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

[rudius]

LTC/BTC can't seem to keep up with this rally anymore.

Its very weird, I know the LTC rally is normally slightly delayed behind BTC but its gone down if anything since BTC started to rally.
 
Worried about sidechains? Or maybe with some of the other innovative alts, the fact that LTC only has a faster confirmation time doesn't really matter?

The real differentiator for LTC was always scrypt ASIC resistance.  Now that is utterly gone.  

Possibly the proliferation of scrypt ASICs is damaging LTC.  

Possibly the blackcoin pool is damaging LTC.  After all, BC is catching a lot of GPU miners, and the goal and purpose of the pool is to destroy competitor's value.

The true reason imho..

Scrypt coins are as good as dead. Their only reasons of existence was that they were asic resistance. Not true anymore. And there will be more and more multipools like BC to cash out value from scrypt coins.

[Hunyadi]

Who woke up karhu.

Could you post your bottom pics?

[ChartBuddy]

Explanation

[TERA]

I bet the article is simply mistranslated and April 15th was never a 'deadline' for actually closing the accounts but was about something else.

[mmitech]

LTC/BTC can't seem to keep up with this rally anymore.

Its very weird, I know the LTC rally is normally slightly delayed behind BTC but its gone down if anything since BTC started to rally.
 
Worried about sidechains? Or maybe with some of the other innovative alts, the fact that LTC only has a faster confirmation time doesn't really matter?

The real differentiator for LTC was always scrypt ASIC resistance.  Now that is utterly gone.  

Possibly the proliferation of scrypt ASICs is damaging LTC.  

Possibly the blackcoin pool is damaging LTC.  After all, BC is catching a lot of GPU miners, and the goal and purpose of the pool is to destroy competitor's value.

The true reason imho..

Scrypt coins are as good as dead. Their only reasons of existence was that they were asic resistance. Not true anymore. And there will be more and more multipools like BC to cash out value from scrypt coins.

the only reason they were ASIC resistant because it wasn't profitable to develop and tape-out an ASIC for them, today thanks to Litecoin this is possible, and IMO small Scrypt coins will die soon and Litecoin will get all the hashing power. an average mining farm could kill 90% of all existing scam coins.

[Zule]

If only I followed by own projections of tops that I made, sometimes weeks in advance, I'd make so much profit, but I'm too chicken to sell into a btc rally. Last year's green candles will never be out of my mind.

Well if you dont do it I will, closing longs and shorting at 500$.

By the looks of you recent posts I would say you are shorting from 440 already.

[chessnut]

needs to sell 1.3k BTC to pass 485 on stamp.

You know how quickly buy orders can be pulled right? You have been paying attention during the last dump?

same both ways matey. who's winning right now? bulls or bears? yeah, the bulls are...

[TERA]

If only I followed by own projections of tops that I made, sometimes weeks in advance, I'd make so much profit, but I'm too chicken to sell into a btc rally. Last year's green candles will never be out of my mind.

Well if you dont do it I will, closing longs and shorting at 500$.

By the looks of you recent posts I would say you are shorting from 440 already.

You make a mistake thinking that every time I make a post, there is some corresponding trade that has been made.

This entire night I have been.

short<=========||****[60%]==>long

[p0peji]

If only I followed by own projections of tops that I made, sometimes weeks in advance, I'd make so much profit, but I'm too chicken to sell into a btc rally. Last year's green candles will never be out of my mind.

Well if you dont do it I will, closing longs and shorting at 500$.

By the looks of you recent posts I would say you are shorting from 440 already.

I am not a seasoned trader (as most of you would have figured out already), so I can be a little impatient at times, especially as there were a lot of mixed signals. I shorted from 445$ to 465$ and then went long. Now I have sold my BTC and will be shorting, which of course is far from proper trading, as the head and shoulder hasnt formed yet, but I like taking risks.

[p0peji]

If only I followed by own projections of tops that I made, sometimes weeks in advance, I'd make so much profit, but I'm too chicken to sell into a btc rally. Last year's green candles will never be out of my mind.

Well if you dont do it I will, closing longs and shorting at 500$.

By the looks of you recent posts I would say you are shorting from 440 already.

You make a mistake thinking that every time I make a post, there is some corresponding trade that has been made.

I think he was responding to my post.

[dreamspark]

LTC/BTC can't seem to keep up with this rally anymore.

Its very weird, I know the LTC rally is normally slightly delayed behind BTC but its gone down if anything since BTC started to rally.
 
Worried about sidechains? Or maybe with some of the other innovative alts, the fact that LTC only has a faster confirmation time doesn't really matter?

The real differentiator for LTC was always scrypt ASIC resistance.  Now that is utterly gone.  

Possibly the proliferation of scrypt ASICs is damaging LTC.  

