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

[lyth0s]

Wow I lied. Apparently the phone app will let you try to purchase them all the way up until you confirm it and then it says it can't go through. I logged onto the web client and......






Bullish

[JorgeStolfi]

On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées.

That was before they invented television and Google and the takedown notice...

[5cMXezpBtm]

Whoa, Coinbase is sold out..

"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT."

That's bullish right ?!?!?

When I google for 'coinbase "provide exact price quotes right now"' I get this result from 2013-11-22:
https://news.ycombinator.com/item?id=6756307

and this from 2013-04-11:
http://bitcoin.stackexchange.com/questions/9590/coinbase-com-buying-queue

So is the situation now like 2013-11-22 ?

Ah, another result is from 2014-07-14 ...
http://arbitragebot.com/coinbase-exceeded-their-own-buy-limit/

[JorgeStolfi]

Consider a place that sells bitcoins "off the shelf" and runs out of BTC.  If they expect the price to fall several percentage points "soon", it is better for them to turn clients away than to buy more BTC to replenish their stock.

Conversely, if they have a stock of BTC and expect the price to rise significantly "soon",  they will be tempted to tell their customers that their stock ran out.

So, if those reports of (BTC sellers running out of stock) are true, which explanation will be the true one?

[shmadz]

On résiste à l'invasion des armées; on ne résiste pas à l'invasion des idées.

That was before they invented television and Google and the takedown notice...

Also before Satoshi invented the internet of money...

Sorry Stolfi, you missed the bus.

[Schickeria]

Heck, I'm a perma-bull as are others but I take the downs with good humor and understanding.

Mentioning the word "down" and implying "possible" or "understanding", disqualifies you to be a permabull. Sorry, you are a long term bull, not a permabull.

Bullishness (and bearishness) is about the future. Ups and downs are historical facts. There's no use crying over spilled milk but some want to wear sack cloth and ashes and flagellate themselves about it.

(Though you are correct in that I am more of a long term bull. I tend to be a short term bull also though)

Well, I think this board (or this thread) is implying a very exaggerated impression of the market-reality. For sure, there are these extreme types of bulls and bears but at large the market is not black and white, there is a lot of grey and varying. Fortunately, as would not like to live in a world with only two extremes.

[Newbie1022]

Whoa, Coinbase is sold out..

"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT."

That's bullish right ?!?!?

When I google for 'coinbase "provide exact price quotes right now"' I get this result from 2013-11-22:
https://news.ycombinator.com/item?id=6756307

and this from 2013-04-11:
http://bitcoin.stackexchange.com/questions/9590/coinbase-com-buying-queue

So is the situation now like 2013-11-22 ?

Ah, another result is from 2014-07-14 ...
http://arbitragebot.com/coinbase-exceeded-their-own-buy-limit/

This cannot be bullish. Who would buy coins in the middle of an up and down market for the price several days in advance? Moreover, even if you are a bull and think the price will be higher in several days... who would pay that higher price in several days. If anything, I think this will depress buying for a few days.

[shmadz]

Consider a place that sells bitcoins "off the shelf" and runs out of BTC.  If they expect the price to fall several percentage points "soon", it is better for them to turn clients away than to buy more BTC to replenish their stock.

Conversely, if they have a stock of BTC and expect the price to rise significantly "soon",  they will be tempted to tell their customers that their stock ran out.

So, if those reports of (BTC sellers running out of stock) are true, which explanation will be the true one?

Have you seen the research on bankless ATM's?

I think you spend too much time focusing on problems rather than solutions.

[edwardspitz]

It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.

[ChartBuddy]

Explanation

[Newbie1022]

It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.

This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop.

Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted.

P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit.

[lyth0s]

A little market manipulation and lower than the ATH bitcoin prices for 9 months and suddenly everyone is a bear. I for one see how bitcoin is much more useful than the USD and I consider bitcoin to be in its infancy still (in terms of physical store useability). You should all calm down and enjoy the bumpy ride to the moon.

[Torque]

Wow, all the screaming that "the bottom is in!", "we'll never see $500 again!", and now we are already heading quickly back down again to $500.  Don't believe the hype.

[5cMXezpBtm]

Whoa, Coinbase is sold out..

"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT."

That's bullish right ?!?!?

Here Coinbase explains this on their support pages:

http://support.coinbase.com/customer/portal/articles/1148738-what-price-will-i-receive-when-i-buy-or-sell-bitcoin-

http://support.coinbase.com/customer/portal/articles/1148739-what-price-will-i-receive-if-i-purchase-once-coinbase-reaches-its-daily-limit-

[shmadz]

It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.

This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop.

Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted.

P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit.

