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

[JayJuanGee]

I've been here for quite some time and I agree with Shroomskit.  You can lay claim to keeping "[your] mind agile and free from cultist's poisonous thoughts" but your actions speak otherwise.

At times I feel compelled to start a vote to have you replaced as mod of this subforum, but to be honest, I just don't care enough.  Maybe someday.

Perhaps you can arrange for a 'virtual book burning', whereby all Blitz's posts are dragged and dropped onto a graphical bonfire, before you virtually burn his avatar, alive!?

GREAT IDEA!!!!!!!!     +1  for that!     



ON another NOTE, it appears that if the weekly MACD on bitstamp closes below $575, then it will be red... and it is about to close, soon.. and it is barely below $575, as I type.

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[Krabby]

No, MACD is red. Someone really wants no hype

[Wandererfromthenorth]

This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???

[ChartBuddy]

Explanation

[aminorex]

monkey says up now.

[Krabby]

GREEN, GREEN!
Come on!

[PirateHatForTea]

The next few hours/days will show us which way the market is headed, but there must be a lot of leveraged longs on Bitfinex (providing that their data isn't just a big pile of fake shit) who must be feeling the strain of a flat/downtrending market combined with the usurious daily compound interest rates they are paying for their positions.

Given that Bitfinex has decided to insure the entirety of its lenders (going so far as to rather make traders pay by canceling their trades in extreme situations), shouldn't it be the case that interest rates ought to have decreased? It seems to me that that's one big risk factor gone for everybody. Maybe it was indeed? I haven't been watching.

Edit: It just occured to me that this is easy to pin down. On their announcement page, the date is 16th March, and we can look at http://www.bfxdata.com/ to track interest rates over time. I don't see any discernible effect attributable to it since then.

Given that lending rates barely registered a difference after that announcement, don't you think, rather, that this demonstrates the lack of credibility to BFX's claim that they will insure all loans? They obviously (and they stated that they) don't have the capital to insure the entire outstanding amount of loans, so the risk calculations don;t really change that much despite their announcements. OK so some lenders think that magic wind-back will save them, but that's clearly not an assumption everyone, or even most lenders, are willing to make given the continuing high rates.

[Wandererfromthenorth]

Only a tiny 23 BTC buy and touching the long term trend line (stamp) what the fuck is happening to poor old BTC?  

[tarmi]

panic time in...?

[Krabby]

Oh, It is one day until the 1w MACD closes right?
My bad.

[N12]

I've been here for quite some time and I agree with Shroomskit.  You can lay claim to keeping "[your] mind agile and free from cultist's poisonous thoughts" but your actions speak otherwise.

This is just untrue. Only recently have I made a bullish case based on my technical analysis here and here for instance.

I'll admit that I have a natural tendency to be more on the bearish/cautious side with Bitcoin especially with regard to my posts here, and this is attributed to three factors:

1) Humans have an aversion to losses that is psychologically greater than the reward from equal wins
2) Bitcoin has brief trending periods in which it trends strongly to the upside followed by long counter trend periods where it declines or does not do much of anything
3) There is plenty of bullish commentary at almost all times, and thus I simply do not feel the need to rehearse all that

I rarely ever defend myself and I won't continue to do so further (just send me a PM if you want to talk), but this sort of knee-jerk reaction is something I see happening not only with myself but also other mentally similar and outspoken traders like oda.krell and TERA constantly, and perhaps this will explain at least my side better.

PS: Have you ever noticed that trader almost sounds like traitor? Think on it.

[ShroomsKit]

This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???

Of course nobody is buying. There is a huuuge major event coming up that controls the whole market and could put us down by a massive amount.

[MoreFun]

Extremely butt hurt. He's like a classic example of butt hurt. Probably made some very nasty mistakes with his coins and now hates every day we're going up.
Never ever have i've seen such a tool as a mod. He's like the forum clown.

Bitcoin has already made me wealthy and I would like to stay wealthy, thus I try keep my mind agile and free from cultists' poisonous thoughts who only seek to become like me because they came (much) later, and are intellectually dishonest about Bitcoin.

It would be good for your character if you stopped accusing anyone with an opinion to your disliking, and if you were to be more open to arguments. But unfortunately, that seems to be the modus operandi for many here. False accusations with nothing backing them up.

Oh, and just because I'm a moderator doesn't mean I don't get to have opinions dissident from some of you guys.

It does speak of certain irony of course to have shroomsy, someone who is non stop crying over the market, call anyone butthurt.

