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

[danadc]

Apparently BTC's performance has given a good sign of raising the price (I hope it is so) and give more signs of continuing to rise, however the whales have absorbed the BTC that was dumped by some directions:

It appears the whale accumulation at lower price levels supported BTC’s ongoing rally. It also looks like most of the addresses holding between 10,000 and 100,000 BTC were expecting the price to dip further. Despite the nature of the market events, the token did not register a major move on the metrics. Hence, the short-term performance of the king token still remains a mystery.

Source: https://ambcrypto.com/bitcoins-btc-pricing-model-has-this-to-say-about-its-short-term-prospects/

The short -term trend will always be a mystery, I think it is difficult to determine it, so far to rely with this type of analysis is a good hope.

[eXPHorizon]

[Farmer Bill]

Any OG Bitcoiners want to join Bitcoin Perma Bulls Telegram group. No shitcoins, good memes, Bitcoin ONLY. You need to be able to pay an LN invoice to join.

http://t.me/bitcoinpermabulls

Stay locked in your little echo chamber, no discussion, too may rules even if its just one. FFS you need to be able to pay a fucking LN invoice, what sort of crap qualification is that.

I love to hear from Proudhon, a most welcome and sarcastic perma bear, plus all the other individuals love them or hate them who make this place special, even fucking cryptotourist and the 3 coin beggar.

[ChartBuddy]

Explanation

[OutOfMemory]

....

Yeah.. Nullius., you dweeb.  ....

Good ole Professor Nully has returned to bless us with his blah blah blah blah  <big yawn>

I wonder If he's still all bummed out about that cat thingy...

Hmm, still didn't get that kitty story, though it's not that important to me.
However, according to his (new) posting history, does he also qualify as the new mindrust?

Asking for a friend...  

EDIT
Update on the car:
Repair estimated at €500 for the new glow plug and cleaning the insert thread of the cylinder head.
Manufacturer says it should be around €200. No warranty, or critical lawsuit case to expect with a 50% chance of winning (not good enough at these costs).
I'm getting a list of parts and work via Email, let's see where the price difference is coming from.

So after a couple of google translated Emails, they wanted to replace all four glow plugs (for whatever reason), so i insisted to change only the one that broke on trial of its removal and finally wound itself and popped out of the cylinder head due to heat and vibrations at about 90mph. Luckily it's one of the two without included pressure sensor, which reduces the cost to $50 instead of about $130 for this part. A little added here and there and some work like 1 hour needed should set me back no more than $200.
So i can add a good bottle of wine for the mechanic as well 

More on this on thursday, when i get there with a friend to finally pick up the car.

[vapourminer]

GTFO of here with this stupid shit.

yeah.. man, lotta new peeps on my ignore list lately

[HI-TEC99]

$31000!

Lets celebrate with environmentally friendly, eco-friendly meat substitute meals of insects.

This is what school dinners look like in some parts of wales now.



https://www.dailymail.co.uk/sciencetech/article-10867737/Scientists-plan-feed-primary-school-children-crickets-mealworms-make-UK-greener.html

Researchers are planning to feed bugs like house crickets and mealworms to children between the ages of five and 11 from four primary schools in Wales.

[Gachapin]

It appears the whale accumulation at lower price levels supported BTC’s ongoing rally. It also looks like most of the addresses holding between 10,000 and 100,000 BTC were expecting the price to dip further. Despite the nature of the market events, the token did not register a major move on the metrics. Hence, the short-term performance of the king token still remains a mystery.

Source: https://ambcrypto.com/bitcoins-btc-pricing-model-has-this-to-say-about-its-short-term-prospects/

What rally ? Have they ever seen a real Bitcoin rally? 

And what is that "token" they are constantly talking about... ?

[AverageGlabella]

HERE WE GO!

I have had a few lows recently but watching the price recover even if a little has felt amazing I guess if you stick out the lows even the little climbs up feel good this could quickly become addicting.

ppps- In a couple of years you will likely look back at your purchases and be saying "I am a fuckin genius"

Hope you do not mind empowering but I have added this little quote to my personal text to remind me. Your quote just stuck in my head and hopefully you are right around 2030 I hope to be coming back to this comment and showering it in merit.

[empowering]

HERE WE GO!

I have had a few lows recently but watching the price recover even if a little has felt amazing I guess if you stick out the lows even the little climbs up feel good this could quickly become addicting.

ppps- In a couple of years you will likely look back at your purchases and be saying "I am a fuckin genius"

Hope you do not mind empowering but I have added this little quote to my personal text to remind me. Your quote just stuck in my head and hopefully you are right around 2030 I hope to be coming back to this comment and showering it in merit.

Good stuff, glad to be of service.

[empowering]

This is what school dinners look like in some parts of wales now.



https://www.dailymail.co.uk/sciencetech/article-10867737/Scientists-plan-feed-primary-school-children-crickets-mealworms-make-UK-greener.html

Researchers are planning to feed bugs like house crickets and mealworms to children between the ages of five and 11 from four primary schools in Wales.

WTactualF £%£"%"%&&&**@@@!!!!UUUKING BUL"£$%"££$%&**@@!!!!

