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

[ChartBuddy]

Explanation

[oda.krell]

slight trend reversal this morning...glad to see there is a little growing buy support today

Haven't you heard? It's a bull trap. The bears on this forum confirmed it.

If this is a permanent reversal, why are there literally less bid sums on BFX to 400 than there was when I went to bed last night and the price was 424?

It looks to me like there was a big buyer on Bitstamp and panic buying on BFX based on the comment by Houbi.

I always wonder if those who see a trend reversal just have a different time frame in mind. I will start taking a reversal of the larger downtrends, say for example the one since March 4th, into consideration once we see a 6h candle close above 580-585 480-485  (23% fibo level, and EMA that I consider important). That's the earliest point at which I'll start looking into it seriously, whether it's a reversal or not. But maybe I'm just too risk adverse.

[GreekGeek]

Does anyone else feel that the 400USD Wall @ Bitstamp   is actually a selling wall

How is it a selling wall

When you're a bear , even the last 5k buy was in fact a 5k sell

+1 

Imagine you are a whale  (with lots of cash and lots of coins ) and you wanted to sell your coins

To reduce slippage you put a huge buying wall in a safe distance from the market price

[Guinpen]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

[windjc]

slight trend reversal this morning...glad to see there is a little growing buy support today

Haven't you heard? It's a bull trap. The bears on this forum confirmed it.

If this is a permanent reversal, why are there literally less bid sums on BFX to 400 than there was when I went to bed last night and the price was 424?

It looks to me like there was a big buyer on Bitstamp and panic buying on BFX based on the comment by Houbi.

I always wonder if those who see a trend reversal just have a different time frame in mind. I will start taking a reversal of the larger downtrends, say for example the one since March 4th, into consideration once we see a 6h candle close above 580-585 480-485  (23% fibo level, and EMA that I consider important). That's the earliest point at which I'll start looking into it seriously, whether it's a reversal or not. But maybe I'm just too risk adverse.

Assuming we did just reverse - looks likes it going to be a slow grind down to 400. With a lot of panic buying along the way. There are very few shorts still out there. And some of them account for the little bit of bid sums we see anyway.

[windjc]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

[JorgeStolfi]

Well, Huobi's note brings back the uncertainty to the "March 29" stage.

It seems indeed plausible that the banks and 3rd party payment processors that called the exchanges were reacting to the Caixin article, rather than a PBoC note.  

In my understanding, the 3rd party processors were clearly violating the spirit of the December decrees, even if indirectly (through those recharge cards, which I am still not clear on how they worked).  Thus the Caixin article may have been sufficient to scare them into strict compliance.

On the other hand, the banks should have been safe (again, in my understanding), as long as they treated the exchanges like any other corporate client: dealing only with CNY, without involving themselves with bitcoins in any way.  So, the bank(s) that reportedly called some exchanges may have been overreacting.

Or perhaps the PBoC note was real, and did extend to the banks; but the banks may have convinced the PBoC that what they were doing was OK (and very lucrative, of course).  In that case, the note would have reached no further than the bank headquarters, and the branch managers would not know about it

It is possible therefore that the price will climb up to near the level of Mar/27 in the coming days, although the remaining uncertainty must have some negative impact.

EDIT: And, of course, the loss of the 3rd party channels should have a large negative impact.

[Guinpen]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thanks

[magicmexican]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thats not really true, it actually works somewhat well on decent intervals (combining with other factors obliviously)

[mmitech]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thats not really true, it actually works somewhat well on decent intervals (combining with other factors obliviously)

MACD is a lagging indicator, it helps understanding the market direction, it works but not all of the time...

[windjc]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thats not really true, it actually works somewhat well on decent intervals (combining with other factors obliviously)

Fair enough, but in a market like this one, with a lot of uncertainty, the 4 hour MACD is a whipsaw. I wouldn't trade with it.

[adamstgBit]

why why why do poeple dump on the pump wall 

[ShroomsKit]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thats not really true, it actually works somewhat well on decent intervals (combining with other factors obliviously)

MACD is a lagging indicator, it helps understanding the market direction, it works but not all of the time...

Not all of the time. Right. It's about as reliable as throwing a dice.

[silverston]

why why why do poeple dump on the pump wall 

sell lower, buy higher 

[infofront]

why why why do poeple dump on the pump wall 

This might be the highest price we see for a while.

[mmitech]

So... are we still in a bull trap or will this go to the moon already?

Next 8h~ will tell, wonder how 4h macD will form

Pointing out my ignorance again, I don't understand the meaning of "4h macD". Could you please clarify? Huge thanks!

Its a largely low % indicator that a lot of people want to use as if its a high % indicator resulting in a large % of losing trades.

Thats not really true, it actually works somewhat well on decent intervals (combining with other factors obliviously)

MACD is a lagging indicator, it helps understanding the market direction, it works but not all of the time...

Not all of the time. Right. It's about as reliable as throwing a dice.

well, I can prove that I made good profits out of that MACD so it is certainly incomparable to gambling...


Edit: BTW, are you holding since April last year? that must hurt right ?

[oda.krell]

What a useless discussion. MACD is a momentum based indicator, comparably laggier than other indicators in the same class, and it is useless, probably dangerous if looked at in isolation (i.e. if your strategy is *purely* based on the signals it gives, especially if the time frame is low like 4h), but is a very useful tool as part of a larger set of indicators that inform your decisions.

[KeyserSoze]

A fond farewell to bears. Train is leaving without you.

[MoreFun]

slight trend reversal this morning...glad to see there is a little growing buy support today

Haven't you heard? It's a bull trap. The bears on this forum confirmed it.

If this is a permanent reversal, why are there literally less bid sums on BFX to 400 than there was when I went to bed last night and the price was 424?

It looks to me like there was a big buyer on Bitstamp and panic buying on BFX based on the comment by Houbi.

Bitfinex orderbook should not be a measure.

[oda.krell]

He's still there.

Patiently waiting...

until you fall asleep.