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

[Davyd05]

profit taking has to be done, wonder if the buying pressure will bust through it all. Then people start going long. Awww time will tell.

... Profit taking you say. I think a lot of people will be taking a loss tonight.

How so bull trap? or all the shorts being called in on a big run if its happens.. I guess it is night in China but it's 6am Eastern Standard Time

[1714878462]

1714878462

[chessnut]

profit taking has to be done, wonder if the buying pressure will bust through it all. Then people start going long. Awww time will tell.

... Profit taking you say. I think a lot of people will be taking a loss tonight.

How so bull trap? or all the shorts being called in on a big run if its happens.. I guess it is night in China but it's 6am Eastern Standard Time

I know a few people who shorted at 500ish believing that the price would fall to 200 and what not. I think anyone expecting 300 would have happily shorted at 450 too.

the bears will be angry tonight like a disturbed ant colony!

.... dont think it's a bull trap.

[chessnut]

4k buy orders above 480 on BFX..

GREAT time to shotr bitcoin!   

Meh, don't get your hopes up. The same situation happend yesterday. Only to plummet again...

sorry I dont see that. there was no plummet yesterday. we rose from 450 to 480.

[JorgeStolfi]

When the rally started it was about 4:00 pm in China, and it jumped just before 5:00 pm.  Perhaps out of relief that bank hours were nearly over (they close at 5:00 pm it seems), and there were no bad news today?

[chessnut]

When the rally started it was about 4:00 pm in China, and it jumped just before 5:00 pm.  Perhaps out of relief that bank hours were nearly over (they close at 5:00 pm it seems), and there were no bad news today?

yeah I think you are right. The risk will become less and less in the coming days. PBOC has had plenty of time to make an announcement.

as for more exchanges shutting down, we shouldn't hear that sort of news until April 15th.

[solex]

When the rally started it was about 4:00 pm in China, and it jumped just before 5:00 pm.  Perhaps out of relief that bank hours were nearly over (they close at 5:00 pm it seems), and there were no bad news today?

yeah I think you are right. The risk will become less and less in the coming days. PBOC has had plenty of time to make an announcement.

as for more exchanges shutting down, we shouldn't hear that sort of news until April 15th.

Maybe it was this news about exchange expansion!
http://www.itbusinessnet.com/article/OKCoin-Chinas-Largest-Bitcoin-Exchange-Raises-10-Million-Series-A-Round-3158277

[Mervyn_Pumpkinhead]

The rise is weak and it will start falling fast again at 520 or earlier.
The current rise is weaker then the one that did 465-510, and that rise already had hard time sustaining itself.
When will you people learn, that sustainable rises won't just pop out of thin air. These short lived rises are created by individual whales who get bored and decide to gamble.
BTC won't be out of this slow downfall, until there will be any important news in BTC's favour. Right now, the general public isn't buying because of the trust issues created by MtGox. Only thing that keeps the price from an collapse, is the desperation of the hodlers and miners. And desperation keeping the price up, isn't exactly creating an attractive investment environment.

[podyx]

The rise is weak and it will start falling fast again at 520 or earlier.
The current rise is weaker then the one that did 465-510, and that rise already had hard time sustaining itself.
When will you people learn, that sustainable rises won't just pop out of thin air. These short lived rises are created by individual whales who get bored and decide to gamble.
BTC won't be out of this slow downfall, until there will be any important news in BTC's favour. Right now, the general public isn't buying because of the trust issues created by MtGox. Only thing that keeps the price from an collapse is the desperation of the hodlers and miners. And desperation keeping the price up, isn't exactly creating an unattractive investment environment.

Love the fact that there is still bearish sentiment

[JorgeStolfi]

Maybe it was this news about exchange expansion!
http://www.itbusinessnet.com/article/OKCoin-Chinas-Largest-Bitcoin-Exchange-Raises-10-Million-Series-A-Round-3158277

Perhaps.  But I understood that the investment deal had been decided back in December? What does "closed" means?

[KFR]

The rise is weak and it will start falling fast again at 520 or earlier.
The current rise is weaker then the one that did 465-510, and that rise already had hard time sustaining itself.
When will you people learn, that sustainable rises won't just pop out of thin air. These short lived rises are created by individual whales who get bored and decide to gamble.
BTC won't be out of this slow downfall, until there will be any important news in BTC's favour. Right now, the general public isn't buying because of the trust issues created by MtGox. Only thing that keeps the price from an collapse is the desperation of the hodlers and miners. And desperation keeping the price up, isn't exactly creating an unattractive investment environment.

Love the fact that there is still bearish sentiment

His first post too.

