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

[magicmexican]

Elephantosaur on the 12h chart

[dreamspark]

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.

How do you distinguish between distribution and accumulation?

[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.

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.

It may be that some Chinese are dumping on stamp.

[spooderman]

Elephantosaur on the 12h chart

Lol you literally are my favourite poster on here.

[spooderman]

Last year's reversal was so clean. Suddenly it turned bull. Just like that. Everyone knew. In a second the bear market was just over.

Why is it being to fudge-y this time? Come on bulls! Bitcoin is teh future!!1

[hdbuck]

dont think we've seen despair yet. not enough whining in here.

[sonofliberty]

Last year's reversal was so clean. Suddenly it turned bull. Just like that. Everyone knew. In a second the bear market was just over.

Why is it being to fudge-y this time? Come on bulls! Bitcoin is teh future!!1

Maybe because it isn't over.

[ChrisML]

remember my words I posted  here  5-6 hours ago :
"Bitcoin will not make it through this night"

Oh wait, sorry, what did you say? You smug cunt dickshit piece of lame sauce.


You, are a noob. Lower than the shit stains under my shoes. Go buy that popstickle by now. Oh, and ignored. Hopeless.

[tarmi]

shorting, fuck it.

[soullyG]

Christ almighty, can we please not quote the trolls..

[GreekGeek]

Last year's reversal was so clean. Suddenly it turned bull. Just like that. Everyone knew. In a second the bear market was just over.

Why is it being to fudge-y this time? Come on bulls! Bitcoin is teh future!!1

Last year's reversal was artificial, fuel by whales fleeing  EmptyGox
this will be more like the 2011 bubble, we may not go as low as 2011 (70 USD)
but it could take several months for confidence to build up again

and by confidence , I mean confidence in the exchanges (rpitiela said something similar yesterday)

[TERA]

Speaking of last year's reversal,  there was more fiat on the mtgox orderbook when it hit bottom at $66 (there was $9M on books),  than there is now on Bitstamp.

[magicmexican]

Last year's reversal was so clean. Suddenly it turned bull. Just like that. Everyone knew. In a second the bear market was just over.

Why is it being to fudge-y this time? Come on bulls! Bitcoin is teh future!!1

Last year's reversal was artificial, fuel by whales fleeing  EmptyGox
this will be more like the 2011 bubble, we may not go as low as 2011 (70 USD)
but it could take several months for confidence to build up again

and by confidence , I mean confidence in the exchanges (rpitiela said something similar yesterday)

Time the next pump with the MtGox 2.0 coming alive?

[tarmi]

oh my my.

so many desparate bulls trapped. praying for 500 to cut your losses?

[GreekGeek]

Last year's reversal was so clean. Suddenly it turned bull. Just like that. Everyone knew. In a second the bear market was just over.

Why is it being to fudge-y this time? Come on bulls! Bitcoin is teh future!!1

Last year's reversal was artificial, fuel by whales fleeing  EmptyGox
this will be more like the 2011 bubble, we may not go as low as 2011 (70 USD)
but it could take several months for confidence to build up again

and by confidence , I mean confidence in the exchanges (rpitiela said something similar yesterday)

Time the next pump with the MtGox 2.0 coming alive?

LOL , if MtGox 2.0 has no liquidity issues than the "pump" won't work as good as it used to

[magicmexican]

oh my my.

so many desparate bulls trapped. praying for 500 to cut your losses?

Who are you talking to, exactly? There are tons more of trapped bears atm, just look at the trollbox and see how much butthurt people panic sold 350-370'ish and praying for the "re-test"

Anyone who bought below 400 is doing fine

[ParabellumLite]

oh my my.

so many desparate bulls trapped. praying for 500 to cut your losses?

Who are you talking to, exactly? There are tons more of trapped bears atm, just look at the trollbox and see how much butthurt people panic sold 350-370'ish and praying for the "re-test"

Anyone who bought below 400 is doing fine

Not to quick: the situation remains very ambigious. We haven't rallied out of this low yet. I believe that only daytraders have brought the price back up again with a few dozen dollars. The average Joe is not buying in these situations.

[ChartBuddy]

Explanation

[magicmexican]

oh my my.

so many desparate bulls trapped. praying for 500 to cut your losses?

Who are you talking to, exactly? There are tons more of trapped bears atm, just look at the trollbox and see how much butthurt people panic sold 350-370'ish and praying for the "re-test"

Anyone who bought below 400 is doing fine

Not to quick: the situation remains very ambigious. We haven't rallied out of this low yet. I believe that only daytraders have brought the price back up again with a few dozen dollars. The average Joe is not buying in these situations.

Sure, but the difference is that anyone who bought below 400 can get out now if they want, but if you did panic sell near bottom you are glued to your screen hoping for a crash to rebuy

[ParabellumLite]

oh my my.

so many desparate bulls trapped. praying for 500 to cut your losses?

Who are you talking to, exactly? There are tons more of trapped bears atm, just look at the trollbox and see how much butthurt people panic sold 350-370'ish and praying for the "re-test"

Anyone who bought below 400 is doing fine

Not to quick: the situation remains very ambigious. We haven't rallied out of this low yet. I believe that only daytraders have brought the price back up again with a few dozen dollars. The average Joe is not buying in these situations.

Sure, but the difference is that anyone who bought below 400 can get out now if they want, but if you did panic sell near bottom you are glued to your screen hoping for a crash to rebuy

Oh no. I won't even touch Bitcoin if it falls back to double digits. I believe that many hoarders are sitting back now and thinking about what they really have.