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

[kehtolo]

As you can see, i pulled it from bitcoinity, it covers 24hrs..

Here is the corresponding image from wisdom, over 12 hrs.. it still looks like it could be H&S forming..



EDIT.. So, we talking yet?? 

[dreamspark]

No lol, that looks nothing like a head and shoulders just a $90 rally!

It would look just like your bitcoinity chart but on a 12 hour scale.

[dreamspark]

Does this look like a Head and Shoulders forming to anyone else? and does this mean the downtrend is in reversal.. does this imply up from here??



Interested to hear other views.. To me, following the breakout, and going north of 500, this is yet another confirmation of a reversal.
All bullish signals.

EDIT: I'm not expecting rally speed up.. but a nice drift gradually upwards would be nice for now.. interspersed with a few legs up here and there as more take the plunge or get fiat to exchanges.

Don't really understand what you are trying to say. head and shoulders patterns are bearish.

No they're not, they're either. A sign of reversal as it were.

http://en.wikipedia.org/wiki/Head_and_shoulders_%28chart_pattern%29

"Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend"

[Miz4r]

Does this look like a Head and Shoulders forming to anyone else? and does this mean the downtrend is in reversal.. does this imply up from here??



Interested to hear other views.. To me, following the breakout, and going north of 500, this is yet another confirmation of a reversal.
All bullish signals.

EDIT: I'm not expecting rally speed up.. but a nice drift gradually upwards would be nice for now.. interspersed with a few legs up here and there as more take the plunge or get fiat to exchanges.

You should look for head and shoulder patterns on larger timescales for it to actually be meaningful. Also this one you showed would be a bearish signal not a bullish one. Inverse head and shoulders are a bullish signal for a reversal of a downtrend, like this one for example:

[kehtolo]

Ok, inverse = bullish.. regular = bearish.

Thanks for all your answers. I did suspect that i was looking at too short a timescale, but you never know.. (fractals of) patterns can appear on almost any timescale you care to look, so i just threw it out there.

Thanks again for your informative replies.

[kurious]

Am feeling positive, but let's see if Monday sees new fiat coming in and supporting this move.

I think after such a long dreary period it will take more than this to bring enough new fiat in to sustain "The Big Rally" we have all been waiting for.

Yes, it's a good start, but another 50 bucks up and we might see the sleeping piles of fiat taken off exchanges in the past few months coming back in.

Then we will have our climb, it will become self-sustaining quite quickly.  The awareness of BTC is so much wider now - so any real rally will be of an order bigger than ever if those now aware think it is really happening.

[dreamspark]

It is called an inverse head and shoulders. And it is not what is shown.

meh semantics.

You said head and shoulders were bearish but they're not they're either the fact that they can be split into head and shoulder top and head and shoulders bottom doesn't qualify the statement of "head and shoulders are bearish"

But I agree thats not whats shown.

[Miz4r]

It is called an inverse head and shoulders. And it is not what is shown.

meh semantics.

You said head and shoulders were bearish but they're not they're either the fact that they can be split into head and shoulder top and head and shoulders bottom doesn't qualify the statement of "head and shoulders are bearish"

But I agree thats not whats shown.

Head and shoulders are a bearish pattern, it signals a trend reversal and a drop incoming. Traders often sell when the neckline gets broken after the right shoulder which confirms the pattern, so that's bearish no matter how you look at it.

[ChartBuddy]

Explanation

[hd060053]

somebody removed 800 from the sell side at 528 and market sold it.

[dreamspark]

somebody removed 800 from the sell side at 528 and market sold it.

Cheers for spotting that, such a weird dump out of nowhere 

Have you seen that wall moving around or has it just been there and someone got impatient?

[hd060053]

somebody removed 800 from the sell side at 528 and market sold it.

Cheers for spotting that, such a weird dump out of nowhere 

Have you seen that wall moving around or has it just been there and someone got impatient?

wall didnt move around, the whale just got impatient. huobi witth strong ask side not really reacting.

[Miz4r]

somebody removed 800 from the sell side at 528 and market sold it.

Cheers for spotting that, such a weird dump out of nowhere 

Have you seen that wall moving around or has it just been there and someone got impatient?

Could also be arbitrage between Bitstamp and Huobi/BTC-e? Stamp is kinda running ahead of the pack right now.

[dreamspark]

somebody removed 800 from the sell side at 528 and market sold it.

Cheers for spotting that, such a weird dump out of nowhere 

Have you seen that wall moving around or has it just been there and someone got impatient?

Could also be arbitrage between Bitstamp and Huobi/BTC-e? Stamp is kinda running ahead of the pack right now.

Yes its a possibility, especially if it was a sell wall for a while, could have bought at either of those sent it there and then dumped down to break even price after worrying the price was going to continue to drop.

[kurious]

Oooh, just noticed Adam's new poll!

Hmmm...  no option for 500-ish...?    I will be cowardly and vote next week, I think.  To early to say yet

[el_rlee]

somebody removed 800 from the sell side at 528 and market sold it.

congratulations to such a smart move

[vabtc]

there is clearly an urgent need for some dinosaurs

I just sat here laughing at this dino pic for literally 5 minutes.  I should start working. Thank you magicmexican

[ChartBuddy]

Explanation

[pandacoin]

Every time price remaining over 500 is healthy for TA. I'm waiting 2 green candles more tonight.

[JorgeStolfi]

In all the markets these spurts seem to come out of nowhere, as if one investor or a small group of investors suddenly decided to buy, not caring for slippage (or, on purpose, trying to lift the price).  The rest of the market then just accepted the new price (except for the last spurt to 524 USD/3195 CNY, which was soon undone).

Reminds me of the Mar/03 jump, for which I still know of no explanation.  That one apparently started with a couple of large buys on bitstamp.

On the other hand, in all markets that I can see these recent spurts are spread over 10-15 minutes, which suggests that they are not local, but are being carried over from some other market by arbitrage.  But which is the "source" market then?  On Coinbase the spurts seem to be "sharper" than the others, is that the source?