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

[empowering]

[ChartBuddy]

Explanation

[minerpumpkin]

What are they going to do? Is this a day for green or red candles? We'll see...

[JayJuanGee]

What are they going to do? Is this a day for green or red candles? We'll see...

Where is this place?  looks very smoggy, no?

[empowering]

What are they going to do? Is this a day for green or red candles? We'll see...

Where is this place?  looks very smoggy, no?

Tis Shanghai - and yes it is.

[adamstgBit]

place bids at 586.23 and pray to wtv god you believe in.

make that 587.23

holy shit it worked!

one of you must be praying to the one and only true god!

[lightfoot]

Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.

[kodtycoon]

Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.

is that good, bad or indifferent?

[derpinheimer]

Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.

is that good, bad or indifferent?

Bad

[Raystonn]

Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.

is that good, bad or indifferent?

If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment.  It would essentially mean massive support.

[adamstgBit]

Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.

is that good, bad or indifferent?

indifferent because price dictates mining power not the other way around.

and besides, this is pure speculation, diff. has been and will probably continues to rise.

thats what i see anyway.

[lightfoot]

If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment.  It would essentially mean massive support.

What it means is if the price continues to drop it will be illogical to mine bitcoins with current equipment. The first to drop out will be the most inefficient, then the more efficient stuff.

However this will cause the difficulty to drop which will encourage mining again, etc.

What this means in practicality is one could look to the opinions of the miners as another data point on price. If difficulty goes up, it indicates miners are bullish (or insane). If it drops, it is bearish (or likewise insane). If mining goes way off the line with respect to price, it means either something really interesting is up, or miners have lost their fucking minds.

C

[ChartBuddy]

Explanation

[chriswilmer]

If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment.  It would essentially mean massive support.

What it means is if the price continues to drop it will be illogical to mine bitcoins with current equipment. The first to drop out will be the most inefficient, then the more efficient stuff.

However this will cause the difficulty to drop which will encourage mining again, etc.

What this means in practicality is one could look to the opinions of the miners as another data point on price. If difficulty goes up, it indicates miners are bullish (or insane). If it drops, it is bearish (or likewise insane). If mining goes way off the line with respect to price, it means either something really interesting is up, or miners have lost their fucking minds.

C

No, Raystonn is right. Before now, it was possible for miners, or wealthy investors that have hired miners, to "buy" bitcoins below market price by mining them. If it's indeed true that the hashrate is leveling out because the cost of power + hardware is equal to current market price at the current difficulty, then that means miners/investors need to actually buy bitcoins at the market price to get them now. It would be quite bullish.

[derpinheimer]

Bitstamp bid/ask updated again

Code:

3PM     	     6PM		1AM
620 1540	     620 1316		620 2377
615 1535	     615 1163		615 1806
610 1341	     610  969		610 1615
605 1009	     605  596		605  985
600  824	     600  358		600  796
595  550	     595  123		595  196
590  364      	     590   27		590   34	
585  115             585 -203		585  -35

580   57	     580  364		580  902
575  149	     575 2721		575 2845
570  972	     570 3092		570 3118
565 1669	     565 3481		565 3574
560 4282	     560 4553		560 4663
555 5116	     555 5355		555 5100
550 6547             550 5583		550 5207
545 6752	     545 7081		545 7205

[lightfoot]

No, Raystonn is right. Before now, it was possible for miners, or wealthy investors that have hired miners, to "buy" bitcoins below market price by mining them. If it's indeed true that the hashrate is leveling out because the cost of power + hardware is equal to current market price at the current difficulty, then that means miners/investors need to actually buy bitcoins at the market price to get them now. It would be quite bullish.

No, that effect would be self correcting: If the price goes up then difficulty should go up as miners bring equipment online to close the gap. Ibid down.

The question is could the miners be a predictive datapoint because:

1) They are more invested than the average bear and follow the bitcoin market closely.

or

2) They are dumber than rocks because they bought miners.

Time will tell. I'm going to grab a box of popcorn and look into this. Good luck!

[adamstgBit]

other threads still think we are heading down, hahaha we are one step ahead!

[justusranvier]

other threads still think we are heading down, hahaha we are one step ahead!

I don't think we can go down very far. Looks like support above 7777 is holding.

[ChartBuddy]

Explanation

[InstantBitcoin]

other threads still think we are heading down, hahaha we are one step ahead!

IF IT TOUCHES 550 BUYING VOLUME WILL SOARRRRR+