[ChartBuddy]

Explanation

[empowering]

If as a parent I received a letter from school saying this shit... then god help them, I would fucking lose my mind and probably end up stuffing handfulls of cockroaches down the headmasters stupid fucking face ........ un-fucking real

[HI-TEC99]

If as a parent I received a letter from school saying this shit... then god help them, I would fucking lose my mind and probably end up stuffing handfulls of cockroaches down the headmasters stupid fucking face ........ un-fucking real

You could try getting your kids used to the idea by giving them these bug lollipops from amazon.



https://www.amazon.com/Insect-Sucker-Lollipop-Bundle-Scorpion/dp/B07DD4BNRM?th=1

Or these seasoned cricket snacks.



https://hotlix.com/product/crick-ettes-snax/

Real crickets, deliciously seasoned. Offered in three flavors: Bacon & Cheese, Salt N’ Vinegar, or Sour Cream & Onion.

[dragonvslinux]

We can finally see some green! Well, this was predictable after 9 (10?) weeks of red. Not a real pump yet, but hopefully we'll see some $32-33k soon.  

So, is this a:

* relief rally to $38-42k?
* mighty bull starting back to ATH?
* weak dead cat bounce to $30-32k with moar pain following?

I'd go for option 1. A relief rally to ~$40K levels with good potential for ~$30K levels to hold therefore. Notably once Bitcoin leaves <30 RSI "oversold" levels on Weekly time-frame, it doesn't return thereafter. Even with price often returning to similar closing price levels shortly after (so in this case around $29.5K), price historically has never made a new low after leaving these oversold conditions. For what that's worth.

Either the above or option 3, with a bit more downside in the following weeks to the anticipated 200 Week MA @ $22K. But this seems overly-anticipated right now imo. I otherwise don't think there's any real resistance between $32K and $40K levels. $34K would have been the theoretical resistance, but given it didn't act as support on the most recent way down, I doubt it would be resistance on the way back up either.

Despite thinking the bottom is either in, or close to it, I don't see a bull market this year at all. More likely consolidation between $30K and $60K. Similar to in 2019 when Bitcoin went from $3.2K to $14K and most were convinced that the bull market had started, until price re-tested $4K levels. Even ignoring that covid crash, price still took a year to consolidate back to the $10K levels, and had already dropped by 50%.

Think I mentioned it before but wouldn't be surprised to see price return to $50K to $60K by summer, before re-testing $30K again by the end of the year, maybe the 200 Week MA will be around this price by then. This is mainly due to Weekly moving average bearish cross-over which Bitcoin has always been very respectful of, ie showing that price is moving up too fast after a drop and needs more time to consolidate.

Also will give all the noobs the opportunity to buy high again after selling low, before price drops upto 50% and the bull market starts up again. Ie the usual recipe for another uptrend.

Great analysis. I also expect a bounce (could be to the middle of 30K-60K range or even up to 50K or slightly above as you mentioned), but then consolidation to the $30K (or slightly below) area. I might even trade some for the first time since 2017, essentially.

For reference sake the fib retracement from $69K ATH to $25K low gives a target of $52K for the 0.618 "expected retracement". So these would be the levels for a dead cat bounce / lower high scenario, rather than any dead cat (failure) to ~$40K before a lower low. Notably in 2019 the 0.618 retracement from $20K to $3.2K was $13.7K that was hit perfectly, so $52K would be the equivalent type of relief rally basically.

Also tempted to trade this one, for first time since 2019, long then short. As either the new low has been reached after May 2021 high (1 year later), or the low could arrive in November this year (1 year after ATH). Either way, as per 2015 and 2019, there'd likely be a secondary low 6-12 months thereafter. Not convinced a November low would need to be to be any lower than May's low either.

EDIT: I am surprised that we already moved to RSI(14)=46 (from 23 on May 11) with so little price improvement.

RSI is like that. Only goes lower if price goes lower. If price goes sideways, generally it will increase. While a good sign, it can also provide more room to the downside.

Price breaking $32K looks promising   Closing >$31290 = Daily engulfing candle  

[LFC_Bitcoin]

At the airport, waiting for my luggage, FFS.

Nice pump to stop me going insane though.

Observing $32,xxx

[HI-TEC99]

At the airport, waiting for my luggage, FFS.

Did the queue to get to the plane take longer than the flight on the way there?

[LFC_Bitcoin]

At the airport, waiting for my luggage, FFS.

Did the queue to get to the plane take longer than the flight on the way there?

Yes!

Also my flight back from Paris took 1 hour. I’m sitting on the floor now, waiting for luggage for over 1.5 hours. People starting to lose their shit. The world is on its knees tbh, seems every service has turned to crap since COVID. I think airlines are employing much less people because they’re trying to claw back money due to obvious big losses during COVID.

[fr4nkthetank]

I hate checked in baggage.  I'll travel light and check nothing in.  or there are courrier companies that can ship your stuff from the airport to your hotel, i think thats pretty popular in japan.
just pack some bitcoin and you are good to go

[Richy_T]

I hate checked in baggage.  I'll travel light and check nothing in.  or there are courrier companies that can ship your stuff from the airport to your hotel, i think thats pretty popular in japan.
just pack some bitcoin and you are good to go

If you're travelling domestic, you can just mail stuff directly to the hotel.