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

[chessnut]

Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw.

Bull market, here we are again!

whats more, is those trend lines are turning into support.

How about you guys try using the logarithmic chart.

you mean this triangle that's about to break out in the direction from which it came?



normal scale charts are equally significant as log charts. they each give strong signals.

[TERA]

[wachtwoord]

Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw.

Bull market, here we are again!

whats more, is those trend lines are turning into support.

How about you guys try using the logarithmic chart.

you mean this triangle that's about to break out in the direction from which it came?



normal scale charts are equally significant as log charts. they each give strong signals.

Didn't that triangle break downwards in March?

[chessnut]

Interesting things are happening on bitstamp. Price managed to deny every downwards trendline I am able to draw.

Bull market, here we are again!

whats more, is those trend lines are turning into support.

How about you guys try using the logarithmic chart.

you mean this triangle that's about to break out in the direction from which it came?



normal scale charts are equally significant as log charts. they each give strong signals.

Didn't that triangle break downwards in March?

In EW the fifth or 'e' wave of a triangle tends to test the triangle trend line in question. the breakout was almost immediately rejectsed, it failed. If we assume that the triangle did break to the downside, the the primary has been 100% retraced which invalidates any further downside. a bearish situation could only arise now if we assume there is no triangle, ask DanV. although his analysis is getting weaker by the day.

[ChartBuddy]

Explanation

[elux]

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[TERA]

Am i correct if i say nothing will happen on the 10th and the price will go up again. Then just when we are about to get really bullish in a week or so from now a new deadline will come out of China and we will crash because everyone will completely panic.
Am i correct?

When we're finally all done with China, then there will be things that don't even have to do with China.

[dreamspark]

Probably but also likely to be $400 higher 

[JorgeStolfi]

How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60%

That wasn't meant literally, of course.  Losing 60% of all you own is bad enough, don't you think?

But you CAN lose all of your life savings if you left the bitcoins in MtGOX, invested in Neo & Bee, or any of the other zillion bitcoin scams. (The first time I heard of bitcoin was when Rick Falkvinge tweeted that he was investing all his savings in bitcoin. Guess where he left them.  Fortunately for him he managed to get part of them out in time.)

You can also invest your 50'000$ of savings plus 50'000$ borrowed from relatives, friends and banks.  (You can bet that many people did that.  If the salesman says that for sure BTC will be worth 1'000'000$ in a few years...)

This idea that the government needs to protect you from your own investment decisions is comical.

It is funny, but one of the things that people expect the government to do is to protect them from scammers who try to sell unsound financial instruments with misleading promises.  That is why there are things like the SEC and consumer protection laws.  And that seems to be the reason why many bitcoin businesses catering primarily to US citizens are based in Panama or other unlikely countries.

[TERA]

The order books are ripened for dumping and the asks are hiding away. It is like a standoff between bears to see who will break the ice first.

[p0peji]

How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60%

That wasn't meant literally, of course.  Losing 60% of all you own is bad enough, don't you think?

But you CAN lose all of your life savings if you left the bitcoins in MtGOX, invested in Neo & Bee, or any of the other zillion bitcoin scams. (The first time I heard of bitcoin was when Rick Falkvinge tweeted that he was investing all his savings in bitcoin. Guess where he left them.  Fortunately for him he managed to get part of them out in time.)

You can also invest your 50'000$ of savings plus 50'000$ borrowed from relatives, friends and banks.  (You can bet that many people did that.  If the salesman says that for sure BTC will be worth 1'000'000$ in a few years...)

This idea that the government needs to protect you from your own investment decisions is comical.

It is funny, but one of the things that people expect the government to do is to protect them from scammers who try to sell unsound financial instruments with misleading promises.  That is why there are things like the SEC and consumer protection laws.  And that seems to be the reason why many bitcoin businesses catering primarily to US citizens are based in Panama or other unlikely countries.

Personally I think it is a good thing that a government does that to a certain extent, if it would not we would all be at the mercy of the gods (1%'ers).

[JorgeStolfi]

I think only one depositor is needed to sue them in criminal court. It is afaik not possible for a consensus vote to override this fundamental right of the crime victims.

I hope you are right.  However the chances of the police taking the matter seriously are much diminshed if the amount is small and/or other depositors are unwilling to sue.

In his blog article on MtGOX, Rick Falkvinge points out that returning a portion of the stolen money is a basic psychological trick that scammers use.  Once the victims have internalized the fact that they lost 100%, getting back 20% gives them a positive feeling, and they are much less likely to prosecute -- since the scammer "made a honest effort to repair the damage" etc.

[JorgeStolfi]

Am i correct if i say nothing will happen on the 10th and the price will go up again. Then just when we are about to get really bullish in a week or so from now a new deadline will come out of China and we will crash because everyone will completely panic.
Am i correct?

Probably.

[adamstgBit]

the bitcoin ETF is one step closer to approval.

