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

[aminorex]

560 support has held.  Next supports would be 520 and 480.  Outlook is biased bullish unless 600 is rejected again.  (My excessively precise buy point is 599.17.)  Magic monkey is not impressed, however.  I don't expect much adrenaline to flow this week in bitcoin.

I know of no ETPs other than those announced and filed in the U.S., but if history is any guide, I would expect one to list in London in 16 months or less.  The Winklevoss fund would suffice, I think.  Flash smash 50k in a clock time on the order of milliseconds would be conceivable, were it not for circuit breakers.  Infrastructure there is amazing.

[ChartBuddy]

Explanation

[Blue]

We're moving the wrong way. Can someone please tell these people.

Someone misconfigured Willy. Someone call Mark!

I just did.

He said Willy spawned a virus that took control of his electric razor

and the razor then tried to skin the cat.

[Blue]

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

wow you have that recursive retro tea pot from James Blinn, early computer graphics research in the late 70s

[ChartBuddy]

Explanation

[JorgeStolfi]

What's notable is that Trolfi admitted he couldn't be argued out of his position, so only empirical evidence will convince him.

The original poster asked what I would consider proof of success.  Obviously that can only be empirical.

Logic can only change someone's expectations of success.  I could be argued out of my position, but I see big flaws in the supporter's arguments (like "the price will go to the moon because the supply is limited") which they refuse to acknowledge. Why should I change my expectations then?

That's bullshit. I asked you what it would take to convince you of the merits of Bitcoin and you responded that I shouldn't bother to even try.

Sorry, I may have confused you with someone else who asked me what I would consider proof of success.  I stand by my reply to that.

As for your question, I can see some merits of bitcoin, like the offline creation of address-key pairs with cryptographically signed "checks", and the totally open ledger.  Other things that you apparently consider merits I see as flaws, possibly fatal.  Like the impossibility of seizing stolen coins and returning them to their rightful owners, or correcting mistakes like sending coins to the wrong address.  (Those who do not see that as a problem obviously never did any real accounting.)  Or the dangerously misleading pretense of anonymity.  Or the intentional inefficiency of mining.  Or the impossibility of proving that you do NOT own an account. Or the fixed supply.

As for the economic model, why does it matter?  The prediction of "going to the moon" and its refutation are based on elementary supply-demand logic.  An economic model that does not include that is not worth considering.

(But I have lived under both monetarist/neocon/reaganomic and Keynesian governments, and I am for the latter all the way.  Like 80% of my countrymen, workers and industrials alike.  Have you been through the 2008 economic crisis?  We heard something about it, yes.)
[/quote]

[Richy_T]

I have to say, I think the lack of price numbers it's possible to post funny gifs and make jokes about is starting to look bearish.

[BitChick]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin. 

[Blue]

What is going on at Cryptsy?

Could it be some mafia hackers specialised in penetrating / flushing BTC exchange websites

and have done so systematically since they emptied their 1st victim Mt.Gox back in 2011 ?

[CoinHamster]

Hmm, looks to me that the foolish playing around 3500 on Houbi will soon be finished.
30min SAR will change.

4h and 30min RSI on stamp are ready.

fasten seatbelt
 

What?

That! - welcome aboard and make yourself comfortable...
 
 

only 10$/50CNY more to go for take off
 

[TooDumbForBitcoin]

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

wow you have that recursive retro tea pot from James Blinn, early computer graphics research in the late 70s

After approximately 44 iterations of this illusion, the table is smaller than a Planck length.  Interesting how something physically impossible can be represented visually.

And if you run it backwards, after approximately 26 iterations the table is larger than the observable universe.

[ChartBuddy]

Explanation

[adamstgBit]

Ding!

[Hunyadi]

Ding!

https://www.youtube.com/watch?v=OzEsXL3S_mc

[ShroomsKit]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin. 

You know what that means. Good news = dump.

[magicmexican]

I think its going back to 530-500 levels for some time, which will probably get some bears very excited about reaching single digits in no time and stuff.

[ShroomsKit]

I think its going back to 530-500 levels for some time, which will probably get some bears very excited about reaching single digits in no time and stuff.

Nothing but good news and nothing but people dumping.
Let's just hope we don't go down enough for the bear trolls to start posting again.

[kireinaha]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin.  

You know what that means. Good news = dump.

Late last year, it could have been announced on reddit that some ma and pa cupcake store had decided to accept bitcoin and it would instantly rocket the price up $50. Now we have Dish Network -- which will be the largest single company to accept it -- and zero reaction. So it seems we've been a bit premature to assume that we've broken the bear market with last week's breakout. I agree with others that we're going to "consolidate" a bit more before going up again next month.

[Cassius]

The news that Dish Network is taking Bitcoin is getting some major press:  ABC News, Wall Street Journal, Time, Washington Post.

It is always great to get press like this and tends to cause more people to look into Bitcoin.  

You know what that means. Good news = dump.

Late last year, it could have been announced on reddit that some ma and pa cupcake store had decided to accept bitcoin and it would instantly rocket the price up $50. Now we have Dish Network -- which will be the largest single company to accept it -- and zero reaction. So it seems we've been a bit premature to assume that we've broken the bear market with last week's breakout. I agree with others that we're going to "consolidate" a bit more before going up again next month.

Quite possible, but wouldn't there necessarily be a lag anyway?

[ChartBuddy]

Explanation