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

[kurious]

Hey Windjc, how's your 1200btc short doing? Do you still have it open?

Most of it. Yes.

I have learned in the past, that the worst thing you can do it overreact when the market moves against you.

It ebbs and flows.

Certainly I am not happy about the announcement from the exchanges that caused all the shorts to close on Houbi, but I think it smart to see how this all plays out.

Sometime soon, the exchanges have to come clean about what is going on. And, whatever it is that is going on, there is no way that the chinese market is bullish on fresh fiat.  All we are seeing there right now are the same coins being traded back and forth and the only money buying is money of the sidelines.

So, until I see a break of trends on high volume with confirmation, I won't be making any sudden panic trades.

I'm with Windjc here, OK - I am not shorting 1200 BTC, but I am relaxed with a high fiat ratio - I can't see a case for real CCMF that makes me feel I will miss any train just now.

Sure, I want to see rockets and choo choos, but I still have stepped bids at below where we are.   

My overall position (inc cold storage) will be happy with a leap up, but my trading stash is balanced for a move either way and I think that is entirely reasonable right now.

We shall see - I am watching and waiting... and still a little bit bored

Windjc is following my trades as a contrarian. I told him to buy at 430. If you follow him you might have to buy when the price gets a lot higher this week. 

I guess the irrepressible chessnut will still claim he was right...

[KeyserSoze]

I wish I could have a diversified portfolio of religions to make absolutely sure I wasn't going to hell.

Sorry for taking your joke literally but I can't resist posting a reply.

Some of us feel absolutely sure we are not going to hell.  It is a "free gift" if you will.  All religions except one teach a way to earn it by good works, deeds etc. But this is futile and an endless journey of never quite being "good enough."  But one religion says there is no possible way to earn it because we can't in ourselves and therefore need to ask for help, which requires humility.  God says if people "will humble themselves and pray and seek my face and turn from their wicked ways, I will hear from heaven and will forgive their sins."  

Gee, let me guess -- you are a True Scotsman? God apparently said a lot of stuff which superstitious folk are free to follow or not follow as it suits her lifestyle, which of course renders it all the more spurious.

In the same fictional account, God/Jesus also apparently said:
"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."
...and other plainly anti-wealth propaganda.

However you have been trying to accumulate wealth through Bitcoin, and tempting others to do so even if they have to go into debt. In other words you've been defying your god and leading others to do the same.

If you were interested, you could easily find the opposite sorts of commandments in your book of lies; that accumulating wealth is righteous. Perhaps you are an adherent of prosperity theology, which would be doubly fucked up.
en.wikipedia.org/wiki/Prosperity_theology

You fail to apply rationality to this duality. Your ancient yarn is simply a Rorschach -- you see in it what you need (or what others have programmed you to need) to soothe the anxiety you have concerning our apparently meaningless and possibly trivial existence, then claim your delusional interpretation is of ONE truth when in reality it holds no more truth than The Hobbit.

Beyond the pursuit of resources, "my religion is right and yours is wrong" is the leading cause of war and hate in the world. The world needs religion no longer. It's embarrassing an adult in this day and age falls prey to such irrational dogma. There is no such thing as sin. If there's anyone broken in some way it is those who find solace in propagating this arrogant and sadistic sense of morality.

[Bitcoin_is_here_to_stay]

is it me, or there is much more sold BTC then bought in last few days?

Hope you kidding?

[windjc]

Anyone want to ask me if I am still holding my 1200 BTC shorts now?

Chessnut? Are you online?

hehehe, good call, but don't get too cheeky

real question to me is now: will we break 420 (which provided some minor support recently) on this leg down or not. daily lower BB sits at ~413, that's as low as I can see it go in the next days, in all likelihood.

Thank you. I will never get credit from any of the bulltards.

I will get cheeky with some of them - looking at your Chessnut. Once again your EW wave was INVALIDATED. Yet again, you will have to redraw it.

