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

[shmadz]

http://www.bloomberg.com/news/2014-06-22/chinese-speculators-burned-by-bitcoin-turn-to-ipo-market.html

lol.

“Such a return is pretty secure,” Chen said. It’s “virtually riskless.”

lol indeed.

[Nightowlace]

$666 by Friday 10am EST

[shmadz]

huobi looks too flat for too long

I don't like this one bit

[Walsoraj]

http://www.reddit.com/r/BitcoinMarkets/comments/28twpj/manipulating_bfx_swaps_for_fun_and_profit_a_howto/

neat.

[MatTheCat]

This is amazing, Stamp never veering from $599.99 for days.  Nope, no manipulation involved at all.  Nope, pure free market, makes perfect sense it should stay that price.

 

When I complain about price engineering I get reminded that it is a free market and if some whale wants to enforce enough genuine selling pressure to ensure that an asset doesn't rise, and/or enough buying pressure to ensure that it doesn't drop, then that is just dandy. But a few days ago, Bitcoin looked as though it was verging on another strong correction, except the buying support came in and the 38% Fib retracement ($580) held, with a substantial Bid wall having built up on Stamp at the $580 point since then. Price support is engineered every bit as much as resistance.

When nobody is selling or buying, then the price aint gonna move much. Similar to the situation back in May, we have the convergence of two trend lines which dissect each other on July 2nd. The resistance trendline is connecting the double top with a few spikes along the $680 high, and the support trendline is a much more significant trendline that has been in force since Jan 2013. Resistance currently around $630. Support around $570. Should the Jan 2013 support line finally be breached after already 3 tests in the past 2 months, then that would confirm that the bull trend since Jan 2013 is over (incase nobody had guessed it) and that we were now well into the corrective Primary ABC wave. If the $680 turns out to be the top of the B Wave, then the $200 range Bitcoin call I made back in March of this year could well come reality.

At this point in time, I really don't know what way the wind is going to blow, but as always with these grinding consolidation periods, the break out when it comes should be huge in whichever direction, complete with the Bitcoin 'fake out' that has become so customary, that is almost predictable.

[ChartBuddy]

Explanation

[wachtwoord]

Jeff Garzik disclosed how much Bitcoin he holds https://twitter.com/jgarzik/status/480477929160208384

348 BTC apparently.

[Patel]

Jeff Garzik disclosed how much Bitcoin he holds https://twitter.com/jgarzik/status/480477929160208384

348 BTC apparently.

Surprising actually.. I thought he would be somewhere in the 4 figure range.

[wachtwoord]

Jeff Garzik disclosed how much Bitcoin he holds https://twitter.com/jgarzik/status/480477929160208384

348 BTC apparently.

Surprising actually.. I thought he would be somewhere in the 4 figure range.

Yes, I would have guessed a much higher figure for him as well.

[JorgeStolfi]

Monday 09:30 am in China, and Huobi has as little volume as it had at 03:00 am, or less.  Ditto for OKCoin.

AFAIK it is not a holiday in China.

If it was only one of them I could guess that its trading API was being DDOSed.  But since it is both, perhaps they all turned off their trade API, so that little that we see is the manual trade, without any robots.

Guessing far out into space: perhaps the surge of accusations about insider trading and leverage abuse at Bitfinex, over this weekend, scared them.

[ChartBuddy]

Explanation

[JayJuanGee]

At this point in time, I really don't know what way the wind is going to blow, but as always with these grinding consolidation periods, the break out when it comes should be huge in whichever direction, complete with the Bitcoin 'fake out' that has become so customary, that is almost predictable.

At this point in time, seems that the market is 85% bull and 15% bear; however, your statement seems to imply that it is a 50/50 flip of the coin.  Accordingly, you better get some of you 15BTC worth of fiat into BTC... maybe at least 10BTC worth.  Otherwise you may be left at the train station with your suitcase.

