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

[ChartBuddy]

Explanation

[empowering]

There appeared to be no evidence of Fowl play involved.

But Owl let you know if I hear anything more.

Wow *claps hands* Well played, I gotta say
Oh and FYI.. don't do a reverse image search of his avatar, there are even more horrifying creatures awaiting you!

Well you know me.....

I like to have a crow.

I did but my companies fire wall blocks picture share sites,  so I can't share it.   There isn't any upload functionality here is there?

Not as far as I can Teal

anybirdy else know?

Go to https://coinstackr.com/ and use there interactive chart tool to draw the lines on the Finex chart I laid out.  It looks to be following this pattern to a tee as the last two support horizontals were 566 and 573.  Today we bounces from 266 and it's been holding  steady at 273.  I have stop loss on my short set at 276 and a take profit set at 267.  I wish I would have jumped online 15 minutes earlier and I would have already taken profit at 267.

Well this is Hawkward..

Am I Quacking up or did you mean this for someone else?

[bangersdad]

I'm just a newbie,  but I've been watching this forum for bit and have been watching the emotional swings on an hourly basis and just wanted to put something out there.   Now people may laugh at technical analysis as it applies to bitcoin,  but I think it works when there is little mega news like there has been the past month or so.   If you look at Finex (since they are one of the big volume drivers lately)  from June 2nd to July 1st and draw the top resistance line (674 and 654),  and then use June 13 to the 24th to draw your bottom channel line (573 and 567) you will se the short term down trend we are on.  Draw a horizontal line on June 24th and that will show you the 566 resistance line.  If 566 holds we are following a descending triangle and it will bounce between the top resistance slope sline and the horizontal line at 566.  If it breaks 566  then I would expect support to rally around 543.  Now while I'm currently in a short from 630,  I am long on bitcoin in general.  Watch for the chart to break one or both of these patterns over the next few days or weeks,  hopefully it will break one of the resistance lines and we can go long again.

Wow...good post..i agree with your analysis. This downtrend is purely technical..it is the final action after a period of lengthy consolidation rather than the start of a new bear market..it has nothing to do with bitcoin fundamentals..a break down to $540 would be expected now to test support.i do not believe the bottom is in yet as we have not had enough volume of support.  If you are hodling - then i would advise taking a break from the charts - nothing has changed in the long term for bitcoin and its bullish. if you do want to put yourself thru the stress of constant price watching - then learn some TA to help give you a clearer picture of the market.

[ensurance982]

I'm just a newbie,  but I've been watching this forum for bit and have been watching the emotional swings on an hourly basis and just wanted to put something out there.   Now people may laugh at technical analysis as it applies to bitcoin,  but I think it works when there is little mega news like there has been the past month or so.   If you look at Finex (since they are one of the big volume drivers lately)  from June 2nd to July 1st and draw the top resistance line (674 and 654),  and then use June 13 to the 24th to draw your bottom channel line (573 and 567) you will se the short term down trend we are on.  Draw a horizontal line on June 24th and that will show you the 566 resistance line.  If 566 holds we are following a descending triangle and it will bounce between the top resistance slope sline and the horizontal line at 566.  If it breaks 566  then I would expect support to rally around 543.  Now while I'm currently in a short from 630,  I am long on bitcoin in general.  Watch for the chart to break one or both of these patterns over the next few days or weeks,  hopefully it will break one of the resistance lines and we can go long again.

Wow...good post..i agree with your analysis. This downtrend is purely technical..it is the final action after a period of lengthy consolidation rather than the start of a new bear market..it has nothing to do with bitcoin fundamentals..a break down to $540 would be expected now to test support.i do not believe the bottom is in yet as we have not had enough volume of support.  If you are hodling - then i would advise taking a break from the charts - nothing has changed in the long term for bitcoin and its bullish. if you do want to put yourself thru the stress of constant price watching - then learn some TA to help give you a clearer picture of the market.

The only thing that bothers me is that we've basically tested support at $572 about 5 times now. And it was holding. Today's mini-crash was the first time we went back into the $560s again. Wouldn't it be a bad thing to start all over again with the next support? And hell, maybe $572 then becomes the resistance 

[empowering]

BTC Keep calm and Carrion BTC

[empowering]

How and Why to Build an Unbanked Bitcoin ATM

...in which I combine electrical engineering, economy theory, and trading strategies.

wow great article! I love the presented idea of bank-independent ATMs. At first I thought that it's nice how such a thing might prevent banking troubles such as the NZ company you mentioned is facing but then I realized that a network of these ATMs would indeed represent a superior pricing mechanism to what we have today, both in its robustness and its efficiency. Seriously one of the best ideas in Bitcoin space I've read in a long time. I'd be willing to invest in one of these.

New Zealand Bitcoin ATM Operator Shuts Down After Bank Refusals


http://www.coindesk.com/new-zealand-bitcoin-atm-operator-shuts-down-bank-refusals/

[drez]

I'm just a newbie,  but I've been watching this forum for bit and have been watching the emotional swings on an hourly basis and just wanted to put something out there.   Now people may laugh at technical analysis as it applies to bitcoin,  but I think it works when there is little mega news like there has been the past month or so.   If you look at Finex (since they are one of the big volume drivers lately)  from June 2nd to July 1st and draw the top resistance line (674 and 654),  and then use June 13 to the 24th to draw your bottom channel line (573 and 567) you will se the short term down trend we are on.  Draw a horizontal line on June 24th and that will show you the 566 resistance line.  If 566 holds we are following a descending triangle and it will bounce between the top resistance slope sline and the horizontal line at 566.  If it breaks 566  then I would expect support to rally around 543.  Now while I'm currently in a short from 630,  I am long on bitcoin in general.  Watch for the chart to break one or both of these patterns over the next few days or weeks,  hopefully it will break one of the resistance lines and we can go long again.

