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

[AceWallen]

This is a pretty interesting pattern. So you're speculating at this point that we still won't reach our previous ATH this year?

did you notice the last leg? the one that goes up and off the chart and past $1200? (this is a bitstamp chart) i think he's trying to say that we're going to the moon!

[ranlo]

This is a pretty interesting pattern. So you're speculating at this point that we still won't reach our previous ATH this year?

did you notice the last leg? the one that goes up and off the chart and past $1200? (this is a bitstamp chart) i think he's trying to say that we're going to the moon!

I wish! I'm just a bit lost as to how if we're repeating a pattern that already happened, we still wouldn't reach the ATH (we can exclude the parts of his chart that are off to the right).

[AceWallen]

all i know is that i'm hodling like a badass and been doin it for months. i got my astronaut gear strapped on and it's actually getting sweaty as hell in here, it's quite hot, but the point is, I'M READY.

[magicmexican]

Whats its going to be - weekend dump or weekend rally?

[ChartBuddy]

Explanation

[dreamspark]

Whats its going to be - weekend dump or weekend rally?

Weekend rallys and week dumps/flat. Its the new paradigm!

[edwardspitz]

They sure have been dumping many coins into 3500 over the past 24 hours. Maybe they doing us a favor certifying that 3500 is very strong support. If it holds it should shoot straight up no?

As soon as my money fiat clears, I'm buying half, and setting the other half in a tranche back down to 450 (CAD on virtex)

I'm not giving advice, I'm just saying what I might hypthecically do.

*edit for clarity 

I'm currently 100% fiat and it doesn't feel good. I would love to get more coins, if the price goes up that is also nice

ok, I'm gonna stop posting now, cuz I'm probably just being stupid at this point, but if you are 100% fiat, how would the price going up be nice for you?

heavy into fiat has always been a scary place for me.

Increasing price will be seen as something positive by the public and the media. That will help adoption etc. Second I would love it if this article got it totally wrong: http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12 We are already in mid 2014 now so we are actually close to proving Mr. Williams wrong.

If you are relying upon that article to make your bitcoin investment decisions, then you are likely going to miss the train. 

Surely, we are all guessing to some degree about the direction of bitcoin prices; however, at this point, it seems you would be lucky to get coins in the lower $500s, or possibly in the upper $400s.  Even though we currently have some downward priceward movement, it seems that within the next few weeks, BTC prices are going to stabilize  $600 and beyond

If i relied on that article at all and invested in bitcoin at all I would be about as crazy as a member of a suicide cult. However I do agree that things are looking up a bit after last night where the bears in China again dumped into the wall at 3500 and again failed to bring the price down below that. There is so much resistance and I'm sure that the battle for the 1w MA and $600 can go on for a while. This was "just" round 3. If I only cared about profit I would prefer that the price went down, but on a personal level I would just like to see the bulls win this one.

I find your stated position difficult to understand.  In essence, you are fairly confident that bitcoin prices are going to double digits - accordingly, you are NOT investing into bitcoin b/c you are convinced that bitcoin prices are soon going to plummet.   yet, on the other hand, you would like bitcoin prices to rise b/c you have some kind of sympathy for the underdog.  If that is your position, then it is a strange one, in my thinking.

I don't agree with the article. Also I don't believe I have mentioned anything about double digits I'm far from sure that prices will plummet... or if they can go up without further retracement. It is true that my outlook is bearish at the moment, but there is an epic battle going. I feel that bulls are the underdogs at the moment because:

- Resistance
- Many shorters?
- The 1w ema has (or is very close to) crossing back
- We recently had a dump and price has been declining slowly since the $595 peak
- There is also difficulty getting every exchange (and bulls traders) on the same page at approximately the same time (this seems to be a real issue)
- Rallies have failed

On the other hand there are traders who viciously attack those intimidating buy walls and defend support like there is no tomorrow. This is how you win, but it is also risky business. Especially if you are a small fish and just entering the market. To me some of the trading that is taking place looks a bit emotional. I respect that passion, but I fear that emotions can get some small fish burned.

