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

[uhoh]

EUROPEAN BANKING AUTHORITY ADVISES BANKS IN EU NOT TO BUY, HOLD OR SELL VIRTUAL CURRENCIES LIKE BITCOIN UNTIL NEW RULES IN PLACE

O M G O_o

most bullish news EVER!!!!

Agreed, totally amazing news. It basically just shows that they are going to have to adapt at some point. We've gone from Europe saying its not a worry because it's not a big economy, to "Shit, we better actually say something useful"

[hmmkay]

The sad truth is, Shrooms is more right than wrong. But this is obviously the wrong thread to expect any support.
Daytraders are basically parasites, who bring nothing productive to the world, while leeching on 'organisms' until it dies or becomes too stable/big to be profitable.
It's their choice of life, you can only hope some day the price shoots up by a great amount and they are left holding fiat at the time.
In the meantime, enjoy wasting your life staring at screens all day.

[ChartBuddy]

Explanation

[zby]

europe banned bitcoin ?  

No, Europe did not and will never ban bitcoin.

They just warned banks that they should not deal with bitcoin because it's too risky.

They do not even say banks aren't allowed to use it, they just advice against it, and only for banks.

As always, bitcoin price overreacts heavily to news that sounds bad (even if it's not bad news, banks did not care about bitcoin in the first place). And it does nothing to reflect all the good news lately.

Even more reason to believe the price will soon skyrocket, because we have been ignoring the developments of the past few months completely.

That reads exactly like the Chinese bans at the beginning

Better sell your bitcoin then

I've sold it earlier today. I don't really think this correction is related to this news - it started because people spent all their USD during the good news carnival. After the rally started to lose steam people realized that they might lose their profits and started locking in. It is all the time like this.

But nevertheless what I quoted reads exactly like the Chinese bans last year.

[Yololintian]

Who would've guessed. Best week ever. Nothing but amazing news.
One fuddish news article and down we go.

Seriously how are we ever supposed to go up again if amazing news does nothing and any slightly negative news and it's dump fest.

This current dumping was so expected. They were just waiting for an excuse. Really anything could've done it.
It's all about fear and panic. It's what everyone is waiting for. All day they hoover their finger over the sell button thinking "can i dump already". Then they read a headline "bank EU warning" and bam! Dump!

So sick of it.
I totally understand why new people are afraid to buy. They see that anything, really anything causes people to dump. I wouldn't buy at these levels. I wouldn't advise my friends to buy.

We need to squeeze those longs, free some money up.

I only read you, Shrooms for the quote, because you are ignored some time ago. You seriously should try yoga, meditation, spending time in the beach/mountain. Your post reflex you are having a really bad time, day by day. Stop worring. Breathe. Go nature. It will fix itself.

But seriously - the dumps and hesitancy to rise despite all the good news. There has got to be a limit to the amount sellers can sell (weak hands, strong hands argument).
So what is going on? Where are all the sellers coming from? Twitchy day-traders or early adopters with big stashes taking advantage of better liquidity?
Anyone have any insights, ideally backed up with some evidence like days destroyed or exchange data?

On the other hand, there has to be a limit to the amount buyers can buy. And judging from the longs on bitfinex, and the uberbullish sentiment from people on these forums, everyone has bought as much as they possibly can already.

[nanobrain]

EUROPEAN BANKING AUTHORITY ADVISES BANKS IN EU NOT TO BUY, HOLD OR SELL VIRTUAL CURRENCIES LIKE BITCOIN UNTIL NEW RULES IN PLACE

O M G O_o

most bullish news EVER!!!!

Agreed, totally amazing news. It basically just shows that they are going to have to adapt at some point. We've gone from Europe saying its not a worry because it's not a big economy, to "Shit, we better actually say something useful"

EUROPEAN BANKING AUTHORITY ADVISES BANKS IN EU NOT TO BUY, HOLD OR SELL VIRTUAL CURRENCIES LIKE BITCOIN UNTIL NEW RULES IN PLACE

"...rules which will heavily restrict, bureaucratise and tax any crypto holdings you may have (apart from ones you already hold)."

There are lots of ways to interpret this.

Here's another...

EUROPEAN BANKING AUTHORITY ADVISES BANKS IN EU NOT TO BUY, HOLD OR SELL VIRTUAL CURRENCIES LIKE BITCOIN UNTIL...WE INVEST HEAVILY

[abercrombie]

Risk phamplet from UA.  Note last one:

E31  Should VC's gain widespread acceptance, central bank as issuer of FC can no longer steer the economy, as the impact of its monetary measures become difficult to predict.

[ChartBuddy]

Explanation

[Searing]

Who would've guessed. Best week ever. Nothing but amazing news.
One fuddish news article and down we go.

Seriously how are we ever supposed to go up again if amazing news does nothing and any slightly negative news and it's dump fest.

This current dumping was so expected. They were just waiting for an excuse. Really anything could've done it.
It's all about fear and panic. It's what everyone is waiting for. All day they hoover their finger over the sell button thinking "can i dump already". Then they read a headline "bank EU warning" and bam! Dump!

So sick of it.
I totally understand why new people are afraid to buy. They see that anything, really anything causes people to dump. I wouldn't buy at these levels. I wouldn't advise my friends to buy.

