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

[rjp55]

Sub 400 coins in 24 hours.

Source?

China

[windjc]

The 2hr candle on Houbi is nasty looking.

[mooncake]

I'm surprised how slowly the price is falling. Looks like the bad news had been priced in to some degree.

[darklight]

It could go quite a bit lower. If the remaining Chinese banks close deposit methods over the next couple of days, combined with public holidays in Europe and US, that will be a lot of days with no cash flowing in to any exchanges

[magicmexican]

By the way, is this a cup and handle on the 12-6-4h graph?

[Cassius]

Did the dumping start before the anouncement was made public?

Look, at this point these announcements dont matter. Traders are just using them as entry and exit points. I think most people who wanted to pull their funds off exchanges have already done so in China.

However, its the future difficulty of getting money into exchanges which is bearish.

Meanwhile, China traders who remain on exchanges remain as kamakazee as ever.

They matter because, right or wrong, traders do react to them!

[dreamspark]

Mid 400's is fine with me.

Didnt they already announce the closure of their accounts by the 18th thus this is expected?

[dreamspark]

I'm surprised how slowly the price is falling. Looks like the bad news had been priced in to some degree.

Its because its not that bad or different to anything else...

[ChartBuddy]

Explanation

[darklight]

Huobi at 496...  stamp at 490. what's the problem? the market was falling before all the announcements..... just a natural correction.

Don't you think its even a little bit suspicious that each of these announcements is preceded by a large dump, right before the news is made public?

[windjc]

I can only assume that several people on Bitfinex have bots that are buying and selling based on buys and sells on Houbi.

Otherwise, these are just mindless traders.

[windjc]

Slow drip drip drip to 3000. Either it continues this and rebounds a little around 3010 or selling increases and get a big red candle that plows right through 3000. I kinda think the former.

[MoreFun]

Huobi at 496...  stamp at 490. what's the problem? the market was falling before all the announcements..... just a natural correction.

Don't you think its even a little bit suspicious that each of these announcements is preceded by a large dump, right before the news is made public?

And what you / we can do about that?

Remember that if they are not doing it intentionaly, they would be stupid to not take advantage of this insider info.

[darklight]

Can't do anything about it obviously  

My point was more that many people are saying this is just a normal correction and the price was going down already regardless of the news, whereas there is also the possibility that some people may get the news before others and lead these corrections

[chessnut]

Huobi at 496...  stamp at 490. what's the problem? the market was falling before all the announcements..... just a natural correction.

Don't you think its even a little bit suspicious that each of these announcements is preceded by a large dump, right before the news is made public?

Actually no not at all. I have been expecting this dump for more than a day. EW analysis often seems to coincide with news, because news affects the market the most at extremes of sentiment.

[TERA]

Bear market is not back on until (if) 1D crosses down.

[p0peji]

I was wondering, every Chinese exchange gets their bank acocunts closed, but BTC-China does not have that problem at all? 

[podyx]

putting bid orders on 440

[Post-Cosmic]

 Martingale is viable for pure gambling games, but in trading, where you can specify your odds w/ even more control, it becomes a gloriously sound strategy, actually. Trade reasonably small, 1) It worked? Ok, pocket your gains quickly, but not too quickly, and next time around, Take the same small trade, do NOT take bigger trade (reinvest gains) because then that's REVERSE Martingale - BEST way to lose $$ and precisely why I've been failing in forex, BTC & stocks since 2005. 2) It failed? Ah, then take the loss, & next time, take an even BIGGER trade. This is because, not only you have a bit less chance to fail twice in a row than fail just once, but the odds are even better than 50/50 now that price is further close to oversold/overbought & thus a better place to take your new position from.

 Of course all this implies you're being contrarian. Which means, to focus on buying low, selling high, (Ranging) being safe about things & getting the hell out of your trades soon as you got moderate gains to pocket, instead of trying to ride longer-term trends (Trending).

 See, many small, intelligently placed/managed, compounding gains over time, is better than just 1 big risky trade that tries to ride the trend long-term. Unless you're unleveraged. My advice here is for leveraged BTC/LTC & FX. This is because :

1] You don't know where the price really will go in any but the shortest relative timeframes, it simply gets too hard to account for every factor in the world, the longer you try making projections ;
2] Added to that is the exponentially (? or linear..?) increased risk every hour/day that yet another round of bad rumors/news will unexpectedly come out of nowhere & skew all your projections ;
3] There is so much more money to be made riding as much ups & downs as possible (safely, not all the way for each candle/whatnot - nobody except the biggest insider cheat could predict that accurately and thus it just means you'll get crushing losses sooner or later) than there is to be made just riding allllll the years-long way until new ATH/ATL or near it.

 It's absolutely true that most traders lose money. That's because it's difficult to trade profitably on a consistent basis. So of course most fail. That suits the people in power/behind the curtain, financial freedom on a mass scale would make populations much harder to herd & control/govern. In addition, it benefits greatly whale investors, manipulating institutions, and market-making brokers, that pocket all those losses & spreads from their poor bad traders.

 It's a fight. I'm boxing against my broker. In BFX, I box against other traders' perceptions of price movements & their projections. Is competition bad..?? Isn't it a valuable, fun thing to fight..?? Are all sports, races, games, etc all stupid & useless because 'most players/racers will lose'..??  The entire point is that even though a small few win, ALL had the possibility of a fair chance to win (as long as they do their homework & stack the odds in their own favor) - and THAT is valuable in itself.

 That's why trading is valid. Doesn't mean hodling is bad. It's pretty sound actually. One can easily do both. Doesn't mean all traders have to be degenerate gamblers or that no one ever can have the skill to profitably trade. It's proven wrong.

[y3804]

I was wondering, every Chinese exchange gets their bank acocunts closed, but BTC-China does not have that problem at all?  

Wrong. Their deposit channels have gone from 4 options to 1 option. They simply don't like posting about it.

Again, banks ban is already priced in. Most exchanges are developing and investing in ATMs