Trading bitcoin is as hard as you make it. (Not commenting on you personally, just laying this out there for anyone looking for advice.)

either buy and hold, -- or try to consistently sell high and buy low...

the former strategy has done quite well over the last three years, the latter one... has mixed results

[Newbie1022]

Whoa, Coinbase is sold out..

"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT."

That's bullish right ?!?!?

Here Coinbase explains this on their support pages:

http://support.coinbase.com/customer/portal/articles/1148738-what-price-will-i-receive-when-i-buy-or-sell-bitcoin-

http://support.coinbase.com/customer/portal/articles/1148739-what-price-will-i-receive-if-i-purchase-once-coinbase-reaches-its-daily-limit-

Extremely, extremely, extremely run for the hills type of bearish news. First, there were a lot of buys because there was a lot of volume and volatility... there was action on both sides of the tape and with Coinbase as a middleman that leaves them dry (and anyways, that is historic, now... it's already priced in). Second, it means NOBODY will be buying from Coinbase all week -- a major purveyor of coins to the Average Joe. Why? Well, because the market is extremely volatile right now and you don't know where the hell the price will be (but assuming even in a worst case scenario there is a recovery by then that price would be HIGHER than it is today... you wouldn't do it).

It's God awful news. I don't know how the hell anybody could read it as positive news. I am certain I am being a bit hyperbolic, but yea... not good.

[Newbie1022]

It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.

This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop.

Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted.

P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit.

Trading bitcoin is as hard as you make it. (Not commenting on you personally, just laying this out there for anyone looking for advice.)

either buy and hold, -- or try to consistently sell high and buy low...

the former strategy has done quite well over the last three years, the latter one... has mixed results

The reality is, I am in trading mode because I am an impulsive character and I have too much time on my hands this summer. Definitely not a generally advisable plan although I've gotten much, much better at it than when I started.

[edwardspitz]

It's over. 6 hours of lower highs and lower lows. And volume is picking up in China.

This. I changed my position to short at about 514 a few hours ago when we crossed trend lines... I am kicking myself for not doing it sooner. We have more to drop.

Also, buying pressure will be depressed because of Coinbase and leverage pressure will be depressed because the change of policy of Bitfinex soon to go into effect. In a nutshell... more blood, guys. Wish it wasn't so. It was nice while the party lasted.

P.S. -- Don't take my trading advice on face value. I am a Newbie. I've done ok the past few days, but am a couple percentage points down. I am a pretty smart fellar, but I am still learning the ropes a bit.

I'm glad I woke up early today so I had time to close my long in an orderly fashion. I got done in the nick of time and only managed to short 1 BTC. At $514, same as you I think we could be seeing a head and shoulders pattern forming. I might short more if there is a little bounce.

Don't worry too much about loosing a little when you are starting out. When I began trading I started of with a small amount, made many mistakes and lost some $. I gradually got better and increased my investment. If we continue down I will most likely definitely increase my investment. It is simply too tempting  

[lyth0s]

Whoa, Coinbase is sold out..

"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Aug 22, 2014 at 01:49AM EDT after your funds have arrived. read more

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Aug 22, 2014 at 01:40AM EDT."

That's bullish right ?!?!?

Here Coinbase explains this on their support pages:

http://support.coinbase.com/customer/portal/articles/1148738-what-price-will-i-receive-when-i-buy-or-sell-bitcoin-

http://support.coinbase.com/customer/portal/articles/1148739-what-price-will-i-receive-if-i-purchase-once-coinbase-reaches-its-daily-limit-

Extremely, extremely, extremely run for the hills type of bearish news. First, there were a lot of buys because there was a lot of volume and volatility... there was action on both sides of the tape and with Coinbase as a middleman that leaves them dry (and anyways, that is historic, now... it's already priced in). Second, it means NOBODY will be buying from Coinbase all week -- a major purveyor of coins to the Average Joe. Why? Well, because the market is extremely volatile right now and you don't know where the hell the price will be (but assuming even in a worst case scenario there is a recovery by then that price would be HIGHER than it is today... you wouldn't do it).

It's God awful news. I don't know how the hell anybody could read it as positive news. I am certain I am being a bit hyperbolic, but yea... not good.

Newbie you just shorted so your hoping that the market remains bearish in order for yourself to come out the in the green. Coinbase exists to make money. If there is volume in both sells and buys equally on coinbase, coinbase ends up with extra bitcoins and extra USD. There has to be more buys than sells on coinbase in order for them to no longer have any BTC for sell.

[flynn]

@Adam and the poll ...

What means "short term" to you ? is that 15minutes or a day or a month ?
You definitely should specify IMO.