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

[nanobrain]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

[gentlemand]

I thought this made for an interesting quote from here

http://www.reddit.com/r/BitcoinMarkets/comments/24fhhq/daily_discussion_thursday_may_01_2014/

"Assuming that the next bubble proceeds successfully, and there is no reason to think that it won't, the conversation around here is going to fundamentally change. Right now, people are afraid that bitcoins will never catch on and will become useless. After Wall St invests in bitcoins, it will be clear that the only way that bitcoins will fail is if there is a protocol disaster. For five years now, bitcoins have always had a cloud over them about whether they would fail or not. It will be difficult for people here to adjust to that change in reality.

It will be even more difficult to adjust for people at bitcointalk.org, who have been following a set of electronic tokens that were considered a waste of electricity, but which are now listed on Bloomberg as a new asset class and which the People's Republic of China is failing in its efforts to destroy even with full government support."


I wonder what our beloved psycho bears would do with themselves if all of this came to fruition? Start stalking Litecoiners instead?

[igorr]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

It will crash again.

[RUEHL]

Dark Wallet released today, all money launderers, drug dealers, anarchists moving FIAT to BTC for dark wallet storage.  

China in Labor Day holiday till the 3rd, no bad news till then!

Wall Street raising awareness thru Bloomburg quotes, somewhat legitimizes this currency.

Howling at moOOoon "arwwWWwwooo!"

[Krabby]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

Aren't descending triangles usually a bearish sign?

[dreamspark]

Bitcoin rallies, how long till China bans it again.

[nanobrain]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

It will crash again.

That depends on your definition of 'crash' but yes, I imagine we will slink back down to 450 at some point.

[Ozymandias2]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

Aren't descending triangles usually a bearish sign?

Generally yes, but this one broke out upwards albeit unconvincingly, and is arguably (a point I make since some like to question the volume at the breakout) not in the triangle any more thereby invalidating (or making less likely) the bearish implications.

[mighty jol]

descending triangle have A BIGGER CHANCE of yielding to a bearish move but they are not always bearish (about 30 % of the time it can be a correction pattern yielding to a bullish trend ) so considering the break of the resistance and that the support is holding : yeah it might just resume upward, next resistance is the to of the triangle

[aminorex]

Funny thing, now that the proprietary studies on bloomberg are easily available, I'm very cautious of the next 3 weeks.  Being biased strongly bullish, that makes me somewhat uncomfortable.  But I guess I'd rather miss the first few weeks of an uptrend than get sucker-punched down to 350 at >100% btc.

[ShroomsKit_Disgrace]

nice pump in the west, huobi sleeps..
what did i miss??

Houbi Never Sleeps.

Igorr are you Ukranian? or Russian?

[aminorex]

But it isn't.  Almost no one holding BTC is unable to accumulate more.

How do you know that?  I for one am flat broke at present

My reasoning is default reasoning:  People who accumulate BTC are thinking ahead.  People who think ahead, tend to have better cash flow than people who don't.  The prime exception would be those who accumulate too aggressively.  But people who accumulate too aggressively tend to get squeezed out, so they end up being non-holders (or lesser holders).  The over-aggressive are likely a very small number, but more vocal than those who are less aggressive (and so forum chatter is likely to lead to over-estimation of their numbers).

[Richy_T]

For a guy who is usually propagating anti-federal government rhetoric, you (BJA) surely are being inconsistent here to be giving the fed govt the benefit of the doubt in their policing shenanigans. 

This is one of the frequent themes that I have witnessed with supposed libertarians who will want to get rid of the fed govt when it comes to its role in providing a vast array of social services - however, when it comes to various policing functions or property protection functions, some anti-govt folks seem to harbor some kind of blindness that the federal government is more likely to follow rules.  Maybe I am being too hard on libertarians, here, and this inconsistent viewpoint is merely yours, BJA.

You are adjusting the facts to attempt to fit your assertion, but it still remains quite fantastical to assert that any major discount will be achieved through a mass sale of BTC.

To me, entrapment is encouraging someone to commit a crime that they would not have otherwise committed. Now, I disagree with some of the examples given (regardless that they are supposedly from authoritative sources. Selling someone drugs because they ask for them for their sick mother is entrapment) but I would say that advertising on the pre-existing localbitcoins.com would not. Hanging out at a libertarian political meeting and trying to sell bitcoins to the participants would be however.

[derpinheimer]

Hmm, the ask sum is strangely stable with all of these buys.

Either

A: Most of the coins that this whale is buying is from him bidding and getting sold in to (I know they place bid walls, but is it really >>50% sold in to rather than market orders while the price rises?)
B: They're in for a quick buck. New walls showing up at 472.

[Hen0xyd]

Like Adam said, perhaps we are seeing resistance becoming support, having broken through the downtrend a few days back.



Suggests we have some green shoots of recovery?

Bid/Sum ratio getting better too
https://www.cryptocoincharts.info/v2/pair/btc/usd/bitstamp/10-days

Aren't descending triangles usually a bearish sign?

Yes.  But its three am and I can't sleep so I thought I'd try looking for some positives in life ...like a breakout

The breakout already occured, and we tested 3 times the old resistance as a new support (upper line of descending triangle) :
(Check the full chart and zoom out if you want here : https://www.tradingview.com/v/JVzIzw0h/  )

[mighty jol]

nice chart, what software do you use?
i like the way it is bouncing of the previous resistance, we may see the upward move go back from there (just hoping it won't go back and retest support from the bottom of the triangle)

[octaft]

For a guy who is usually propagating anti-federal government rhetoric, you (BJA) surely are being inconsistent here to be giving the fed govt the benefit of the doubt in their policing shenanigans. 

This is one of the frequent themes that I have witnessed with supposed libertarians who will want to get rid of the fed govt when it comes to its role in providing a vast array of social services - however, when it comes to various policing functions or property protection functions, some anti-govt folks seem to harbor some kind of blindness that the federal government is more likely to follow rules.  Maybe I am being too hard on libertarians, here, and this inconsistent viewpoint is merely yours, BJA.

You are adjusting the facts to attempt to fit your assertion, but it still remains quite fantastical to assert that any major discount will be achieved through a mass sale of BTC.

To me, entrapment is encouraging someone to commit a crime that they would not have otherwise committed. Now, I disagree with some of the examples given (regardless that they are supposedly from authoritative sources. Selling someone drugs because they ask for them for their sick mother is entrapment) but I would say that advertising on the pre-existing localbitcoins.com would not. Hanging out at a libertarian political meeting and trying to sell bitcoins to the participants would be however.

Yeah, I remember while I was originally reading it, I was thinking it was for sure going to be an example of entrapment. Apparently not.

[ChartBuddy]

Explanation

[Hen0xyd]

nice chart, what software do you use?
i like the way it is bouncing of the previous resistance, we may see the upward move go back from there (just hoping it won't go back and retest support from the bottom of the triangle)

I'm using the TradingView website which I think is pretty amazing for user-friendly charting interface.
Press the Play arrow on right you'll get the updated prices =>  https://www.tradingview.com/v/JVzIzw0h/  

Edit : you can also zoom in/out etc, look at the bottom of the charts for buttons.

[UnDerDoG81]

CCMF