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

[gentlemand]

how can that amount fo coins make such a difference on the price? -_^

The price is what everyone imagines it to be. I guess their imagination ran with the idea of someone spending several million dollars and then destroying that value by dumping all those coins. I don't think rationality is a strong point of the BTC market.

[wachtwoord]

This is probably very improbable though

lol, what? 

[ChartBuddy]

Explanation

[Parazyd]

First $670 sideways for a week, then a $100 drop. Now 570ish sideways... What's next?
Can't wait until the Silkroad auction's over.

What's your take on the whole Wall Street thing people?

[Globb0]

possibly impossible

[anujjain]

possibly impossible

What possibly impossible.

[PoolMinor]

Your poll has merit, but is limited in that if I had bought BTC30 at say $500 I would expect that the 30% yield would be requiring a $650 price point (after fees). Therefore I would sell ~BTC23 to recoup my $15,000 leaving me ~BTC7 . Meanwhile if the price continues to drop after selling I can buy back cheaper than my selling point affording me a lower cost average as it falls. If the price goes up I still have retained some BTC and won’t find the need to kick myself for selling too early.

Now I realize people might say, after you broke even your cost average is zero on the remaining ~BTC7 and any future buybacks only increase your cost average, this is true. But as the price continues to fall any future purchases do lower the cost average after the initial buyback.

This poll isn’t really for me as I never purchased any BTC to begin with and my cost average currently is -$570+ for any remaining BTC I have.

[JorgeStolfi]

speculates more about the motives of bitcoin trusts and exchanges, more so than we speculate on the price.

It was not me who raised the topic of SecondMarket's plans for the auction.  Besides, the movement of large quantities of coins it is obviously relevant to the price.

Also, there is no need to speculate about the motives of trusts and exchanges: their goal is to maximize the net revenue of their owners, obviously.  We can only speculate about the means that they may choose to use in order to pursue that goal.  Dealing fairly with their clients is only one of their options -- and we know that it is not always the one they choose.

[ShroomsKit]

how can that amount fo coins make such a difference on the price? -_^

Just dumb blind panic. Which is normal for Bitcoin traders.

[pjviitas]

possibly impossible

100% right 50% of the time

[deadley]

Nice, Market again crossed 570. Lets just move more upside.

[Bitcoin_is_here_to_stay]

Nice, Market again crossed 570. Lets just move more upside.

And difference between Stamp and Huobi is also almost back to normal - just a couple of dollars. Feels nice.

Any idea what was with this series of dumps that were occurring on Bitstamp only?

[dnaleor]

It's looking better. I think the support at 550 will hold

[Davyd05]

@Jorge If it was in reaction to the news piece linked...you went above and beyond to imagine a scenario where SM bought all the coins at 15% under market.. and somehow included an idea that SM didn't have coins that they would owe to SM shareholders.

From what I've seen its more or less likely that they will partner up with other people looking to buy large sums of bitcoins, in the article they mention https://twitter.com/BitcoinTrust,

[ChartBuddy]

Explanation

[Gimmelfarb]

the higher low we put in on stamp + the lower low on bitfinex w/ bullish rsi divergence = the bottom is in for me. i went all in in the $550s when we woke up this morning. just saw the first breakout of resistance, now consolidating for another leg up, IMO....

[blatchcorn]

[Carra23]

I love Bitcoins Sell at 650, buy back at 550.

Now you can go up again, though I still have a little fiat left.

[HerrAndreas]

Objectively, what are our chances of going lower?  I can throw in some fiat and buy some coins, but this is probably the last time I will be buying for 6 months or a year.  Ignoring the trolls, is there a legitimate chance of hitting $500?

DO NOT take any advice from anybody here! Don't ever ask other people here what to do with your money! I know you see all these lines and charts and mainly bears who act like they know it all but i can guarantee you that not a single person here knows where Bitcoin will go. Every bear here will tell you we will see 100% sure 500 again. That's because they're sad little creatures who do nothing but lie and manipulate because they want the price to go down.
The bulls obviously want the price to go up but will be a bit more modest and say we'll likely won't see 500 again. Either way any info you'll get is coloured and worthless.
The fact that you want to invest in Bitcoin means you believe it will be worth more in the future. If you do then you should buy. 500 or 560 is meaningless in the long run if this thing takes off. If you don't think it will take off then don't. Waiting is kinda pointless because again nobody knows what it will do.

now that is what sound advice looks like.

[ChartBuddy]

Explanation