[tinfoil]Someone has trained the market using pavlovian conditioning so that they and their rich buddies can fleece it. Once regular folks fear owning bitcoins they will take the market magnitudes higher. The zombies will wake up, rush in all at once in an attempt to catch up, and make the rich even richer.[/tinfoil]

yep 4 items of good news this week nothing moves

1) guy that one the auction is gonna use it in 3rd world nations to promote bitcoin in countries with weak currency

2) the facebook twins move farther along with ETF on NASDAQ with the symbol (coin)

3) newegg.com takes bitcoin

4) US Marshal's office shows legit bitcoin worth with a sale of 30000 bitcoin at around 19 million dollars


the  market just sits and does zip neither rises nor falls

1) EU banker memo on that banks should avoid bitcoin till more regulations

blamo...drops

( we should really pay a consortium of teenagers in China to blog rumors like 'China is gonna stop fiat xfer to all asic manufactuers in China"  we could play the market like a yo/yo

yeah sick of it too....feel played

Searing
 

[soullyG]

Risk phamplet from UA.  Note last one:

E31  Should VC's gain widespread acceptance, central bank as issuer of FC can no longer steer the economy, as the impact of its monetary measures become difficult to predict.

A41 made me chuckle:

User suffers loss as a result of VC prices being manipulated

[JayJuanGee]

There is no reason for a dump at all -- the news has been wonderful. And yet I have this sick feeling that we are going to have some dramatic movement like a flash crash or some other bull----

I'm still expecting quite a crash as well. People are waiting to go up which isn't happening. Sooner or later they will start selling instead. Then they will panic and think this is as high as we will go and dump it all.
It would suck so bad if we're going to 600 or mid 500's again


As i said before all this good news and nothing happens. Even the media is very positive. Unless Amazon accepts Bitcoin tomorrow it really can't get much better atm. Everything is there to go up. Yet we go down instead. It really looks very bad. Give me a good reason why this suddenly would change? Why would everybody start buying instead?

Next week will be boring. No auction, no big new companies, nothing. If we already go down this week then next week won't be pretty. And when that happens i'm almost sure some fresh new FUD will appear out of nowhere to make sure we crash hard.

The good news will have an effect in a month - now the USD on the exchanges is spent - no more up movements and people want to lock in their profits from the recent rally. It's always the same.

Besides Coinbase:  Supposedly, Circle is going to be offering invitations in August, too.... for some of those people who requested....

[Walsoraj]

Banks shunning bitcoin means fiat stuck on exchanges, which in turn means the only way out is to buy. Once again, bull market for all the wrong reasons.

[birr]

yeah sick of it too....feel played

Searing
 

Price is up 40% in 45 days.  What's not to like?

[macsga]

This is not the first time that EBA is signaling a "Warning" about Virtual Currencies: https://www.eba.europa.eu/-/eba-warns-consumers-on-virtual-currencies
The first one was on Dec 2013. Those chaps are the ones that make the rules whether to draw money out of thin air to cover their asses after their "Derivatives" reached their margin call point. Simple as that. Yes they fear of bitcoin, because their business goes down the drain if this becomes huge.

I'd give it a couple of weeks before this takes off. The news today should only be focused on a single subject:

http://www.bloomberg.com/video/brace-yourself-for-the-winklevoss-bitcoin-etf-sITHeFwvSlWO7YMDSL9n7A.html

July 2 (bloomberg) -- Bitcoin Shop CEO Charles Allen and Bloomberg's Eric Balchunas discuss Cameron and Tyler Winklevoss’s proposed bitcoin exchange-traded fund with Trish Regan on "Street Smart." (Source: Bloomberg)

CCMF!!!1

[hyphymikey]

My bids were filled. Thanks panic sellers!

[roslinpl]

My bids were filled. Thanks panic sellers!

Hehe Good job man I am so sad that I cannot place any bids but indeed panic sellers are doing great job for those who can buy some more.

[adamstgBit]

bear logic: I'm going to sell now and buy back when the EU has some clear rules for banks buying massive amounts of bitcoins.

[roslinpl]

bear logic: I'm going to sell now and buy back when the EU has some clear rules for banks buying massive amounts of bitcoins.

bull logic: I am going to buy as much as I can Next month we will hit $800 with no problem!

[Searing]

yeah sick of it too....feel played

Searing
 

Price is up 40% in 45 days.  What's not to like?

well maybe I'm nit picking but man that was 4 days of really really good news imho ..kinda stayed flat after it all settled out
newegg taking bitcoin and the guy winning auction to promote bitcoin to promote currency in 3rd world did not budge the market at all

the bank announcement by EU on the other hand down she goes

even thou it is not a lot and not that big a deal..it just has the same effect when i see such stuff as fingernails on a chalk board

so yeah I'm nit picking but still would like to see a bit more even handed ness in the news then eh ..bitcoin is OK to the first little
post of doubt the press and the newbies then shout (the press to sell content) PROOF it is gonna go boom and we have to say that
every time just in case we are right....press sees it does not go boom they ignore us like paris hilton would ignore me laying on the highway
hit by a car

grrrr....(maybe I'm taking this all to hard...need ice cream..yeah thats the ticket hard to be cynical about ice cream...DAMN IT no ice cream....crap)

Searing

[madmat]

bear logic: I'm going to sell now and buy back when the EU has some clear rules for banks buying massive amounts of bitcoins.

Loser logic.