[chessnut]

The rise is weak and it will start falling fast again at 520 or earlier.
The current rise is weaker then the one that did 465-510, and that rise already had hard time sustaining itself.
When will you people learn, that sustainable rises won't just pop out of thin air. These short lived rises are created by individual whales who get bored and decide to gamble.
BTC won't be out of this slow downfall, until there will be any important news in BTC's favour. Right now, the general public isn't buying because of the trust issues created by MtGox. Only thing that keeps the price from an collapse is the desperation of the hodlers and miners. And desperation keeping the price up, isn't exactly creating an unattractive investment environment.

Love the fact that there is still bearish sentiment

+1

the very confirmation of the bears worst fears cant bring this market to new lows. hopelessly over sold and begging to be squeezed.

grab some cheap coins and wait for the good news (yes it is time now again that good news will affect the price positively)

[KFR]

Maybe it was this news about exchange expansion!
http://www.itbusinessnet.com/article/OKCoin-Chinas-Largest-Bitcoin-Exchange-Raises-10-Million-Series-A-Round-3158277

Perhaps.  But I understood that the investment deal had been decided back in December? What does "closed" means?

My understanding is that they signed the deal in December but have just completed the paperwork to secure, and begin to draw down on, the full $10m of capital.

[Mervyn_Pumpkinhead]

The rise is weak and it will start falling fast again at 520 or earlier.
The current rise is weaker then the one that did 465-510, and that rise already had hard time sustaining itself.
When will you people learn, that sustainable rises won't just pop out of thin air. These short lived rises are created by individual whales who get bored and decide to gamble.
BTC won't be out of this slow downfall, until there will be any important news in BTC's favour. Right now, the general public isn't buying because of the trust issues created by MtGox. Only thing that keeps the price from an collapse is the desperation of the hodlers and miners. And desperation keeping the price up, isn't exactly creating an unattractive investment environment.

Love the fact that there is still bearish sentiment

You're pretending to love it, so you could pretend confidence with the price going up. It's been like that for months, with the "most enthusiastic of the enthusiasts" always so certain that now is the time when the price will go up. It seems like they have bought very high, because they seem kind of desperate for the price to go up. I hope that they didn't loan money to buy bitcoins.

[solex]

Maybe it was this news about exchange expansion!
http://www.itbusinessnet.com/article/OKCoin-Chinas-Largest-Bitcoin-Exchange-Raises-10-Million-Series-A-Round-3158277

Perhaps.  But I understood that the investment deal had been decided back in December? What does "closed" means?

My understanding is that they signed the deal in December but have just completed the paperwork to secure, and begin to draw down on, the full $10m of capital.

"closed" in this context means no more investors will be accepted.
Odd that this gets re-announced just when banking restrictions kick-in.

[chessnut]

You're pretending to love it, so you could pretend confidence with the price going up. It's been like that for months, with the "most enthusiastic of the enthusiasts" always so certain that now is the time when the price will go up. It seems like they have bought very high, because they seem kind of desperate for the price to go up. I hope that they didn't loan money to buy bitcoins.

no, we genuinely LOVE it. do you know how sentiment works?

we are at a classic bottom. the worst news possible came the other day, yet the market couldnt carve out new lows.

the bears are spent. the worst is over.

Yes I have a leverage long position from 450 and Im not letting go.

[ChartBuddy]

Explanation

[Mervyn_Pumpkinhead]

@Mervyn_Pumpkinhead

Great name.

The cultists will be wanting to recruit you.

I could only be recruited if the cult would have a clue about making money.
The Cult of Desperation isn't probably a very profitable group..

[chessnut]

Who is your boss Mervin? why did he send you here? how many bitcoins is he trying to buy?

[Mervyn_Pumpkinhead]

You're pretending to love it, so you could pretend confidence with the price going up. It's been like that for months, with the "most enthusiastic of the enthusiasts" always so certain that now is the time when the price will go up. It seems like they have bought very high, because they seem kind of desperate for the price to go up. I hope that they didn't loan money to buy bitcoins.

no, we genuinely LOVE it. do you know how sentiment works?

we are at a classic bottom. the worst news possible came the other day, yet the market couldnt carve out new lows.

the bears are spent. the worst is over.

Yes I have a leverage long position from 450 and Im not letting go.

When you are holding 5000+ BTC, and you want to get rid of them, then you won't dump them together. You dump some, then wait for the desperate fellows to build support "because it's only going to rise now!" and then you dump some more. It's more profitable this way.
It's funny and sad to see, how this has been going on for months now, and the desperate fellows are even wiring in more fiat, so that rich fellows could sell with better profits and move on to better investments

[podyx]

When you are holding 5000+ BTC, and you want to get rid of them, then you won't dump them together. You dump some, then wait for the desperate fellows to build support "because it's only going to rise now!" and then you dump some more. It's more profitable this way.
It's funny and sad to see, how this has been going on for months now, and the desperate fellows are even wiring in more fiat, so that rich fellows could sell with better profits and move on to better investments

You're not that bright, are u?