[JayJuanGee]

I'm curious. What actually happened? (about the lost coins / laptop / sauna / beach / moon)

coins / laptop / sauna & beach they ALL went to da moon

Like a puzzle to attempt to resolve

[ChartBuddy]

Explanation

[adamstgBit]

we have a break to the up side.

[spooderman]

How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60%

That wasn't meant literally, of course.  Losing 60% of all you own is bad enough, don't you think?

But you CAN lose all of your life savings if you left the bitcoins in MtGOX, invested in Neo & Bee, or any of the other zillion bitcoin scams. (The first time I heard of bitcoin was when Rick Falkvinge tweeted that he was investing all his savings in bitcoin. Guess where he left them.  Fortunately for him he managed to get part of them out in time.)

You can also invest your 50'000$ of savings plus 50'000$ borrowed from relatives, friends and banks.  (You can bet that many people did that.  If the salesman says that for sure BTC will be worth 1'000'000$ in a few years...)

This idea that the government needs to protect you from your own investment decisions is comical.

It is funny, but one of the things that people expect the government to do is to protect them from scammers who try to sell unsound financial instruments with misleading promises.  That is why there are things like the SEC and consumer protection laws.  And that seems to be the reason why many bitcoin businesses catering primarily to US citizens are based in Panama or other unlikely countries.

Personally I think it is a good thing that a government does that to a certain extent, if it would not we would all be at the mercy of the gods (1%'ers).

or.....OR.....the government has.....*gasp* many 1%ers within it?

[dreamspark]

How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60%

That wasn't meant literally, of course.  Losing 60% of all you own is bad enough, don't you think?

But you CAN lose all of your life savings if you left the bitcoins in MtGOX, invested in Neo & Bee, or any of the other zillion bitcoin scams. (The first time I heard of bitcoin was when Rick Falkvinge tweeted that he was investing all his savings in bitcoin. Guess where he left them.  Fortunately for him he managed to get part of them out in time.)

You can also invest your 50'000$ of savings plus 50'000$ borrowed from relatives, friends and banks.  (You can bet that many people did that.  If the salesman says that for sure BTC will be worth 1'000'000$ in a few years...)

This idea that the government needs to protect you from your own investment decisions is comical.

It is funny, but one of the things that people expect the government to do is to protect them from scammers who try to sell unsound financial instruments with misleading promises.  That is why there are things like the SEC and consumer protection laws.  And that seems to be the reason why many bitcoin businesses catering primarily to US citizens are based in Panama or other unlikely countries.

Who's the sales person? Why is there this idea with you that people have been mislead and sold something by someone in particular ? In the fiat world scams are bought into all the time do we really need to start metioned Maddof et al ? Thats what you call being robbed of your life savings not investing in a brand new BETA technology and then moaning that its lost value because you listened to some guy on the internet instead of making your own decision. These fiat financial scams and frauds genuinely rob people of their lifes work and do genuinely sing promises of high returns.

The thing that annoys me most with your conjecture is that you speak as though everyone whos in BTC right now bought $1200 coins. Thats just not the case the majority of people are well above their initial investment and the rest of them are likely down no where near 60%. 

A fool and his money are soon parted and if somebody invests in a volatile asset that they can see with their own eyes has been so volatile and then moan that it goes down instead of up they are a fool.

If someone borrows $50,000 off freinds and family to invest in a ridculously volatile asset then they are a fool.

If someone left their Bitcoins with a third party service then they are a fool.

If someone invests more than they are willing to lose they are a fool.

Dont you see where this is going ?

I take it you advocate boiler room pump and dumps then that leave people with low single digit %'s of what they were conned into investing for promises of high returns.

[dreamspark]

How can you lose your savings if it didnt go to 0 ? The very worst you could do is lose 60%

That wasn't meant literally, of course.  Losing 60% of all you own is bad enough, don't you think?

But you CAN lose all of your life savings if you left the bitcoins in MtGOX, invested in Neo & Bee, or any of the other zillion bitcoin scams. (The first time I heard of bitcoin was when Rick Falkvinge tweeted that he was investing all his savings in bitcoin. Guess where he left them.  Fortunately for him he managed to get part of them out in time.)

You can also invest your 50'000$ of savings plus 50'000$ borrowed from relatives, friends and banks.  (You can bet that many people did that.  If the salesman says that for sure BTC will be worth 1'000'000$ in a few years...)

This idea that the government needs to protect you from your own investment decisions is comical.

It is funny, but one of the things that people expect the government to do is to protect them from scammers who try to sell unsound financial instruments with misleading promises.  That is why there are things like the SEC and consumer protection laws.  And that seems to be the reason why many bitcoin businesses catering primarily to US citizens are based in Panama or other unlikely countries.

Personally I think it is a good thing that a government does that to a certain extent, if it would not we would all be at the mercy of the gods (1%'ers).

LOL cause the government aren't part of the 1%'s

EDIT: just noticed someone said the same thing pretty much. Point still stands.

Dont you see Jorge advocates the fiat scams that go on all around that are legal thanks to a corrupt government but spends his time bashing on a beta project that anyone with an iota of common sense knows could result in total losses.