Edit: Misc.

[edwardspitz]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

[flynn]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

I hope there is a dino in it !

[lemonte]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

I hope there is a dino in it !

I hope it's not about Chinese people sleeping.

[latoxine]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

I hope there is a dino in it !

I hope it's not about Chinese people sleeping.

What about chinese people dreaming of banning bitcoin, riding a pimp dinosaur ?

[kurious]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

I hope there is a dino in it !

Of course - it's not really rigorous TA without one.   Preferably well dressed.

[edwardspitz]

...and here it is. The result of my latest Jesus TA experiment:



I'm not sure what to make of it. Him being upside down on the cross must be a bearish sign. He went to heaven on this day (that is why I got the day off  ). That must be a bullish sign. Maybe the real Bitcoin Jesus (Roger Ver) know where it's headed: https://www.youtube.com/watch?v=mF_WhMSKhIg#t=447

PS: This Jesus TA is not really working out for me. Maybe it is because I'm not a true believer in Christianity. Or maybe I just suck at TA  

[edwardspitz]

Whats its going to be - weekend dump or weekend rally?

I will all become clear when I post my latest TA experiment. I'm currently working on it.

PS: Don't get you hopes up. It is very silly.

I hope there is a dino in it !

Of course - it's not really rigorous TA without one.   Preferably well dressed.

No, I'm sorry he is actually barely dressed at all. Also he seems to be suffering/struggelig. OMG that is another bearish sign!!

[nanobrain]

After Mr "Pump and Dump" yesterday I thought this thread was plumbing new lows...how wrong I was.

[JorgeStofli]

Smoke Crack! Worship Satan! Buy Bitcoin!

[ChartBuddy]

Explanation

[wachtwoord]

I present the Matroska Cup & Handle pattern:



$1000 bitcoin party around October... see you there

EDIT: which, by the way, has worked before very well:

can there be a cup & handle inside a cup & handle ?

This is a pretty interesting pattern. So you're speculating at this point that we still won't reach our previous ATH this year?

Very imaginative

[oda.krell]

Eh, sorry to rain on your parade guys, but in all honesty, the entire "should we talk abot bit or ubit or mBTC" discussion only matter if Bitcoin ever becomes a unit of account. And frankly, I don't see that happening for a long time yet. (I mean it: long time. A human generation, maybe).

And for the other aspects, exchange medium, store of wealth, it doesn't matter one bit (hur hur) what it's called... gold bugs had to wrap their head around the rather impractical 'ounces' for a while, and that never stopped adoption either.

What I'm saying is, discuss away how to call the fractions of a coin, but I tend to think, it won't matter either way.

*emphasis mine

bitcoin was born as a unit of account, it's actually the core function. simply an open ledger of accounting (that cannot be changed, by anyone, as far as we know)

but I'm guessing that you're using the term "unit of account" to mean "global reserve currency" and in that case you're right, 10-15 years at least... I think?

I told him already. He doesn't believe me.

I think he understands bitcoin pretty much as well as I do. We may differ on some finer point, and when we do, I start to worry a little bit...  I guess that's why I posted that.

No, I understood your (and wachtwoord's) point just fine. I'll try to sharpen mine:

Quote WP: "... unit of account allows meaningful interpretation of prices, costs, and profits"

I understand that, in principle, our little distributed global ledger could serve as a brilliantly useful unit of account. Many of the necessary aspects (transparent, tamper proof) are there. But to allow a "meaningful interpretation of prices/costs", you cannot -- for now -- go through the ledger alone. You will need another point of reference (commonly: USD), if the time horizon is longer than a few seconds.

We probably agree that Bitcoin has the potential to become maybe /the/ unit of account eventually, but for as long as price swings wildly (and, despite what some claim, largely unpredictably on a long enough time span), it is not an actually usable unit of account without reference to another (more stable) asset.

[ChartBuddy]

Explanation