Possibly the blackcoin pool is damaging LTC.  After all, BC is catching a lot of GPU miners, and the goal and purpose of the pool is to destroy competitor's value.

The true reason imho..

Scrypt coins are as good as dead. Their only reasons of existence was that they were asic resistance. Not true anymore. And there will be more and more multipools like BC to cash out value from scrypt coins.

the only reason they were ASIC resistant because it wasn't profitable to develop and tape-out an ASIC for them, today thanks to Litecoin this is possible, and IMO small Scrypt coins will die soon and Litecoin will get all the hashing power. an average mining farm could kill 90% of all existing scam coins.

Other than being a litecoin investor what makes you say this? Why would Litecoin get all the hashing power? If anything once asics are out in the wild, other scrypt coins will get all that hashing power for the same reasons litecoin got a lot of miners moving to it once BTC asics were out.

[rudius]

LTC/BTC can't seem to keep up with this rally anymore.

Its very weird, I know the LTC rally is normally slightly delayed behind BTC but its gone down if anything since BTC started to rally.
 
Worried about sidechains? Or maybe with some of the other innovative alts, the fact that LTC only has a faster confirmation time doesn't really matter?

The real differentiator for LTC was always scrypt ASIC resistance.  Now that is utterly gone.  

Possibly the proliferation of scrypt ASICs is damaging LTC.  

Possibly the blackcoin pool is damaging LTC.  After all, BC is catching a lot of GPU miners, and the goal and purpose of the pool is to destroy competitor's value.

The true reason imho..

Scrypt coins are as good as dead. Their only reasons of existence was that they were asic resistance. Not true anymore. And there will be more and more multipools like BC to cash out value from scrypt coins.

the only reason they were ASIC resistant because it wasn't profitable to develop and tape-out an ASIC for them, today thanks to Litecoin this is possible, and IMO small Scrypt coins will die soon and Litecoin will get all the hashing power. an average mining farm could kill 90% of all existing scam coins.

Yes you are right. But don t forget why LTC became successfull. It s not true anymore. Why need LTC if we have the exact same thing with BTC, the original.

Im guessing we don t agree. Time will tell.

[aminorex]

In spite of what the CNBC article says, there has not been, to my knowledge, any denial by PBoC of the Caixin article.  Bobby Lee did not say that (did he?).  If there had been such a denial, it would be in block letters all over the place.  I found no new announcements on the Huobi and OKCoin websites. (Are there any?)

On the contrary, it seems that all major Chinese exchanges except BTC-China have had at least one bank account closed to client deposits, and they remain closed.  However Huobi and OKCoin still have accounts on other banks that (according to the exchanges) have not yet received any orders in this regard.

One of the two banks used by Huobi that did block client deposits has set an April 18 deadline for blocking withdrawals too. So the only part of the Caixin report that was proved wrong, so far, was the date of the final deadline (which Caixin reported as April 15).

The market may be assuming that the bank situation will not get any worse.  If that is the case, all exchanges should be able to function normally.  (As long as they have one bank account open for deposit, the closure of other accounts should not make much difference, should it?)

We'll see.

What your comments suggest to me, Jorge, is that my initial reading of the December announcement was correct, and the consistent content of all the official statements of the PBoC confirm, that there is no prohibition on banking relationships with exchanges in China.  The restriction is on banks taking on exposure to BTC, meaning they cannot have risk positions in BTC, nor can they denominate accounts in BTC.

As all the fear mongering is rendered foolish, the result may be that every auntie and grandmother in China buys a bitcoin for the baby.  About 200 million out of perhaps 200,000 floating bitcoin.

The July bubble may be a second China bubble.

The December bubble will be the ETP bubble, and much larger.

[TERA]

If only I followed by own projections of tops that I made, sometimes weeks in advance, I'd make so much profit, but I'm too chicken to sell into a btc rally. Last year's green candles will never be out of my mind.

Well if you dont do it I will, closing longs and shorting at 500$.

By the looks of you recent posts I would say you are shorting from 440 already.

You make a mistake thinking that every time I make a post, there is some corresponding trade that has been made.

I think he was responding to my post.

oops... running low on sleep now, and water

[freebit13]

investors doesn't give a shit about the mining algorithm or about block re-target and BTW ASICs are only good for the network security, Litecoin is the most successful and original alt and IMO investors are looking at it as an alternative market that can take off soon.

I lol'd...

[Zule]

In spite of what the CNBC article says, there has not been, to my knowledge, any denial by PBoC of the Caixin article.  Bobby Lee did not say that (did he?).  If there had been such a denial, it would be in block letters all over the place.  I found no new announcements on the Huobi and OKCoin websites. (Are there any?)

On the contrary, it seems that all major Chinese exchanges except BTC-China have had at least one bank account closed to client deposits, and they remain closed.  However Huobi and OKCoin still have accounts on other banks that (according to the exchanges) have not yet received any orders in this regard.