[Habeler876]

300 coin dump on Huobi and not even a flinch from any of the exchanges (even Huobi). Looks like this level is pretty well supported. I think we are going to pop upwards pretty soon. Fingers crossed.

[JayJuanGee]

http://www.bloomberg.com/news/2014-06-22/chinese-speculators-burned-by-bitcoin-turn-to-ipo-market.html

lol.

When they all will sell the new bubble can start... then all these sellers will come back paying double or triple price.

If this is true, then they will be burned again when BTC leaves the train station, and they are invested in some Chinese IPO(s) rather than BTC.

[criptix]

someone can explain the low volume + price rise?

[BTCfan1]

someone can explain the low volume + price rise?

large amounts of btc changing hands off of the exchanges?

[JorgeStolfi]

Bogart Pediatric 2009 Wine Aficionado Dinner
Bogart Pediatric 2010 Wine Aficionado Dinner

For those who did not recognize the people in the photos above, that I posted here on 2014-06-10, some basic info:
Wired article about Brock Pierce's previous venture IGE, from 2008:
http://archive.wired.com/gaming/virtualworlds/magazine/16-12/ff_ige
Video of talk by Autumn Radtke on virtual currency trading:
https://www.youtube.com/watch?v=GzVxRmvipVY
Local news article on Autumn Radtke's death:
http://news.asiaone.com/news/singapore/cleaning-supervisor-who-found-body-dead-ceo-there-was-foul-smell

Brock Pierce seems connected to the Chinese suppliers of KnC, not sure how.  He may also have been part of the group who was sought by Mark Karpelès as possible MtGOX buyer, shortly before he declared bankruptcy.  Sunlot is now trying to buy the corpse of MtGOX, including the remaining 220'000 BTC, for 1 BTC (and thus stop its liquidation by Japanese courts, and thus make it less likely that there will be a police investigation of the collapse).  Under the proposal, those 220'000 coins, minus some expenses, will be distributed to the former clients BUT they will remain frozen in the new MtGOX for a year.  Sunlot already made a deal with the MtGOX clients who were suing Mark in the US to retract their lawsuit, promised immunity to McCaleb and Gay-Bouchery, and intends to consider former MtGOX management on par with other clients if and when they distribute the remaining coins.  BP was recently elected to the board of The Bitcoin Foundation with the help of KnC, which had just joined the Foundation.

Autumn Radtke was a very close friend of BP until 2010 at least.  By early 2014 she was CEO of First Meta, a company based in Singapore that traded virtual currencies of various kinds, such as game points and (planned) airline bonus miles.  First Meta did not sell crypto, but she was a bitcoin fan, having invested in the currency and convinced others to invest. She had struck a deal between First Meta and GoCoin, a Bitcon/Litecoin payment processor co-owned by BP, whose office was a rented room in her home.  GoCoin's CEO Steve Beauregard was the last person to see her alive.  On the morning of Feb/26 her body was found by a cleaning staff worker near the base of a 22 story building, not far from her 3-story home.  It could be a suicide, but AFAIK no plausible motive has been advanced that could have led her to that.  It has been claimed that GoCoin had had some coins in MtGOX, and she died after Mark halted withdrawals (Feb/07) and sought Sunlot for possible acquisition  (Feb/??), and a few days before the filing for bankruptcy on Feb/28.

For those interested, user @Phinnaeus_Gage (the user with most posts to bitcointalk.org) and a few others did some sleuthing about the case: https://bitcointalk.org/index.php?topic=628000.0  (You better grab a few rolls of tinfoil.)

[Habeler876]

someone can explain the low volume + price rise?

Bullish consolidation. We broke the short term down trend and are now consolidating, with bulls IMO getting more and more confident in the current level. I see a lot of support building down to the 3750 level on Huobi.

[ihaveaquestion]

someone can explain the low volume + price rise?

everybody waiting for the auction. Low volume for this week until Friday and then huge volume this week-end seems a safe bet to me.

[HarHarHar9965]

Huobi dumping just a litttttle bit. Not enough to get anything started IMO.