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

[dnaleor]

We will never see <500 USD again

Ok, I was wrong a few days ago...
This sell off really surprised me.

If we see 550 USD again, I will become a perma bull. Now I'm not so sure... Although I don't think we go below 400 USD.

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[KimNam]

WTF price crash until $350 in BTC-e yesterday
too bad i didn't place buy order
hope we can see $500 again by tomorrow

[JayJuanGee]

They dropped what, 7000 coins and only dropped the price by $130 for 5 minutes.

So far only ~30% since June.

But you don't want to put lipstick on the pig, no?  

Mr. Piggles resembles that comment, just like your name, Funzie, resemble the name of a "popular" poster in this thread, no?  

[JayJuanGee]

I, too, wish that Coinbase would figure out better planning in order that they do NOT run out of coins...

If the price is falling fast, it would be stupid for them to buy lots of BTC beforehand just to be able to sell to people with no delay over the next few days.  The loss could easily wipe out all that they make from fees, and more.  Better leave the clients waiting. 

I believe that is Coinbase's current business decision, in order to NOT be over exposed to downside volatility - however, it may be possible for CB to figure out ways to automatically buy the needed coins on the exchange, at the same time that the customer buys the coin, in circumstances in which they run out of coins.  I don't know the exact solution, but I do agree with you that their business decision is to not over expose themselves to downward BTC price volatility.

[JayJuanGee]

We will never see <500 USD again

Ok, I was wrong a few days ago...
This sell off really surprised me.

If we see 550 USD again, I will become a perma bull. Now I'm not so sure... Although I don't think we go below 400 USD.

I think that absent some major FUD (or technical flaw in BTC) the chances are pretty high that we will see $550 again before 1 month from now.. that is by no later than September 19... but I do NOT know any details of such, and I am just guestimating based on my sense of what is currently happening in the BTC market.

[ChartBuddy]

Explanation

[N12]

How disappointing. Turns out the constant "cheap coins" yellers have no money after all with which to buy a bounce.

[blatchcorn]

How disappointing. Turns out the constant "cheap coins" yellers have no money after all with which to buy a bounce.

Everyone has been 'all in' since June.

I think the price is being kept low to encourage wall street to buy into the eft later this year

[Torque]

I, too, wish that Coinbase would figure out better planning in order that they do NOT run out of coins...

If the price is falling fast, it would be stupid for them to buy lots of BTC beforehand just to be able to sell to people with no delay over the next few days.  The loss could easily wipe out all that they make from fees, and more.  Better leave the clients waiting. 

I believe that is Coinbase's current business decision, in order to NOT be over exposed to downside volatility - however, it may be possible for CB to figure out ways to automatically buy the needed coins on the exchange, at the same time that the customer buys the coin, in circumstances in which they run out of coins.  I don't know the exact solution, but I do agree with you that their business decision is to not over expose themselves to downward BTC price volatility.

The problem I'm having with Coinbase is now they want to control volatility on both sides of the equation: during sharp downturns and sharp upturns.  So this means that they will quickly and mysteriously "run out of coins" during the next bubble as well, which will neuter how high it can go by excluding their customers' influence on the market.  This is not allowing the free market play out appropriately, it is trying to control the market, and that is what worries me about Coinbase.

[Phillis]

looks like the handle is forming for a cup and handle.

[N12]

So Coinbase is the manipulator?

[blatchcorn]

I, too, wish that Coinbase would figure out better planning in order that they do NOT run out of coins...

If the price is falling fast, it would be stupid for them to buy lots of BTC beforehand just to be able to sell to people with no delay over the next few days.  The loss could easily wipe out all that they make from fees, and more.  Better leave the clients waiting. 

I believe that is Coinbase's current business decision, in order to NOT be over exposed to downside volatility - however, it may be possible for CB to figure out ways to automatically buy the needed coins on the exchange, at the same time that the customer buys the coin, in circumstances in which they run out of coins.  I don't know the exact solution, but I do agree with you that their business decision is to not over expose themselves to downward BTC price volatility.

The problem I'm having with Coinbase is now they want to control volatility on both sides of the equation: during sharp downturns and sharp upturns.  So this means that they will quickly and mysteriously "run out of coins" during the next bubble as well, which will neuter how high it can go by excluding their customers' influence on the market.  This is not allowing the free market play out appropriately, it is trying to control the market, and that is what worries me about Coinbase.

It won't do much.  Demand will still be there when they have available coins.  If anything, people tend to want things they cannot have even more.  They will never control the market, but they may be able to slow down the rate of change, although they cannot change the end price.

[SirChiko]

Do you guys think we will head back up? Or are we doomed? :/

[Junkbarman]

Do you guys think we will head back up? Or are we doomed? :/

Just saw a 317 coin buy on bitstamp. so probably doomed  

08:03:38 477.8 317.288

[Rampion]

There are only $5.72M sitting on Bitstamp's order book - anyone remembers if this is the lowest amount we had on Bitstamp's bid side in 2014? I'm curious... And I kinda miss blockchained.com historical market depth charts, anybody knows where to find historical charts for major exchanges bid/ask figures?

[JorgeStolfi]

The problem I'm having with Coinbase is now they want to control volatility on both sides of the equation: during sharp downturns and sharp upturns.  So this means that they will quickly and mysteriously "run out of coins" during the next bubble as well.

Indeed, if the price is rising fast, they will be faced with an "unsurmountable opportunity": hold on to their coin reserve as long as they can, by telling customers that they ran out of coins.

In general, a middleman in any trade will take some of the profit for himself, as much as he can.

[oda.krell]

There are only $5.72M sitting on Bitstamp's order book - anyone remembers if this is the lowest amount we had on Bitstamp's bid side in 2014? I'm curious... And I kinda miss blockchained.com historical market depth charts, anybody knows where to find historical charts for major exchanges bid/ask figures?

Inevitable plug for

http://www.coinorama.net/

from me

And the answer is, I'm afraid, yes (at least as far as coinorama's history goes)

[Dotto]

You have to take ayahuasca to see a cup'n handle here

[Schickeria]

Do you guys think we will head back up? Or are we doomed? :/

Both not. But speaking in perspective of the typical bitcoiner I would say: We are doomed  

[Dotto]

more like a red unicorn pattern, imo