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

[seleme]

This market is mental at times. 

[gizmoh]

We are at lower prices.

I will wait for cheaper price under 550 seems OK.. Its bound to test 600 soonish..Yes shroomy i've seen the future

Still waiting?

That dude is smokin da crack pipe ..and dropping too much acid for his 600 retest  

The future is still ahead, this is just one big whale pushing with borrowed money paying high rates to me ( $1.5m borrowed yesterday) , $21.5 million in longs currently, the fall gonna be epic.. I hereby revise my prediction: 500 in 2 weeks  
If you can't see a double top formation, then you are a greedy delusional bull  

Funny that nobody on leverage thinks like you apparently.
Shorts (which are dirt cheap right now) are at a record low
http://charts-bfxdata.rhcloud.com/bitfinexLiquidityPriceCombinedBTC.php

no reason for a long squeeze in the first place.

No shorts to cover - Check
Longs pretty much maxed out paying high rates - Check
No huge inflow of USD, Bid Sum remaining unchanged on stamp (around $11m ,maxed out to only $13m) - Check
New: Bulls cheering all over: contrarian indicator   - Check

What will happen when market stalls and shorts finally open, this rally is not sustainable so far.

[HairyMaclairy]

BTC and leverage go together like ammonium nitrate and diesel.

[seleme]

We are at lower prices.

I will wait for cheaper price under 550 seems OK.. Its bound to test 600 soonish..Yes shroomy i've seen the future

Still waiting?

That dude is smokin da crack pipe ..and dropping too much acid for his 600 retest  

The future is still ahead, this is just one big whale pushing with borrowed money paying high rates to me ( $1.5m borrowed yesterday) , $21.5 million in longs currently, the fall gonna be epic.. I hereby revise my prediction: 500 in 2 weeks  
If you can't see a double top formation, then you are a greedy delusional bull  

Funny that nobody on leverage thinks like you apparently.
Shorts (which are dirt cheap right now) are at a record low
http://charts-bfxdata.rhcloud.com/bitfinexLiquidityPriceCombinedBTC.php

no reason for a long squeeze in the first place.

I wouldn't count the level of longs as something utterly bullish. It means people already borrowed money to bring us where we are, and then there is always a chance of them getting squeezed.

I'd love if there's no margin trading on Bitcoin. Them margin traders are reason we haven't pushed through 680 yet, they're covering each 5-10$.

[ChartBuddy]

Explanation

[ShroomsKit]

We are at lower prices.

I will wait for cheaper price under 550 seems OK.. Its bound to test 600 soonish..Yes shroomy i've seen the future

Still waiting?

That dude is smokin da crack pipe ..and dropping too much acid for his 600 retest  

The future is still ahead, this is just one big whale pushing with borrowed money paying high rates to me ( $1.5m borrowed yesterday) , $21.5 million in longs currently, the fall gonna be epic.. I hereby revise my prediction: 500 in 2 weeks  
If you can't see a double top formation, then you are a greedy delusional bull  

You and Tera are neighbours in bear fantasy land?

Seriously, the chances of Bitcoin going up instead of down are so much bigger. You have to be kinda delusional not to see that.

Yes, i'm aware we could be at 500 by tomorrow for many reasons but as long as nothing odd/fucked up happens there is absolutely no reason for it.
Waiting for 500 to buy back in is probably more stupid than taking that money to the casino and putting it or red or black.
But do as you please. Nothing gives me more pleasure than bears who always know better and then miss the train.

[rebuilder]

I don't know of any other instrument where traders will put that much effort into maintaining the price $666. Is $666 bullish or goatish?

I do like goatish The pull to $666 is kind of weird, I think its been the stickiest point on the charts so far and that's become a trend but the first few times around it screamed of manipulation. $13 had an awful lot of pull too but if it was just the draw of a well know figure then $69 would also have been a sticking point (as would the 8's on the Chinese exchanges). It strongly suggests someone taking advantage of superstition, the kind of someone that believes the Christian god is on their side and is unaware those figures will be more inclined to stir interest from younger generations than to dissuade them, I'm thinking knights of templar and the holy wars here. Pure tinfoil but some sort of explanation is needed for the amount of funds expended on maintaining that figure.

I'm leaning towards confirmation bias - you look for the price to approach 666 since it seems significant, but don't notice if it hovers around some other number much more reliably.

That said, the idea some practitioner of The Art somewhere might have been an early adopter and is now using the wealth gained for ritual purposes - or as a joke, if there's a difference - makes about as much sense to me as the whale conspiracy theories that get thrown around here.

[shmadz]

I don't know of any other instrument where traders will put that much effort into maintaining the price $666. Is $666 bullish or goatish?