One of the two banks used by Huobi that did block client deposits has set an April 18 deadline for blocking withdrawals too. So the only part of the Caixin report that was proved wrong, so far, was the date of the final deadline (which Caixin reported as April 15).

The market may be assuming that the bank situation will not get any worse.  If that is the case, all exchanges should be able to function normally.  (As long as they have one bank account open for deposit, the closure of other accounts should not make much difference, should it?)

We'll see.

What your comments suggest to me, Jorge, is that my initial reading of the December announcement was correct, and the consistent content of all the official statements of the PBoC confirm, that there is no prohibition on banking relationships with exchanges in China.  The restriction is on banks taking on exposure to BTC, meaning they cannot have risk positions in BTC, nor can they denominate accounts in BTC.

As all the fear mongering is rendered foolish, the result may be that every auntie and grandmother in China buys a bitcoin for the baby.  About 200 million out of perhaps 200,000 floating bitcoin.

The July bubble may be a second China bubble.

The December bubble will be the ETP bubble, and much larger.

And that would make so much more sense than "dont let our folks get them western bitcoins", since they are mining the shit out of them already, and it would be a wise move to keep the banks out of risk considering recent loan crisis that can still escalate

[iourzzz]

I am not so good in TA, and do not believe in it as much as in impact of any major news including the real and fake ones produced and distributed for manipulation.

So I spend most of my time analyzing events and the development of cryptocoin infrastructure and obstacles on its way.

Hundreds of millions dollars are being invested in it just this year. And this process is growing exponentially. Surely there some forces trying to prevent the real financial revolution that is happening now. But they will not stop it anyway. It's happening!

When on the way of the huge river arises biggest hurdle, such as IRS or Chinese government, the river never stops, and just finds a new channel.

It's not so visible for the general public yet. So the market price can be so easily manipulated.
It does not really matter what happens in the market at any given time. More important where all of this is going in the long time.

I think the point of no return is already passed. Bitcoin is here to stay for ages!

It does not mean we are going to be instantly teleported to Mars. We can easily see many more flash crashes and probably long down trends. But all of this is happening in one long major up trend on it's way to Mars.

So see you on Mars sooner or later!

[jonoiv]

I bet the article is simply mistranslated and April 15th was never a 'deadline' for actually closing the accounts but was about something else.

As far as i understood the situation.

15th wasn't the deadline for closing accounts.  It was the deadline for new fiat deposits.  and the 18th was the deadline for fiat withdrawals at least on Huobi.

[rpietila]

If I was speculating, I would sell now. It can go as low as 405, likely at least 460.

[billyjoeallen]

to pop some bubbles: 3320ish on huobi is the breakout point and would prove the breakout of bearish trend started last year - and thats quite a way to go

To this and similar thinking I would say: The large traders are not following these technical patterns, they are creating them.

This thread was started as Wall Observer - previously there were large single orders which formed "walls" in the depth chart. But they have always been erected by the market manipulators, because they are the only ones with that many coins (then BTC10-BTC20k, now even BTC2k is considered a wall).

From my experience I can tell that wall building can fake selling pressure, and force the price down by 15% followed by buyback. At least it did in May, 2013.

If I had 35,000 bitcoins, I could manipulate the market all I wanted, and make money doing so. Hint: it is only 0.3% of world's bitcoins and there are several people who have it, and who most probably operate in the markets.

Please do not consider that Bitcoin market is more free market than any market in the "free market" countries. They are all ruthlessly manipulated to achieve various aims, and the way for you to make a small annual gain in the number of your bitcoins (which actually increases your % of world's bitcoins, because of the low inflation) is to hold, sell high, and buy back low, and not fall on the trap that the "technicals" can forecast anything, because they are fabricated. And be content what you get, and not short.

+1

This works until the day when bitcoin finally fails or stops achieving new highs.

That would have to be due to a technological problem, not an economic one. The rate of growth may eventually slow to population growth levels, but from an economic perspective, it's like investing in land, only with no property taxes and less risk of government seizure if properly secured. The Mississippi land bubble is a good analogy. There was a price collapse that lasted many decades, but who wouldn't want to buy that land now at 18th century prices?

Even in the unlikely event that Bitcoin is replaced by some other dominant cryptocurrency, there will always be collectors, Computer science history buffs (yes, they do exist).
They are simply too rare to stay low for long.

Investors should be encouraged that people like me missed this last little price run-up. This is how coins get disseminated.  I realized I was ridiculously undiversified and not properly hedged, so I sold at exactly the wrong time. That's bad for me but good for the long term health of the project because those coins are now in the hands of people who manage capital better than I do.

Studying F.A. Hayek gives insight as to why busts are essential for the proper operation of the free market economy and why liquidity injections by central banks are so harmful in the long run. You can't have winners without losers and you can't have booms without busts. They are called "corrections" for a reason.