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

[dnaleor]

Still right on track:


The red pattern will close in the next 36 hours. This will be an important indication.



I still think the fibonacci level at 654 USD is the most important thing to watch. If we break out, a new rally will start almost certainly.

[ChartBuddy]

Explanation

[mladen00]

Still right on track:


The red pattern will close in the next 36 hours. This will be an important indication.



I still think the fibonacci level at 654 USD is the most important thing to watch. If we break out, a new rally will start almost certainly.

nice
i think we have time for that; 10-15 days, not only 36hrs

[ChartBuddy]

Explanation

[Grafzep]

It would be nice if we could make this place less about JorgeIdiot and more about Bitcoin.
Eventhough i have him on ignore his bullshit still fills most of the page.
I wish that guy would get a life. But i guess this is what narcissistic sociopaths do.

...he usually adds a particularly stupid question as 'reply bait'. People think they're being helpful, maybe even educating him, but all they're doing is feeding the schmuck and holding his scabby little dick while he pisses on our carpet

[ChartBuddy]

Explanation

[ejinte]

It would be nice if we could make this place less about JorgeIdiot and more about Bitcoin.
Eventhough i have him on ignore his bullshit still fills most of the page.
I wish that guy would get a life. But i guess this is what narcissistic sociopaths do.

...he usually adds a particularly stupid question as 'reply bait'. People think they're being helpful, maybe even educating him, but all they're doing is feeding the schmuck and holding his scabby little dick while he pisses on our carpet

Please stop quoting shoormskit. He's on my ignore.

[ShroomsKit]

It would be nice if we could make this place less about JorgeIdiot and more about Bitcoin.
Eventhough i have him on ignore his bullshit still fills most of the page.
I wish that guy would get a life. But i guess this is what narcissistic sociopaths do.

...he usually adds a particularly stupid question as 'reply bait'. People think they're being helpful, maybe even educating him, but all they're doing is feeding the schmuck and holding his scabby little dick while he pisses on our carpet

 

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[Sicarius1985]

CCCCCCOMBO Breaker.....

But nothing happening.

[ChartBuddy]

Explanation

[oda.krell]

We went up 3 dollars so people have to take their 20 bucks profit you know.

I was just reading some garbage over on reddit that a self-described "non-professional" market trader with 25 years of experience posted.  It blew his mind at how the people trading this market had no idea what they were doing.  One point in specific, he noticed that people continue to want the price to crash so that they can "buy back in".  That, coupled with the apparent inability for people to let their winners run caused him to speculate that if/when Wall Street level traders do show up, that the "day tradurrz" of BTC right now are going to get chewed the fuck up.

I can't wait.

Wishful thinking. If anything, I believe part of the reason why the current uptrend drags out like it does is because the market is increasingly professionalized: in the absence of a strong "irrational" trend towards a new ATH (i.e. a new fiat floodgate opening and thousand of new investors/speculators/users entering the market), the rational thing to do is take small profits early rather than hope for larger profits later. Why? Because the same incentive exists for the other market participants, so if you're waiting too long for your profit of n%, I'm going to jump in and take a profit of n-1% and will be happy (and you won't make a profit any more at all).

tl;dr tragedy of the commons effect - right now, the individually rational thing to do is take small-ish profits rather than hope for the "big one".

[edwardspitz]

20 minutes has now passed without a single trade on Bitfinex.

[Sandia]

We went up 3 dollars so people have to take their 20 bucks profit you know.

I was just reading some garbage over on reddit that a self-described "non-professional" market trader with 25 years of experience posted.  It blew his mind at how the people trading this market had no idea what they were doing.  One point in specific, he noticed that people continue to want the price to crash so that they can "buy back in".  That, coupled with the apparent inability for people to let their winners run caused him to speculate that if/when Wall Street level traders do show up, that the "day tradurrz" of BTC right now are going to get chewed the fuck up.

I can't wait.

Wishful thinking. If anything, I believe part of the reason why the current uptrend drags out like it does is because the market is increasingly professionalized: in the absence of a strong "irrational" trend towards a new ATH (i.e. a new fiat floodgate opening and thousand of new investors/speculators/users entering the market), the rational thing to do is take small profits early rather than hope for larger profits later. Why? Because the same incentive exists for the other market participants, so if you're waiting too long for your profit of n%, I'm going to jump in and take a profit of n-1% and will be happy (and you won't make a profit any more at all).

tl;dr tragedy of the commons effect - right now, the individually rational thing to do is take small-ish profits rather than hope for the "big one".

I have cash sitting on an exchange now.  I almost bought, thinking we might see $630 today.  Then I saw the slippage would take us ~$627, which would send all of the traders into a selling frenzy and drop us right back at $618.  I said screw it.

You are right, what they are doing is is rational.  And they are screwing up the market right now, at least until we get higher volume.  I am not a fan of daytraders and hope they get eaten up by the bubble.

[oda.krell]

We went up 3 dollars so people have to take their 20 bucks profit you know.

I was just reading some garbage over on reddit that a self-described "non-professional" market trader with 25 years of experience posted.  It blew his mind at how the people trading this market had no idea what they were doing.  One point in specific, he noticed that people continue to want the price to crash so that they can "buy back in".  That, coupled with the apparent inability for people to let their winners run caused him to speculate that if/when Wall Street level traders do show up, that the "day tradurrz" of BTC right now are going to get chewed the fuck up.

I can't wait.

Wishful thinking. If anything, I believe part of the reason why the current uptrend drags out like it does is because the market is increasingly professionalized: in the absence of a strong "irrational" trend towards a new ATH (i.e. a new fiat floodgate opening and thousand of new investors/speculators/users entering the market), the rational thing to do is take small profits early rather than hope for larger profits later. Why? Because the same incentive exists for the other market participants, so if you're waiting too long for your profit of n%, I'm going to jump in and take a profit of n-1% and will be happy (and you won't make a profit any more at all).

tl;dr tragedy of the commons effect - right now, the individually rational thing to do is take small-ish profits rather than hope for the "big one".

I have cash sitting on an exchange now.  I almost bought, thinking we might see $630 today.  Then I saw the slippage would take us ~$627, which would send all of the traders into a selling frenzy and drop us right back at $618.  I said screw it.

You are right, what they are doing is is rational.  And they are screwing up the market right now, at least until we get higher volume.  I am not a fan of daytraders and hope they get eaten up by the bubble.

Which is where we differ in opinion then.

A "market" is, by most interpretations I'm aware of, based on the premise that (aggregated) individual rationality is the best way to appraise/value stuff. So if the "daytradurz" decide that, right now, it is the time to take small profits, who am I to scold them for it?

I feel there's a certain level of cognitive dissonance rampant on this forum: everyone welcomes the "free market" and "doing exactly what you think is right", but when it applies to BTC price, those who sell early rather than wait for a much higher price level are considered as acting almost anti-social.

[Richy_T]

 Laws can be changed down the line [...]

Haha. Welcome to Earth.

[ChartBuddy]

Explanation

[ImI]

After the GOX collapse, anyone with fiat or Bitcoins on any exchange has balls of steel. Gox did a lot of harm, and it will take time to recover.

This is why we are seeing so little volume in general, no selling and no buying, sorry but no more bubbles until 2015...

A good and trustable exchange is way overdue. Its time the big boys start to enter this business.