I do like goatish The pull to $666 is kind of weird, I think its been the stickiest point on the charts so far and that's become a trend but the first few times around it screamed of manipulation. $13 had an awful lot of pull too but if it was just the draw of a well know figure then $69 would also have been a sticking point (as would the 8's on the Chinese exchanges). It strongly suggests someone taking advantage of superstition, the kind of someone that believes the Christian god is on their side and is unaware those figures will be more inclined to stir interest from younger generations than to dissuade them, I'm thinking knights of templar and the holy wars here. Pure tinfoil but some sort of explanation is needed for the amount of funds expended on maintaining that figure.

I'm leaning towards confirmation bias - you look for the price to approach 666 since it seems significant, but don't notice if it hovers around some other number much more reliably.

That said, the idea some practitioner of The Art somewhere might have been an early adopter and is now using the wealth gained for ritual purposes - or as a joke, if there's a difference - makes about as much sense to me as the whale conspiracy theories that get thrown around here.

you call it confirmation bias, I just see human nature.

also, new charts.



I stupidly hit refresh so I had to re-draw the lines, huobi bottom line is much more aggressive in this set, looks most likely to be broken. also bitstamp still the hardest to draw.

btc-e still charts like a champ!  

[dreamspark]

Dont forget with some of the longs, people will have gone long as it all happened so fast to then pay back the money when they can get a wire there, I know I've done that before several times when I've not had money on the exchange.

No shorts is a little worrying though.

[Parazyd]

666 is nice. Now let's go to 777

[ChartBuddy]

Explanation

[freebit13]

Looks to me like we're almost out of the woods 

[DaRude]

We are at lower prices.

I will wait for cheaper price under 550 seems OK.. Its bound to test 600 soonish..Yes shroomy i've seen the future

Still waiting?

That dude is smokin da crack pipe ..and dropping too much acid for his 600 retest  

The future is still ahead, this is just one big whale pushing with borrowed money paying high rates to me ( $1.5m borrowed yesterday) , $21.5 million in longs currently, the fall gonna be epic.. I hereby revise my prediction: 500 in 2 weeks  
If you can't see a double top formation, then you are a greedy delusional bull  

Funny that nobody on leverage thinks like you apparently.
Shorts (which are dirt cheap right now) are at a record low
http://charts-bfxdata.rhcloud.com/bitfinexLiquidityPriceCombinedBTC.php

no reason for a long squeeze in the first place.

No shorts to cover - Check
Longs pretty much maxed out paying high rates - Check
No huge inflow of USD, Bid Sum remaining unchanged on stamp (around $11m ,maxed out to only $13m) - Check
New: Bulls cheering all over: contrarian indicator   - Check

What will happen when market stalls and shorts finally open, this rally is not sustainable so far.

these are conditions for a long squeeze in case of a MASSIVE panic sell occurs. if there are no reason for a panic sell in the first place there is no point in considering it at all. Only catastrophic news would get us there, but these are unpredictable so what's the point.

Bid Sum is not an indication of inflow of new USD.
And besides, there is still a lot of fiat in exchanges accumulated from the bear market waiting, also because this trend reversal rally from 450 was done mostly on people raising the asks (that explains the not so huge volume). after the breakout less and less people were willing to sell BTC. Until this wave of predictable profit taking at 680 that is.


Anyway, we have your prediction, in 2 weeks we will see who was right

Would 4k BTC be MASSIVE?

Cause someone can borrow 4k BTC at 0.01% dump it all, start a cascading margin calls from tight margins from the likes of ChrisML's and pick up cheap coins   do it at the lowest volume time to lower your risk of a greater whale swallowing you...Profit

[studio1one]

Looks to me like we're almost out of the woods 

1 week MacD crossover would be fucking epic buy signal.

[Erdogan]

Another quick poll: is there anyone here at all who does not believe that, by 2027, 1 BTC will buy all the wealth in the world? 

We always have you.

If everybody else believe that, they are obviously wrong.

The best outcome (for bitcoin) will be that all bitcoins, not one, will have all the savings value in the world, all the value that people will have in reserve for a shorter or longer time. This is not related at all to all the real value that exists. What people want to have in reserve in money, compared to what value they will have in houses, cars, excavators, factories, toothbrushes and son on, is a personal choice for each individual. It can be less than they have in real value, or more.

The fact that better money will be available, may change the preferences.

Nobody knows. Wait and see.

[freebit13]

If one bitcoin could buy all the wealth in the world, it would make the other 20999999 worthless. It's not logically possible.

[seleme]

Jorge just tried to be funny and smart. Highlight of his overall career here.

[simtal]

Jorge just tried to be funny and smart. Highlight of his overall career here.

I definitely laughed at this. I dont post in this thread much but always have a laugh when this Jorge says silly things

[ChartBuddy]

Explanation

[androz]

Another quick poll: is there anyone here at all who does not believe that, by 2027, 1 BTC will buy all the wealth in the world? 

Well, someone will buy the wealth of the universe with 100 btc….. 😊:-D