[akujin]

 

[JorgeStolfi]

It is ~01:30 am in China.  Price may remain stable for a few hours. Or may not...

[latoxine]

it seems that the market doesn't know where to go...But on kraken it's rising slowly since nearly one hour.

No the copy paste of china since few days anymore in fact...

[hdbuck]

you guys should just relax and enjoy the ride. whether up or down.

[latoxine]

you guys should just relax and enjoy the ride. whether up or down.

Yes but up, down,up,down,up....VOMIT !

[NotLambchop]

...fictional account...anti-wealth propaganda...your book of lies...ancient yarn
...no more truth than The Hobbit.
...

Wait, so The Hobbit...  Way to shatter my worldview

[PoolMinor]

In a fortnight things will be different.

[dreamspark]

Just enjoying the ride on this one.

Is there any news or anything?

Anything actually come of yesterday ?

[windjc]

Just enjoying the ride on this one.

Is there any news or anything?

Anything actually come of yesterday ?

This is simply another retracement. Profit taking before fiat leaving the exchanges.

[windjc]

Some (Chessnut?) (Rpetilia) is deleting a lot of their posts in this thread.

The incredible shrinking bear thread.

[dreamspark]

Some (Chessnut?) (Rpetilia) is deleting a lot of their posts in this thread.

The incredible shrinking bear thread.

Lol cant you see deleted posts on the mirror'd version of this site ?

[windjc]

Anyone want to ask me if I am still holding my 1200 BTC shorts now?

Chessnut? Are you online?

hehehe, good call, but don't get too cheeky

real question to me is now: will we break 420 (which provided some minor support recently) on this leg down or not. daily lower BB sits at ~413, that's as low as I can see it go in the next days, in all likelihood.

I actually do not know. It is possible that we will make a higher low and confirm ourselves in a consolidating channel - which will correspond with the consolidating longer term wedge. And then we will have the "come to jesus" breakout sometime later this month.

That's a scary thought for bulls, because to breakout to the upside we need FRESH FIAT.

Meanwhile this strong impulse down is screaming follow through, so we may get a chance to test this consolidation theory very soon.

[Bitcoin_is_here_to_stay]

Anyone want to ask me if I am still holding my 1200 BTC shorts now?

Chessnut? Are you online?

hehehe, good call, but don't get too cheeky

real question to me is now: will we break 420 (which provided some minor support recently) on this leg down or not. daily lower BB sits at ~413, that's as low as I can see it go in the next days, in all likelihood.

I actually do not know. It is possible that we will make a higher low and confirm ourselves in a consolidating channel - which will correspond with the consolidating longer term wedge. And then we will have the "come to jesus" breakout sometime later this month.

That's a scary thought for bulls, because to breakout to the upside we need FRESH FIAT.

Meanwhile this strong impulse down is screaming follow through, so we may get a chance to test this consolidation theory very soon.

Bitstamp order book look scary - for the bulls

[ChartBuddy]

Explanation

[T.Stuart]

"My religion is right and yours is wrong" is the leading cause of war and hate in the world.

Nonsense.

[BitAddict]

Guys - fiat is leaving the Chinese exchanges.

That is why the market is selling off.

wasn't it suppose to have be done before may the 10th ?

Think about it for a second. If you held leveraged trades on Houbi and you were told you had 2 days to close them out before there were no more leveraged trades, what would you do? You would close them out. Since its a bear market, there were many more shorts - so shorts closed and it spurred a small rally.

Meanwhile if you were a HFT trader and new that you wanted to retire from the exchange and bitcoin trading now that HFT will be charged fees, would you sell your positions while the market was rallying? Hell no. You want the best price. So you let the market go up and hope it continues so you can get a better price. But once the market started selling off, you BETTER sell now and get out.

That is what we are seeing.

I'm not sure about that.
Check Bitfinex, 75% are bulls and 25% bears, even we are in a bear market. Chinese exchanges could follow the same pattern, that means a lot of longs probably need to be closed in the near future before they halt margin trade.

That could mean more dumps incoming.