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

[Davyd05]

interesting evening, last time we dipped below this point on RSI was aug 18th and that day there was some more panic.

[Davyd05]

Feels great to see my life savings just dissappear

Can't sell at this huge loss either..



fucking hell

when playing with life savings maybe some stop losses are in order.

[DaRude]

Honestly there is NO REASON why BTC will rally from this area.

Huge trendlines are against it

There have been GREAT news regarding bitcoin but every rally gets sold off

Seems most of the coins entering the market are being dumped by multipools

I maybe be wrong but it doesn't look like this area will hold, it might go to $1000 one day but it will probably break $400 or lower.

Not selling as coins, as I'm a long term hodler. However, I feel like it's going to keep going down until some of these large scale mining operations are driven out of business. With the lack of buying pressure, whales are forcing miners to sell lower and lower. This isn't like the early days where miners could recoup their losses easily by selling off hardware (GPUs) either, as the BTC price slides their equipment gets increasingly worthless since it only has one purpose. Some of these larger operations must be scrambling to sell off coins.

This is  the only logical explanation that makes sense to me. Leveraged longs on finex were off the charts, a prime target to get squeezed and so they were. Now hash rate is through the roof yet the price is falling. And those huge mining farms that have HUGE daily expenses and need liquidity, so it'll only make sense for them to get squeezed to cause a domino effect. Putting up such walls is not a way to exit position.

[ChartBuddy]

Explanation

[Schickeria]

Feels great to see my life savings just dissappear

Can't sell at this huge loss either..



fucking hell

when playing with life savings maybe some stop losses are in order.

I probably won't be selling, (maybe but not sure)

I'm taking loans if we go sub 400
I will be incredibly fucked if this thing goes wrong...

That would be stupid. Better sell now or quick and set an stop loss for a upswing, for example ~490/520. Yet price is moving slowly, but if you sell into momentum you could get burned hard.

Or hold all the way till the bottom.

[Hunyadi]

Feels great to see my life savings just dissappear

Can't sell at this huge loss either..



fucking hell

That's unfortunate situation. Perhaps, you invested too much. Still, if you have balls of steel, you should come out of this as a winner.

[Searing]

Honestly there is NO REASON why BTC will rally from this area.

Huge trendlines are against it

There have been GREAT news regarding bitcoin but every rally gets sold off

Seems most of the coins entering the market are being dumped by multipools

I maybe be wrong but it doesn't look like this area will hold, it might go to $1000 one day but it will probably break $400 or lower.

my unfortunate conclusion.....again ...imho ...we need some action by folks in parts of the world where a purchase via bitcoin
gets around bribes/bad banks/bad gov't/price of wire xfer/need for credit check etc

was hoping EBAY would step up to the plate on this....a guy in east Mongolia directly buying say a tool set or something w/o
the hassle of the above ..hoop jumping to get an ebay purchase w/o cc or bank..that is the kinda action we need
some real use transparent flow of merchandise to places where this has previously been very expensive or not possible

but either it has not been happening fast enough yet or the press prefers the FUD to sell papers/media...on how bitcoin is going to FAIL
(disasters sell more papers then happy orphan adoption stories imho)

anyway in my own experience EVERYONE with the exception of my brothers who know about investing (one does so for a living) has
told me bitcoin is a scam/ponzi scheme /electronic AMWAY ..that is my favorite. electronic amway heh....or just beanie babies...so universally ain't getting
no traction I can tell in the midwest USA

still can't figure out why Russia with all the sanctions is banning BTC you'd think they'd go the other way and move $$$ via bitcoin to
stick it in the west's eye

anyway look at as a buying opportunity if it goes below 400/300/200/100 or whatever.......good news is I will own much more BTC bad news
is it may not do as well as AMWAY don't ya know

so short term I'm a Bear... long term I'm a Bull..but maybe just growing slow is what it is gonna take to kill all the bad press and FUD out there
simply by puttering on and providing hopefully the kinda of world wide use i'd like to see will just slowly grind all the FUD away...ie the
virtual currency version of  a little 'elbow grease" BTC as a 'fixer upper' don't ya know (It don't look like much now but wait till it gets going)

good to have goals

[Davyd05]

I've only known one person irl that did buy in to bitcoin...and I think it was because that person found it on their own. I feel the next bubble will have passed by the time I have a friend actually ask me to walk him/her through the steps even though I've told em about localbitcoins and all the steps required to register at the Canadian exchange options :d not to mention that's after telling em to go read the whitepaper and some of the easier to digest youtube about what bitcoin is.

[iram3130]

Explanation

What the hell is going on market, we are dropping continously.
I really don't understand why there is no support.

