just asserting that it was NOT new... NOTHING materially different from what we already knew in December 2013.  There may have been different words or a different font or two spaces after the periods.. and things like that.. but nothing significantly different from what was already known in December 2013.

what I learned from their statement that I hadn't gathered from any other FUD past or present was this time the pboc went to the third party  payment processors opposed to the exchange, which I don't believe is ever directly addressed. The solution for BTER could be as easy as getting a commercial bank account. It just looks like the pboc is narrowing the channels without direction intervention at an exchange.

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[JayJuanGee]

Thing are def happening on bfx right now. It looks as the shorts are panic closing and the amount of longs is rocketing, ltc longs too

..speaking of LTC..

remember that guy who sold 10k LTC short at $12.4 yesterday?

I sold 3900 at around $4.5 and then 10 days later watched it climb to $48.

Wow!!!   10x profit could have been amazing on that quantity...

[JayJuanGee]

bids keep adding up, i think we will touch 500 this week.

When the current prices are "touching" $490, the question should be about whether we are hitting $540 rather than $500, no?

[JorgeStolfi]

Well, are there any news in china I'm not aware of? Or is it just someone pumping? Damn, it sucks to not know any chinese  

No news apparently.   I suppose that, as the more pessimistic Chinese sell all  their coins, the arbitrage traders have to buy from the slightly less pessimistic ones, so the price gradually goes up.

[windjc]

People who sold at the bottom, when will you learn. Bears who sold at $450ish when will you buy back ?

So we've hit a bottom and now we are in a bull market again? $435 was the low that we will never see again?

[Zule]

Well, are there any news in china I'm not aware of? Or is it just someone pumping? Damn, it sucks to not know any chinese  

No news apparently.   I suppose that, as the more pessimistic Chinese sell all  their coins, the arbitrage traders have to buy from the slightly less pessimistic ones, so the price gradually goes up.

Wouldnt it work better other way around?  

[magicmexican]

Not convinced yet, but waking up and seeing price somewhat higher is nice

[JayJuanGee]

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.

IN the end, there was NO real news with any of this China FUD over the past two weeks-ish.. it was pretty much the same news as had come out in December 2013... just some rephrasing or recirculation.. but materially NOTHING really new.

uh I consider the website directly addressing what was sent to them real. At least a stance based on something they we're enforced to follow.

In this rant, I was NOT alleging that the news was NOT real, I was just asserting that it was NOT new... NOTHING materially different from what we already knew in December 2013.  There may have been different words or a different font or two spaces after the periods.. and things like that.. but nothing significantly different from what was already known in December 2013.

what I learned from their statement that I hadn't gathered from any other FUD past or present was this time the pboc went to the third party  payment processors opposed to the exchange, which I don't believe is ever directly addressed. The solution for BTER could be as easy as getting a commercial bank account. It just looks like the pboc is narrowing the channels without direction intervention at an exchange.

I agree with you that if china had changed the kinds of institutions that were affected by the restrictions then those could have been materially different -   These restrictions still are very foggy to me, and I remain unclear about the impact..... on whether chinese people are going to be able to find effective and practical work arounds.... but surely, the fud impact is more important than reality.. anyhow.

[ChartBuddy]

Explanation

[lebing]

People who sold at the bottom, when will you learn. Bears who sold at $450ish when will you buy back ?

So we've hit a bottom and now we are in a bull market again? $435 was the low that we will never see again?

not out of the woods yet, but so far so good. Seems like everyone was just sitting there waiting for it to hit 400... That doesnt seem to be happening, so panic buying should commence fairly soon.

[JorgeStolfi]

I suppose that, as the more pessimistic Chinese sell all  their coins, the arbitrage traders have to buy from the slightly less pessimistic ones, so the price gradually goes up.

Wouldnt it work better other way around?  

What do you mean?  Arbitrage traders buy where it is cheaper (e.g. at Huobi, right now) and sell where it is more expensive (e.g. Bitstamp).

[virtualfaqs]

People who sold at the bottom, when will you learn. Bears who sold at $450ish when will you buy back ?

I think we just saw all those bears get squeezed just now.

I sold at $450. Not buying back BTC. I think I'm done with BTC. Buying altcoins now.

[dreamspark]

People who sold at the bottom, when will you learn. Bears who sold at $450ish when will you buy back ?

So we've hit a bottom and now we are in a bull market again? $435 was the low that we will never see again?

I think that $436 was the low for now, sure we may go back there in the coming weeks but that is a stressful position I would not like to be in! So long term yes there maybe another chance at $440 but Im a day trader so going long at $440 with leverage is the right position, no ? Rather than sitting on a short from $450.

[TERA]

My projection:

[windjc]

People who sold at the bottom, when will you learn. Bears who sold at $450ish when will you buy back ?

So we've hit a bottom and now we are in a bull market again? $435 was the low that we will never see again?

not out of the woods yet, but so far so good. Seems like everyone was just sitting there waiting for it to hit 400... That doesnt seem to be happening, so panic buying should commence fairly soon.

So its that easy, huh?  That's how capitulation in 2014 happens? On low volume and without a retest of the lows?  Hmmmm.

[chessnut]

Not convinced yet, but waking up and seeing price somewhat higher is nice

yesterday a huge spike down over legit news in China. over in a flash, and a genuine rally follows.

That is textbook anti sentiment reversal. panic selling has pushed the price into over sold territory, and it is exhausted. Ive been waiting for this, took long last night from 453.

[windjc]

Not convinced yet, but waking up and seeing price somewhat higher is nice

yesterday a huge spike down over legit news in China. over in a flash, and a genuine rally follows.

That is textbook anti sentiment reversal. panic selling has pushed the price into over sold territory, and it is exhausted. Ive been waiting for this, took long last night from 453.

There's 2 ways that the market goes up. One, fresh fiat. Two, day traders covering short or margining long.

The latter one cannot sustain a rally.  The money flow indicators have been drying up for months. How long can this rally go without fresh money coming back in? $550? $530?

If/when this rally dies, what happens then? Do we get a chance at a high volume capitulation?

This weekend was the first time I started to sense real fear and anger on here. Since this is my first bubble, I can only go by my best guesses on this, but it seemed like the start of fear and anger, not the height of it.

Maybe I'm wrong.

[bangersdad]

i do not believe capitulation has happened. the volume was far too low. China is playing us like a fiddle. Now is definately not the time to buy - maybe this year will not be the year to buy...still far too many people that think we are going to the moon and how easy it will be to get rich with bitcoin....too many lessons must be learned before we can move on.

edit - im with you Windjc - just got that feeling as well.

[Davyd05]

China weighs over day traders heads, as it requires them to be on point with stupid foreign social media commentary.. but this was exacerbated by goxxin leaving people free to panic on rumors at will.

[spooderman]

lol btc-e loading upside down? really?