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

[lemonte]

nice sell wall stamp!

It's on Stamp, BFX, and BTC-E!

trying to bring down prices?

probably... but he should notice that wall is shrinking fast

I really hope that by the end of the month, we'll get back to 600+ and then rocketing higher and higher.

Being bought, or reduced by seller?

[Ivanhoe]

nice sell wall stamp!

It's on Stamp, BFX, and BTC-E!

trying to bring down prices?

probably... but he should notice that wall is shrinking fast

I really hope that by the end of the month, we'll get back to 600+ and then rocketing higher and higher.

Being bought, or reduced by seller?

Being bought, but not that fast.

[JorgeStolfi]

Chinese Slumber Method prediction for Wednesday April 23

Prediction valid for: Wednesday 2014-04-23, 19:00--19:59 UTC (not before, not after)
Huobi's predicted price: 3112 CNY
Bitstamp's predicted price: 494 USD





[ Plot legend ]

Today's data point was very good, (S = 0.0016 W = 0.949) and only 29 CNY above the previous trend line.  Therefore it seems appropriate to use again a straight-line trend, fitted by weighted least squares to the last four points.  Namely, A + B*(d-d0), where d-d0 is the number of days since Apr/19, A = 3128.64 and B = -4.27.

The Bitstamp prediction, as usual, is the Huobi prediction divided by the currency conversion factor R, which was assumed to be 6.30 CNY/USD. It was 6.34, 6.27, 6.25, 6.26 at the last four Slumber Times.
 
Checking the previous prediction

Prediction was posted on: Monday 2014-04-21, 23:29 UTC
Prediction was valid for: Tuesday 2014-04-22, 19:00--19:59 UTC (~20 hours later)

Not bad, but admittedly it was not a hard guess:

Huobi's predicted price: 3091 CNY
Huobi's actual price (L+H)/2: 3120 CNY
Error: 29 CNY (~5 USD)

Bitstamp's predicted price: 494 USD
Bitstamp's actual price (L+H)/2: 492 USD
Error: 2 USD
 
NOTE: "We encourage you NOT to read the posts of anyone with whom you know you will disagree."
   (Mindspring.net's canned reply to spam complaints, maybe around 1990.)

[ChartBuddy]

Explanation

[soullyG]

Haha, this is great - Dorian Nakamoto is a hodler:

http://www.reddit.com/r/Bitcoin/comments/23pe3z/dorian_s_nakamoto_accepts_btc_donations_from/

[JayJuanGee]

Haha, this is great - Dorian Nakamoto is a hodler:

http://www.reddit.com/r/Bitcoin/comments/23pe3z/dorian_s_nakamoto_accepts_btc_donations_from/

Dorian seems to be a man of few words, and upon receipt of the 48 BTC, Andreas asked Dorian whether Dorian had any plans for the 48 bitcoins?  Through blubber and tears only one word could clearly be deciphered:  "HODL"  

[Richy_T]

This concept loses its meaning in forex.  

Yes and no. If you have ways of using the foreign currency, you do not have to "cash it out" but if you need to turn it back into your local currency, then it is just like cashing it out. Having inherited pounds but living in a dollar world, that is my life. Of course, from time to time if I go on vacation, I get to spend some pounds.

We are working to remove the "local" aspect of money. It is not needed.

Yes. I'm hoping to keep my bitcoins until I can spend them normally.

[Raystonn]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

[chessnut]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

presuure is so weak, this cant go too far today. if this is the best that 600BTC sell walls across exchanges can do to the market, that is quite bullish. even if they were dumped, they would be gobbled up within $10 price range.

[ChartBuddy]

Explanation

[chessnut]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

wall is gone on bitfinex..... surprise surprise...

[shmadz]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

wall is gone on bitfinex..... surprise surprise...

Are you ready for the drop? Then drop it!

https://www.youtube.com/watch?v=WDB0HD4J2Ec

[ShroomsKit]

nice sell wall stamp!

It's on Stamp, BFX, and BTC-E!

trying to bring down prices?

Of course. Because months of low prices and cheap coins wasn't enough for some people. They want to go down. If possible all the way to 0.

[KeyserSoze]

Don't forget to Hodl Loosely!
http://www.reddit.com/r/Bitcoin/comments/23q6qo/hodl_loosely/

[Raystonn]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

presuure is so weak, this cant go too far today. if this is the best that 600BTC sell walls across exchanges can do to the market, that is quite bullish. even if they were dumped, they would be gobbled up within $10 price range.

We have a new 3-day low.  That's not so bullish.  Unfortunate.

[Tyson95]

Are we headed for a retest of 472.50?  Is a second rejection of that price level what we're waiting for?  Do we need a double inverted head and shoulders at this level?

presuure is so weak, this cant go too far today. if this is the best that 600BTC sell walls across exchanges can do to the market, that is quite bullish. even if they were dumped, they would be gobbled up within $10 price range.

Possibly this guy needed some fuel for a rally.

[chessnut]

We have a new 3-day low.  That's not so bullish.  Unfortunate.

Im not sure what you mean by that, yesterday we visited 486 on stamp, not seen that again. BTC china is in a contracting range/wedge. The bullrun is losing momentum but the bias is not bearish.

[ChartBuddy]

Explanation

[Raystonn]

We have a new 3-day low.  That's not so bullish.  Unfortunate.

Im not sure what you mean by that, yesterday we visited 486 on stamp, not seen that again. BTC china is in a contracting range/wedge. The bullrun is losing momentum but the bias is not bearish.

You answered yourself with your last sentence.  If we can make a new 3-day low once, we can make it again pretty easily.  The next major line of support is at 472.50.  If we breach that we're in bear territory, with the next major supports at 454, 400, and 355.50.  If we bounce off 472.50 and break above 515, that would be a pretty good bull sign.

Between 472.50 and 515 is no-man's land.  We float with no conviction in either direction.

[JayJuanGee]

We have a new 3-day low.  That's not so bullish.  Unfortunate.

Im not sure what you mean by that, yesterday we visited 486 on stamp, not seen that again. BTC china is in a contracting range/wedge. The bullrun is losing momentum but the bias is not bearish.

The last 12 hours or so have seen some increases in volume..

Whether we have rumblings of significant price movements, only time will tell....

Even though I do NOT do lines, it seems that breaking above $560-ish or breaking below $450-ish would be significant regarding which way we are heading next.. Otherwise if the price bounces back and forth between $450 and $560, I am NOT going to get too excited...