[ChartBuddy]

Explanation

[findftp]

is it possible for bitcoin price to trade below 400:
strong yes    - 28 (25%)
strong no    - 10 (8.9%)
yes.    - 29 (25.9%)
no.    - 14 (12.5%)
idk but i cut my looses!    - 1 (0.9%)
IDK, but I say HODL!    - 30 (26.8%)
   
Total Voters: 112

Not many times I've seen poll results accepting a downfall..! almost 67% of feels that btc might trade below 400. Wait and watch if that happens.

Usually the opposite happens.
Markets often move in the opposite direction of what most market participants expect.

[JayJuanGee]

Bitcoin is about to race up to $1500 very soon. Something is brewing and it's not the news which will trigger it.

$1,500 is too small potatoes... once it goes past the previous ATH, it is going to at least double from the previous ATH.. and likely more than double....   So your $1,500 seems to be way too small of a conception.

On the other hand, getting past $500 and then $600 and then $680  and then $800 are likely to be bigger battles that must be conquered first, second, third and fourth... before getting into new ATH territories.. which will likely be fairly easy once prices go past $850.

[sally87]

What the fuck is this? Mijn website: http://www.bitcoinupdate.nl/home/bitcoin 3200-euro

[Schickeria]

is it possible for bitcoin price to trade below 400:
strong yes    - 28 (25%)
strong no    - 10 (8.9%)
yes.    - 29 (25.9%)
no.    - 14 (12.5%)
idk but i cut my looses!    - 1 (0.9%)
IDK, but I say HODL!    - 30 (26.8%)
   
Total Voters: 112

Not many times I've seen poll results accepting a downfall..! almost 67% of feels that btc might trade below 400. Wait and watch if that happens.

Usually the opposite happens.
Markets often move in the opposite direction of what most market participants expect.

Is it possible for bitcoin price to trade below 400?

Why it should not be possible? 0,10$ is possible same as 100,000$ is possible. Stupid poll, or is it that I understand it wrong?

[iram3130]

Explanation

What the hell is going on market, we are dropping continously.
I really don't understand why there is no support.

Greed? Everyone hopping to buy lower... Nothing new here  

But how much lower, we already lost more then 33% in last 2 month.
It's really hard to stick with this way.

[sally87]

is it possible for bitcoin price to trade below 400:
strong yes    - 28 (25%)
strong no    - 10 (8.9%)
yes.    - 29 (25.9%)
no.    - 14 (12.5%)
idk but i cut my looses!    - 1 (0.9%)
IDK, but I say HODL!    - 30 (26.8%)
   
Total Voters: 112

Not many times I've seen poll results accepting a downfall..! almost 67% of feels that btc might trade below 400. Wait and watch if that happens.

Usually the opposite happens.
Markets often move in the opposite direction of what most market participants expect.

Is it possible for bitcoin price to trade below 400?

Why it should not be possible? 0,10$ is possible same as 100,000$ is possible. Stupid poll, or is it that I understand it wrong?

Below 400$ is possible maybe 390$, but it will go up again. And it's maybe few hours or day that it will stand on 390$. But in the future the price will increase after the good news on the end of the year, when Coin go to Nasdaq.

[itod]

Is it possible for bitcoin price to trade below 400?

It's obviously possible to trade as low as BTC production price is reached, currently well below US$300. Nobody will sell them bellow what it costs to mine them. Except that limit, everything else depends on the demand. If we hit that price watch for datacenter movement to locations with extremely cool climate and dirt cheap electricity.

[JayJuanGee]

is it possible for bitcoin price to trade below 400:
strong yes    - 28 (25%)
strong no    - 10 (8.9%)
yes.    - 29 (25.9%)
no.    - 14 (12.5%)
idk but i cut my looses!    - 1 (0.9%)
IDK, but I say HODL!    - 30 (26.8%)
   
Total Voters: 112

Not many times I've seen poll results accepting a downfall..! almost 67% of feels that btc might trade below 400. Wait and watch if that happens.

I would NOT put so much weight on this particular poll  because for one, the question is pretty badly worded.... "is it possible," which is NOT really helping to get at what people believe to be probable or likely (if that were the goal of this particular poll).

[rebuilder]

Is it possible for bitcoin price to trade below 400?

It's obviously possible to trade as low as BTC production price is reached, currently well below US$300. Nobody will sell them bellow what it costs to mine them. Except that limit, everything else depends on the demand. If we hit that price watch for datacenter movement to locations with extremely cool climate and dirt cheap electricity.

Miners will sell at whatever price they can get, if they have bills to pay. A small loss is better than a big loss, and a big loss is better than a huge loss. If prices drop below production costs, miners will shut down and the hashrate will decrease until production costs get low enough.

[Sandia]

Explanation

What the hell is going on market, we are dropping continously.
I really don't understand why there is no support.

Massive walls since we hit 490.
2014 adopters dumping the technology due to the constantly decreasing value.

Overall, business adoption is way up but is wasted due to consumer adoption dropping like a stone in response to the exchange rate.  We may see companies quietly stop accepting btc by the end of the year.  2014 will be the year btc took 3 steps backwards.