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

[yrtrnc]

Are we bullish or bearish' whadfuk

[hdbuck]

we are burish

[p0peji]

Are we bullish or bearish' whadfuk

I am still bearish, but not as convinced as I was yesterday.

[TERA]

I don't know, this chart is not really screaming reversal. A major support was just broken on LOW volume on bitstamp and everything is still being driven out of china. The only thing fueling this is misinformation and hype over a statement that a banker made and people think it means the bank closures will stop but they are wrong.

[sonofliberty]

Oh wow I didn't wake up entirely impoverished.

[jl2012]

So the reason we went down 100's was fear of a potential China ban. Today we learn that China won't ban Bitcoin. What does everybody do? They sell.
Well done traders and sheep. Well done for being complete idiots.

What am I missing about the unbanning of a ban that never happened in the first place?

Correct. This isn't really news and doesn't create any change. Bitcoin, in fact, was never banned in China. However, banks and third party payment processors WERE banned from dealing with bitcoin exchanges, and this has not changed. Actually "ban" was never a word that the PBOC used.  The bank accounts are still being shut down for violating this rule. What the news is saying is that, again, people are free to trade bitcoins and own bitcoins in China if they can find the means to do so.

Exactly.

If Chinese people want to buy BTC with real CNY, or sell BTC for real CNY, they can do it with service like localbitcoin.

If Chinese people want to day trade, they can do it on bitstamp or btc-e.

This is the best solution for all.

[hdbuck]

So the reason we went down 100's was fear of a potential China ban. Today we learn that China won't ban Bitcoin. What does everybody do? They sell.
Well done traders and sheep. Well done for being complete idiots.

please stop always reffering to china. this final leg down/capitulation/despair was predicable since november's ATH and the china argument is just some pretext to do so.
Its all about deflating from previous bubble and setting the ground for some more madness.

[JayJuanGee]

Okcoin bank account closure announcement today. Chinese give a fuck now, no more panic sell. We are primed for a massive pump IMO..

https://www.okcoin.com/t-1008310.html

Banking will Continue via Mobile Phones

Massive Pump incoming

I'm thinking we are going to get one more down before going up, but I am NOT so confident as to short anymore than minimum amounts of BTC maybe less than 1BTC (but I am only dealing with a small package of BTC anyhow compared to some of these cats, here). 

In that regard, I plan to buy a little more (maybe 2-3 BTC)  if we get down to $370-ish and if the price drop happens while I'm awake.  I am trying NOT to lose anymore sleep over these price swings. 

Further, I am thinking the window for such a price drop is anytime between now and early Sunday.. then starting mid-to -late Sunday prices will be more likely to be going up... That's my current thinking, but I am still open to consider other possibilities.

[yrtrnc]

China will ban Bitcoin.

But on another note, google translations are hilarious! Such as;

"Good cattle. . Good clever ah. . Support! ! ! ! ! !"

"Dog feces"

"Popular is the parrot"

[ChartBuddy]

Explanation

[ShroomsKit]

So the reason we went down 100's was fear of a potential China ban. Today we learn that China won't ban Bitcoin. What does everybody do? They sell.
Well done traders and sheep. Well done for being complete idiots.

please stop always reffering to china. this final leg down/capitulation/despair was predicable since november's ATH and the china argument is just some pretext to do so.
Its all about deflating from previous bubble and setting the ground for some more madness.

No.

[hdbuck]

So the reason we went down 100's was fear of a potential China ban. Today we learn that China won't ban Bitcoin. What does everybody do? They sell.
Well done traders and sheep. Well done for being complete idiots.

please stop always reffering to china. this final leg down/capitulation/despair was predicable since november's ATH and the china argument is just some pretext to do so.
Its all about deflating from previous bubble and setting the ground for some more madness.

No.

Yes.

[minerpumpkin]

OK, so what's the sentiment of last night? Has this been the bottom? Was that recovery quick and steep enough to justify a bottom?

[p0peji]

Shorting now, a good or a bad idea?

[TERA]

[p0peji]

Sarcasm?

[Cassius]

The fat lady has not yet sung. Sang. Whatever. Chinese exchanges are still open for business, people trading as long as they can.
-> I'm not making any assumptions until early next week.
And yes, I'm pretty sure the train was, like nail, irony.

[farnsworth7]

This thread has the best collection of train pictures ever. Really nice specimens here.

[fonzie]

Brutal short squeeze will be realised soonish!

11,325.71 BTC swaps right now

This might deliver us some quick and fast raisin choo choo.

I will gladly take a seat if he shows a clear sign that he is about to take off.

[NewLiberty]

I don't know, this chart is not really screaming reversal. A major support was just broken on LOW volume on bitstamp and everything is still being driven out of china. The only thing fueling this is misinformation and hype over a statement that a banker made and people think it means the bank closures will stop but they are wrong.

Yes, not screaming reversal, the volume was pretty thin, good observation.  A drop-bounce on such thin volume is sort of weird, as if trying to prove the "bitcoin is too volatile" mantra.
For volume, the Dec dip was BTC-e/gox, the Feb was Huobi/BTC-china, and this was mostly on bitstamp.
There is distribution on bitstamp and accumulation on China exchanges, so this Chinese ban stuff seems to affect sentiment outside China more than inside.
When accumulation does start, it tends to snowball, so accumulation/distribution has been a pretty reliable spike forecaster.