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

[BitAddict]

Any bad (FUD or not) news from China for this recent drop?

huobi made a minor announcement, nothing really. it was pretty weak before the announcement, so this is just a natural correction.

Yeah, I saw it yesterday night. Price was pumped by a 1k bitcoin wall on bitfinex.

[ChartBuddy]

Explanation

[Todorius]

We just need to hover around at the 500-520 level for maybe a few more days, the rise to 548 was just too quick.
It's just a correction imho. We're building a base for the next run to the 580 level. Currently, we are quite overbought, so a relaxation with a few dumps is nothing out of the ordinary.

[magicmexican]

That 4h MacD 480-470 i guess

[darklight]

Dumps like this always make me nervous lately. They tend to be followed shortly after by more bad news :/

[dreamspark]

900 wall straight in at $500

[chessnut]

big volume swinging here... 1.8k @500 wall BFX

........ and there's plenty more where that came from.

..doubt we will pass 485

[MoreFun]

big volume swinging here... 1.8k @500 wall BFX

........ and there's plenty more where that came from.

..doubt we will pass 485

Better for us to not pass it. 

[Dalmar]

Dumps like this always make me nervous lately. They tend to be followed shortly after by more bad news :/

Nah, this one doesn't look like insider trading. More like traders selling off based on that the bounce lost momentum.

[dreamspark]

Its just some healthy profit taking in my opinion, the bids arent drying up so plenty of buyers .

[freebit13]

I think 500 is a 'magic' number right now... there are probably a lot of nervous people wanting out, who've waited for it to get this high and probably a lot of new people wanting to get in, now that it's back up. I think we might hover around 500 for the next couple of days...

[koryu]

Its just some healthy profit taking in my opinion, the bids arent drying up so plenty of buyers .

i also think so, it looks like today's high will be lower than yesterday's high, its ok to take some profit at this point imo.  but 480usd/3000cny has strong support. need more china fud to go down any further. ^^

[BitAddict]

Same 1k wall than yesterday. Whale is having fun.

[windjc]

My disclaimer until proven otherwise is that any minute Houbi could go 500 CYN for no apparent reason.

That being said, it seems like missing the attempt at a higher high and now threatening to make a lower low, coupled with the 4hr MACD crossover, spells at least a 50% retracement to around 3000 CYN.

Of course who the f*** knows anything right now.

[chessnut]

very natural, loads of support @500. was hoping for 485 but I dont think Ill get it. the volume traded at 500 just there has plenty to to back it up.

[dreamspark]

very natural, loads of support @500. was hoping for 485 but I dont think Ill get it. the volume traded at 500 just there has plenty to to back it up.

Lots of support but I think it could disapear for a brief trip into the $400's

[dreamspark]

Huobi dumping harder now as well.

$500 wall guy adding to it too.

EDIT: wall munched.

[Todorius]

Another round of standard FUD, or just random dumping? What's going on?

[TERA]

[y3804]

wtf?