Wow...good post..i agree with your analysis. This downtrend is purely technical..it is the final action after a period of lengthy consolidation rather than the start of a new bear market..it has nothing to do with bitcoin fundamentals..a break down to $540 would be expected now to test support.i do not believe the bottom is in yet as we have not had enough volume of support.  If you are hodling - then i would advise taking a break from the charts - nothing has changed in the long term for bitcoin and its bullish. if you do want to put yourself thru the stress of constant price watching - then learn some TA to help give you a clearer picture of the market.

The only thing that bothers me is that we've basically tested support at $572 about 5 times now. And it was holding. Today's mini-crash was the first time we went back into the $560s again. Wouldn't it be a bad thing to start all over again with the next support? And hell, maybe $572 then becomes the resistance 

Look back at the last support line 578ish.  There are 3-5 day skirmishs at that level until we broke to 575.  You'll most likely see that at 573 and then again at 566 before heading south and rallying at 540ish.  I'm taking profit in the 560's then buying if we can stay above 540ish.  Else more charting.

[adamstgBit]

[empowering]

No need to be

[drez]

And there goes my stop loss buy on the short.  Time to wait and see what happens.

[Richy_T]

I think it would be helpful to adoption to abstract buying/selling further (provided the wallets didn't overcharge for these abstracted services).

Here's a thought experiment: Imagine that everybody has visibility of all of their money on a smartphone app.  For simplicity, consider that only dollars and bitcoins exist.  The app has two features:

1.  It displays the market value of each user's money, expressed in whatever currency is currently "dominant," along with the exchange rate between the two currencies.  

2.  There is a slider bar that allows each user to dynamically adjust their personal exposure to anywhere between 0% bitcoins and 100% bitcoins:
                
    0% BTC / 100% USD   <-----|||SLIDERBAR|||----------------------------------->   100% BTC / 0% USD

Assume there is no fee for trading and no slippage.  If it was this easy for everyone, what would people do?  

Bitcoin adoption is all about slowly coaxing the world to move that imaginary slider bar a little further to the right!

Interesting. One could make the price of the app the initial investment (minus fee).

Problem is, someone has to back those purchases. Could be done but involves risk.

[Skinnkavaj]

People are sitting here freaking out of a drop from 620 to 570. It is nothing.
Shit I remember in September-October, bitcoin was hovering around 120-135 all the time. I didn't even care about the price at that time as I wasn't trading, and I don't think anyone normal (not a trader) is worried about these price levels.

Bitcoin was a long term investment for me and I couldn't care about 20 dollars price swing and I am sure most people don't.
Anyone freaking out now is for sure overreacting.

[empowering]

Shorting in this market on margin =

[drez]

Shorting in this market on margin =
http://static4.businessinsider.com/image/5049fdefecad04a361000008/throwing-money.gif

How so?  Just short where you see resistance and buy when you see support.   Pattern over the last 2 weeks has followed TA to a tee.

[Bitcoin_is_here_to_stay]

Bitcoin rallied from $568 to $579 on Stamp - time to post trains yet?

[adamstgBit]

People are sitting here freaking out of a drop from 620 to 570. It is nothing.
Shit I remember in September-October, bitcoin was hovering around 120-135 all the time. I didn't even care about the price at that time as I wasn't trading, and I don't think anyone normal (not a trader) is worried about these price levels.

Bitcoin was a long term investment for me and I couldn't care about 20 dollars price swing and I am sure most people don't.
Anyone freaking out now is for sure overreacting.

not everyone is holding 500%+ profit coins with nothing to worry about.

[adamstgBit]

Bitcoin rallied from $568 to $579 on Stamp - time to post trains yet?

we're down

0.64% for the past 24 hour
3.00% for the past 3 days
7.50% for the past 7 days
7.50% for the past 30 days
29.35% for the past 90 days

[Skinnkavaj]

People are sitting here freaking out of a drop from 620 to 570. It is nothing.
Shit I remember in September-October, bitcoin was hovering around 120-135 all the time. I didn't even care about the price at that time as I wasn't trading, and I don't think anyone normal (not a trader) is worried about these price levels.

Bitcoin was a long term investment for me and I couldn't care about 20 dollars price swing and I am sure most people don't.
Anyone freaking out now is for sure overreacting.

not everyone is holding 500%+ profit coins with nothing to worry about.

Not everyone is a trader, most bitcoiners are hoarders and normal people.
Meaning they will sell their bitcoins only if the really need the money, but regular people have a day job and BTC is just a savings account. They are not freaking out of price drops like this.
 

[Pump3r]

People are sitting here freaking out of a drop from 620 to 570. It is nothing.
Shit I remember in September-October, bitcoin was hovering around 120-135 all the time. I didn't even care about the price at that time as I wasn't trading, and I don't think anyone normal (not a trader) is worried about these price levels.

Bitcoin was a long term investment for me and I couldn't care about 20 dollars price swing and I am sure most people don't.
Anyone freaking out now is for sure overreacting.

not everyone is holding 500%+ profit coins with nothing to worry about.

I would worry more about having invested 10,000$, now having a value of 100,000$ than being worried about losing my investment that never climbed high in value.

[ShroomsKit]

Bitcoin rallied from $568 to $579 on Stamp - time to post trains yet?

we're down

0.64% for the past 24 hour
3.00% for the past 3 days
7.50% for the past 7 days
7.50% for the past 30 days
29.35% for the past 90 days

30%

Nothing to worry about. Only a few dollars. Just some weak hands. We're going to the moon as the new deadline expires. The big boys are getting in. Wallstreet can't wait to get in.