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

[ensurance982]

don't panic - hodl & enjoy the ride

+1
Anyone has any comments about the volume?

Volume is low. Too low. But on the other hand, this may not give us a flash-boom-bang crash, but rather a real fall to the bottom. Geez, at some point it has to stop!

[wayshegoes]

Too many fancy words thrown around, not enough reality checks! Retesting, trending sideways, it's all bullshit.

[ShroomsKit]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

And why would that be? You probably would have said the same in 2011 about $4.

Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.

Only in Bitcoin land going down 80% is considered no problem or even bullish.
Obviously it's the worst thing that could happen atm.

[Wexlike]

Yes volume is a bit low imho

[riiiiising]

This is the final capitulation, look at all the n00bs and weak hands panic :D:D

Music to my ears. Rest assured, I'll be buying today for these historically low prices.

Like Warren Buffet said, buy bitcoin when there is blood in the streets!

[N12]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

And why would that be? You probably would have said the same in 2011 about $4.

Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.

~94% drawdown in 2011.

... which stunted pretty much all real growth for the following 18 months...

Really? I remember 2012 as being a very productive year. Bitpay alone came into existence back then. Sure, the price took a breather. Is that so bad?

[ensurance982]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

And why would that be? You probably would have said the same in 2011 about $4.

Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.

~94% drawdown in 2011.

Those were even more violent and volatile times. I don't know if a drop of that magnitude is healthy for this developing ecosystem.

[akujin]

417!  

----
WOw finex 

[Schickeria]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

I truly think we're fucked if we cross that point. It simply shouldn't go that low if Bitcoin is healthy. If we cross it then there is something seriously wrong and there will be a good chance it won't go up anymore.

Actually, I would look at it differently.  If we go that low, and people really do start cashing out at a major loss, then we're looking at another 2+ years before even getting near the last ATH.  Because no matter how revolutionary bitcoin may be, the Average Joe just doesn't care enough to continue to lose money.  Period.

The average joe never cared about bitcoin. Maybe in 10 years, maybe not but for now he has no impact. Maybe a few as a lemming crowd buying up the last leg up of a bubble or the last leg down of a capitulation. Meanwhile forget about the average joe.

[N12]

You guys with your "if the price goes below xyz, then Bitcoin is DEAD" are the real weak hands if you truly believe that.

[hdbuck]

Meanwhile Investopedia writes about bitcoin's intrisic value:

Our total estimate for global value of mediums of exchange and stores of value thus comes to 72.1 trillion US dollars.  If bitcoin were to achieve 15% of this valuation, its market capitalization in today's money would be 10.8 trillion US dollars.  With 21 million bitcoin in circulation, that would put the price of 1 bitcoin at $514,000.  That would be over 1,000 times the current price.

http://www.investopedia.com/articles/investing/091814/what-bitcoins-intrinsic-value.asp




Dont bother the prices on the shady public exchanges with barely 20% of btc in circulation.
This is just the hedge funds with their millions squeezing y'all and massively buying cheap coins from the farmers.

[Hunyadi]

You guys with your "if the price goes below xyz, then Bitcoin is DEAD" are the real weak hands if you truly believe that.

That's true.

[Torque]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

And why would that be? You probably would have said the same in 2011 about $4.

Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.

~94% drawdown in 2011.

... which stunted pretty much all real growth for the following 18 months...

Really? I remember 2012 as being a very productive year. Bitpay alone came into existence back then. Sure, the price took a breather. Is that so bad?

It is when it takes 18 months to even get back to a $10 bottom.  And it took 18 months for the damage it did to the community enthusiasm to be forgotten, both by those that got burned as well as the media.

[oda.krell]

I love all the bullshit TA in here. These people actually think they know what's going on. There's no reason BTC couldn't drop to $250 or lower, but when it happens they'll say they predicted it all along!

then how come some people are sitting this one out rather calmly, more or less all in usd? pure luck?

[Loaded]

For better or worse, no funds available until tomorrow, possibly monday. It'd be faster to fly cash to the exchange in person.

[heri]

Page 8888 incoming.

[wayshegoes]

i like your username....

[FNG]

The speculatory value of BTC is dead. It never needed to cost thousands of dollars to be functional or useful.

It depends on your definition of useful. I'd say bitcoin is useful for basically fuck all if it's below $10,000 per coin.

It's barely worth thinking about in the grand scheme of things. But..being a more efficient payment mechanism makes it extremely useful therefore any value assigned below $500 billion is severely undervaluing it.

[abercrombie]

4 1 5 o m g  

[N12]

I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!

And why would that be? You probably would have said the same in 2011 about $4.

Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.

~94% drawdown in 2011.

... which stunted pretty much all real growth for the following 18 months...

Really? I remember 2012 as being a very productive year. Bitpay alone came into existence back then. Sure, the price took a breather. Is that so bad?

It is when it takes 18 months to even get back to a $10 bottom.  And it took 18 months for the damage it did to the community enthusiasm to be forgotten, both by those that got burned as well as the media.

I was there, it wasn't as bad as you make it out to be. 2012 was a good year for HODLing. At least there were no maniacs screaming 10k by July who are ready to dump upon minor disappointments.