You were bear at $60, you are bear now at $600. You will probably be a bear at next 6*10^n.
Nothing so wrong with this, but just saying that maybe you are a bit butthurt, because you probably could be much wealthier not being such a bear.

[ShroomsKit]

Extremely butt hurt. He's like a classic example of butt hurt. Probably made some very nasty mistakes with his coins and now hates every day we're going up.
Never ever have i've seen such a tool as a mod. He's like the forum clown.

Bitcoin has already made me wealthy and I would like to stay wealthy, thus I try keep my mind agile and free from cultists' poisonous thoughts who only seek to become like me because they came (much) later, and are intellectually dishonest about Bitcoin.

It would be good for your character if you stopped accusing anyone with an opinion to your disliking, and if you were to be more open to arguments. But unfortunately, that seems to be the modus operandi for many here. False accusations with nothing backing them up.

Oh, and just because I'm a moderator doesn't mean I don't get to have opinions dissident from some of you guys.

It does speak of certain irony of course to have shroomsy, someone who is non stop crying over the market, call anyone butthurt.

You were bear at $60, you are bear now at $600. You will probably be a bear at next 6*10^n.

Nothing wrong with being a bear but a mod spreading FUD all day and talking shit about Bitcoin owners on Bitcoin forum is about as retarded as it gets.

[Wandererfromthenorth]

This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???

Of course nobody is buying. There is a huuuge major event coming up that controls the whole market and could put us down by a massive amount.

I know about the silk road auction and I know that until the 27th we won't see huge spikes, I'm just saying that nobody seems to be defending the VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.

[N12]

I do not understand why this Silk Road auction is viewed as so important. 30k is barely more than a week (maybe even less, factoring in the increasing hashrates) of miner generated coins.

The only reason I can think of is that it's to be some sort of barometer on how over or undervalued we are, but I don't think it would be a useful one either way. For HNWs who don't want to deal with the exchanges, there is already SecondMarket, and we can see how much is bought there. And really, if they cannot gather any more coins from larger OTC miners/sellers, we probably would have noticed after some time. Regardless of how crooked the exchanges are, given some time and collectively, I do believe they are representative of supply and demand and interact with OTC.

So my guess is there's just nothing else big happening and people are looking for some meaning to the price movements again.

I'm just saying that nobody seems to be defending the VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.

Which trendline, the one from 340 (Bitstamp)?

Hardly a long-term trendline I'd say, more medium term.

[shmadz]

This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???

Of course nobody is buying. There is a huuuge major event coming up that controls the whole market and could put us down by a massive amount.

I know about the silk road auction and I know that until the 27th we won't see huge spikes, I'm just saying that nobody seems to be defending the VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.

I like lines!

which line were you referring to exactly?

this line?


or this one?


or some other line???

[adamstgBit]

i see there was some bouncing around while i was gone    strong bounces, this thing is pretty much ready to move! 

[windjc]

I do not understand why this Silk Road auction is viewed as so important. 30k is barely more than a week (maybe even less, factoring in the increasing hashrates) of miner generated coins.

The only reason I can think of is that it's to be some sort of barometer on how over or undervalued we are, but I don't think it would be a useful one either way. For HNWs who don't want to deal with the exchanges, there is already SecondMarket, and we can see how much is bought there. And really, if they cannot gather any more coins from larger OTC miners/sellers, we probably would have noticed after some time. Regardless of how crooked the exchanges are, given some time and collectively, I do believe they are representative of supply and demand and interact with OTC.

So my guess is there's just nothing else big happening and people are looking for some meaning to the price movements again.

I'm just saying that nobody seems to be defending the VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.

Which trendline, the one from 340 (Bitstamp)?

Hardly a long-term trendline I'd say, more medium term.

The forum is in full nervous nanny mode lead by notorious nervous nellies like MatTheHat.

This stupid trendline means nothing. The silk road sale means nothing. But - good lord - anyone who knows anything about the bitcoin marketplace, knows that something like this sale can hamstring the market and paralyze traders.

This week was prime for the bear.

You people need to get over it.

[ShroomsKit]

This is bad, we are touching the Long term trend line at Stamp at 572 and nobody is buying wtf???

Of course nobody is buying. There is a huuuge major event coming up that controls the whole market and could put us down by a massive amount.

I know about the silk road auction and I know that until the 27th we won't see huge spikes, I'm just saying that nobody seems to be defending the VERY important long term trend line. A Big dump could take us way below that trend line, which would be TERRIBLE for BTC.

And who is supposed that defend that (imo useless line)? The Bitcoin police?
Nobody wants to buy because everyone is shitting their pants because of a small auction. It's that simple.