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

[hd060053]

http://www.chicagotribune.com/news/sns-rt-us-bitcoin-auction-20140627,0,1104979.story

Chris DeMuth, a partner at Rangeley Capital who had been considering bidding, said last week the chance the Marshals Service gets the market price for the bitcoins is low.

"Anyone could pay market prices on existing exchanges," he said. "So the key question is how much of a discount do bidders want."

That was my point last week, why anyone want to pay big premium for those coins, most probably it will sell on little discount.

when market price is 620, then 640 is also a discout, but its above market price.

if they want to buy 3k now, price is 655

[lay785]

600btc wall at $620 on bitstamp.

[oda.krell]

That would for example be breaking the daily SMA200 conclusively, and almost certainly breaking the previous 680 top.

Hello,

Is this link ok for tracking SMA200 ? And what do you mean breaking ? Crossing above the current price ? Or what ?
http://bitcoincharts.com/charts/bitstampUSD#rg30ztgMza1gSMAzm1g200zm2g25zxzv

Probably better to use candles instead of median price, and set it to show a longer history, for perspective.

http://bitcoincharts.com/charts/bitstampUSD#rg60zigDailyztgSza1gSMAzm1g200zm2g25zxzv

We're currently below the SMA200, and it is probably a significant (moving) resistance, so breaking through form below would be bullish. But note what happened around June 1: we broke through, closed above it (i.e. one day ended while we were above -- note that closing is less important in a 24h market than in a market that actually closes, but not entirely meaningless), but fell back below it regardless.

So the answer is: don't trade based on that alone. If you're interested, find some online resource (or probably better: a book) on TA, and you'll probably find moving averages as lines of resistance/support in general, and the the SMA200 in particular covered. But there is no single "magic" indicator signal you can slavically follow. If there would be such an obvious one, it would be broken through use and become unprofitable in no time.

[Tzupy]

I guess the pump was based on the fake winning bidder's list, and now it's back to normal. 

[Dotto]

BTC value x3 very soon, keep calm and sing OMMMMMM

[mocrotasje]

I guess the pump was based on the fake winning bidder's list, and now it's back to normal. 

Its called a correction

[Torque]

guess its mostly manipulation what we see right now?!

You get the prize.  The whale held the price down, the whale removed his fake walls and then the whale bots simply kicked in and auto-bought.  Hoping to spark an uptrend.  Now the same whales bots are selling back down due to lack of buying pressure (ie., REAL market buyers).  

I'm convinced now that for the time being, this market is still in a lull.  I'm not seeing any real buyers back in this market yet, just whale bots buying/selling to themselves.  The lack of volume and real demand is telling.

[joehal]

So the answer is: don't trade based on that alone. If you're interested, find some online resource (or probably better: a book) on TA, and you'll probably find moving averages as lines of resistance/support in general, and the the SMA200 in particular covered. But there is no single "magic" indicator signal you can slavically follow. If there would be such an obvious one, it would be broken through use and become unprofitable in no time.

Thanks. I use multiple signals and macd.

[iarsenaux]

If only i was able to buy 3k bitcoins for 600usd each. I could dump them at 610usd. That would profit me a quick 30k usd.

[damnek]

All the MatTheCats have been shaken out - ready to go up again

[Dotto]

Ganesha says to
HODL STRONGER

[edwardspitz]

So I go for my dentist appointment. When I come back an hour later my stop loss has been triggered and I have made a lot less than I could have. On top of that the dentist cost me $550. Not a super great day so far

[Moria843]

http://www.chicagotribune.com/news/sns-rt-us-bitcoin-auction-20140627,0,1104979.story

Chris DeMuth, a partner at Rangeley Capital who had been considering bidding, said last week the chance the Marshals Service gets the market price for the bitcoins is low.

"Anyone could pay market prices on existing exchanges," he said. "So the key question is how much of a discount do bidders want."

Did they ignore the fact that if you tried to buy that many coins all at once at market price, you're going to change the market price? Or, am I getting something wrong? I believe that stability is a big draw for quantity buyers and they'll bid close to market price, or about $600/BTC, or get shut out.

[iarsenaux]

http://www.chicagotribune.com/news/sns-rt-us-bitcoin-auction-20140627,0,1104979.story

Chris DeMuth, a partner at Rangeley Capital who had been considering bidding, said last week the chance the Marshals Service gets the market price for the bitcoins is low.

"Anyone could pay market prices on existing exchanges," he said. "So the key question is how much of a discount do bidders want."

Did they ignore the fact that if you tried to buy that many coins all at once at market price, you're going to change the market price? Or, am I getting something wrong? I believe that stability is a big draw for quantity buyers and they'll bid close to market price, or about $600/BTC, or get shut out.

Only stupid traders will buy 3k coins on an exchange at once.




Edit: i'd rather buy slowly if i really needed 3k coins to make sure i can buy all i need without causing too much price increase in market.

[alexeft]

http://www.chicagotribune.com/news/sns-rt-us-bitcoin-auction-20140627,0,1104979.story

Chris DeMuth, a partner at Rangeley Capital who had been considering bidding, said last week the chance the Marshals Service gets the market price for the bitcoins is low.

"Anyone could pay market prices on existing exchanges," he said. "So the key question is how much of a discount do bidders want."

Not true. Nobody can buy 30k coins without major slippage.

[aminorex]

But there is no single "magic" indicator signal you can slavically follow.

Sure there is: Vladimir Putin's nose twitch.  Why do you think they call them slavs?

The magic monkey doesn't think we can break 600 today, wants me all-in btc on daily, weekly, monthly basis.  He's been good to me so far, and I can't say I disagree.

[ChartBuddy]

Explanation

[anujjain]

400btc wall at $620 on bitstamp.

Oooh, I'm filled with fear and dread... not. Scarce commodity vs. the printing press, lets see who runs out first

Bitcoin still above 610, but surely heavy manipulation going on till evening, after that we will be sure which direction market will choose.

[oda.krell]

Sure there is: Vladimir Putin's nose twitch.  Why do you think they call them slavs?

Got no one to blame for that one but myself.

[ChrisML]

400btc wall at $620 on bitstamp.

Oooh, I'm filled with fear and dread... not. Scarce commodity vs. the printing press, lets see who runs out first

Bitcoin still above 610, but surely heavy manipulation going on till evening, after that we will be sure which direction market will choose.

Yea, I'm suprised that it's still above $600,-... Im going to wait till midnight before I make any decisions.