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

[windjc]

Bitcoin is currently inflationary, so without a certain amount of new money coming in, the market goes down.

Miners can't sell now.  They would lose money.  Second Market alone eats up almost half the mined coins anyhow.  Supply here is coming from weak hands at a loss, or from old hoards.

How do you calculate that Second Market is eating up HALF of the coins everyday.? I think that is a stretch. SecondMarket had around 15million buys in March, at $600 that is about 25,000 coins. There are approximately 108,000 coins mined each month. At best, they bought a 1/4 of them last month. But they are also buying from old hands too, so who knows how many of the new coins they are buying.

Plus you are contradicting yourself - you said miners can't sell, but Second Market is buying from miners. What kind of a theory is that? 

[chessnut]

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

[surfer43]

but if its not, its a bunch of stupid traders

Define stupid. I mean 10+% is not a small deal.

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

You missed it, it was 2 hours ago. 

[klopper]

[ChartBuddy]

Explanation

[windjc]

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

So in about 6 hours the market is going to move higher up?

Can I quote you on that?

[chessnut]

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

So in about 6 hours the market is going to move higher up?

Can I quote you on that?

I cant guarantee anything, but that is my view. I dont now what sequence of real events will unfold in china today.

If you wanna do things anally, fine. quote me. and I will invite you to quote me if I am right.

[JorgeStolfi]

Haven't we done news already?

Bitcoin in China is now like Schroedinger's cat: neither dead nor alive, until PBoC opens the box.

[windjc]

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

So in about 6 hours the market is going to move higher up?

Can I quote you on that?

I cant guarantee anything, but that is my view. I dont now what sequence of real events will unfold in china today.

If you wanna do things anally, fine. quote me. and I will invite you to quote me if I am right.

Have you covered any of your longs? Are you still convinced there is more profit to be made on this move up? What price will you sell at if this starts going south again?

[JorgeStolfi]

How do you calculate that Second Market is eating up HALF of the coins everyday.?

There is a thread that does just that, with the original post being updated daily:
https://bitcointalk.org/index.php?topic=337486.0
By that page, they now own ~96,000 BTC, and bought ~23,000 since Jan/30
(~400 BTC/day on average).

[chessnut]

pls stop dumping. 

dumping? I dont see any dumping.

china is leading. Its mid day there. now is the time where surprise confirmations of the official ban confirmation might come around and scare the satoshis out of the chinese. when this risk is gone, just like yesterday, we will see a risk on move. probable around 6 hours from now.

So in about 6 hours the market is going to move higher up?

Can I quote you on that?

I cant guarantee anything, but that is my view. I dont now what sequence of real events will unfold in china today.

If you wanna do things anally, fine. quote me. and I will invite you to quote me if I am right.

Have you covered any of your longs? Are you still convinced there is more profit to be made on this move up? What price will you sell at if this starts going south again?

Still have my full long. I will cover at 450 at no loss.

you ask me am I convinced, that is besides the point. It is my view that the market is vulnerable to a rapid rally to 560 and possibly 600s.

[klopper]

Reverse head & sholders! Going up...

[keewee]

Haven't we done news already?

Bitcoin in China is now like Schroedinger's cat: neither dead nor alive, until PBoC opens the box.

 

[chessnut]

wedge playing out to the up side.

[dreamspark]

There is some decent bid support at the moment, I don't think this is fake as when people have been selling into these mini walls over the last 24 hours they have been refilled. I have some more orders in but even if we go south I can't see it being too much further.

[chessnut]

There she goes!

[Hypnoise]

How do you calculate that Second Market is eating up HALF of the coins everyday.?

There is a thread that does just that, with the original post being updated daily:
https://bitcointalk.org/index.php?topic=337486.0
By that page, they now own ~96,000 BTC, and bought ~23,000 since Jan/30
(~400 BTC/day on average).

seems it is them who is dumping. on the days SM in minus some large dumps occurs.

[chessnut]

nice, huobi is eating those sell walls like mad.

[chessnut]

Pack your bags, we are taking a tramp to 500s 

[dreamspark]

Theres a mini rally brewing...

Its remarkable how well LTC has held its value during this downtrend. It usually takes much more of a hit