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

[mah87]

slowly coming back under 200$

[Krabby]

Damn it, I wanted to 420 blaze it.

[Davyd05]

there's a panic dump

[Walsoraj]

Dump like that is likely by someone with inside info. Expect a bad news article soon.

*edit*

By bad I mean good. And by good I mean bearish. 

[JorgeStolfi]

I was looking at the plot of Plot of the Number of Unique Bitcoin Addresses Used per Day

Is there a thread that discusses the meaning of this plot?

Some curious features that beg for explanation:
* The first two obvious bumps correspond to the Apr/2013 and Oct-Nov/2013 rallies.  The third one seems to correspond to the period from about Mar/07 to about Mar/21 (hard to tell, that "smart plot" is not very helpful). But the volume was not particularly high in that period.
* In general there seems to be little correlation with price apart from the overall increase in both over the last 2 years. 
* There is a strong 7-day periodic component, strongest before the Oct/2013 rally and gradually being replaced by more irregular noise.

[Bitcoin_is_here_to_stay]

It is really uncanny how we are re-playing exactly same pattern again. I was beginning to think that perhaps this time it will be different. It really feels strange - market should not be that predictable

[Bitcoin_is_here_to_stay]

slowly coming back under 200$

  where?

[hyphymikey]

Traders are sheep to the charts. That's the only reason we are going down right now. Nothing has changed and there is no reason to dump, just someone trying to get a jump on a downtrend that may never come. They will just have to buy back at a loss like 99% of traders.

[y3804]

Traders are sheep to the charts. That's the only reason we are going down right now. Nothing has changed and there is no reason to dump, just someone trying to get a jump on a downtrend that may never come. They will just have to buy back at a loss like 99% of traders.

lol @ bolded part

[p0peji]

Go ahead guys CCMF trade this at your peril. I think I'll sit out.

It is looking more and more like in March indeed.

[ChartBuddy]

Explanation

[windjc]

That wasn't a real dump. What we are seeing is simply an exhaustion of buyers.

No one wants to buy so we are starting to make lower highs. We might have one or two more pushups ahead the next handful of days - maybe to 470 or 480.

But the problem is when the buyers run out, then the market just waits for the next set of China news to dump all to hell.

[ShroomsKit]

Traders are sheep to the charts. That's the only reason we are going down right now. Nothing has changed and there is no reason to dump, just someone trying to get a jump on a downtrend that may never come. They will just have to buy back at a loss like 99% of traders.

lol @ bolded part

Sounds about right. I doubt that more than 5% of the people trading make money. Probably way less.
It's like a casino. You see 100's of people who look like they know what they are doing but only a few go home with profit.
The thing is they just go back over and over again. Thinking this time they will make money but they just keep losing. The one time they win some they instantly forget that they lost the last 10 times. So they go on and lose whatever little profit they had again.
Watching these pumps and dumps every day i noticed it's exactly the same. Just a lot of losers. The result of being stupid. And i kinda enjoy watching it. I don't feel sorry for them. I've been there, i lost, and got the hint.

The whales who lead the pump and dumps make money. The small guys trying to follow it with 10 coins end up losing them eventually. Money makes money. No money means you need to start working. Not gambling.

[windjc]

If Houbi breaks down below 2750 and that begins to act as resistance, then things will start to get real bearish, imo.

[y3804]

If Houbi breaks down below 2750 and that begins to act as resistance, then things will start to get real bearish, imo.

Won't happen until Monday.. dat dump on BTC-E, though

[billyjoeallen]

Go ahead guys CCMF trade this at your peril. I think I'll sit out.

It is looking more and more like in March indeed.

Even the volume is similar. I wonder if the Chinese have noticed this.

[edwardspitz]

That wasn't a real dump. What we are seeing is simply an exhaustion of buyers.

No one wants to buy so we are starting to make lower highs. We might have one or two more pushups ahead the next handful of days - maybe to 470 or 480.

But the problem is when the buyers run out, then the market just waits for the next set of China news to dump all to hell.

That wasn't a real dump. What we are seeing is simply an exhaustion of buyers.

+1. Looking at the volume on 6h chart on Huobi confirms this. The holidays could also be a factor. Maybe this: https://www.youtube.com/watch?v=yzLT6_TQmq8

[windjc]

If Houbi breaks down below 2750 and that begins to act as resistance, then things will start to get real bearish, imo.

Won't happen until Monday.. dat dump on BTC-E, though

Maybe not. I think we might range trade until sometime next week, when the next wave of "news" hits.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation