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

[bassclef]

you guys think  this the start to a new bubble?

No. When we hit $800 then you may start thinking about bubbles. Or, as I like to call them, reverse snowball exponential runups.

[klee]

next wave

New Wave

Between this and Monero..... I think I need more coffee....

Any update? Did not have time to check the BCX drama..

Well they have stopped trading on poloniex and are sending coins to cold storage, The dev's have installed checkpoints to try to protect the chain. BCX 72 hours is up in 3 or 4 hours ish... So far nothing, and price bounced back a little bit.

Scary stuff

[spooderman]

No, that's when it goes back down again.

Either you've lost your glasses or you're looking at a different chart.

I don't wear glasses.

[Post-Cosmic]

Based on the amount of memberships looks like bitcoin rally might be for real.

Track bitcoin price by new members to the forum is it possible :


Month    New Members
Sep-14    8036
Aug-14   11443
Jul-14   11119
Jun-14   11952
May-14   14264
Apr-14   17948
Mar-14   45800
Feb-14   25448
Jan-14   26625
Dec-13   31775
Nov-13   19683
Oct-13   2927
Sep-13   5156
Aug-13   6052
Jul-13   7413
Jun-13   9373
May-13   15512
Apr-13   18712
Mar-13   7358
Feb-13   3532
Jan-13   3184
Dec-12   2766
Nov-12   2708
Oct-12   3200
Sep-12   2345
Aug-12   2395
Jul-12   2109
Jun-12   2080
May-12   2018
Apr-12   2072
Mar-12   2118
Feb-12   1991
Jan-12   2051
Dec-11   1725
Nov-11   1993
Oct-11   2078
Sep-11   2452
Aug-11   3866
Jul-11   5466
Jun-11   14483
May-11   5959
Apr-11   2924
Mar-11   2538
Feb-11   1379
Jan-11   837
Dec-10   680
Nov-10   374
Oct-10   315
Sep-10   587
Aug-10   515
Jul-10   370
Jun-10   55
May-10   65
Apr-10   73
Mar-10   40
Feb-10   25
Jan-10   9
Dec-09   15
Nov-09   4

 Fella' here might be on to something..   Hard to dismiss/not get distracted by those curiously telling sharply lower registration numbers for Dec. '12 - Feb. '13, Sept-Oct '13, & Aug-Sept '14.. =/

 Which leads to :

The rally that started May 20 too consisted of a few episodes of intense buying, 1-2 hour long, that drove the price up  by ~50$ each time; separated by "organic-looking" periods where the price just wandered about, often with a downward trend.  

Could this rally be the  first of another (mini-)bubble like that?

 I did vote for 'We can definitely see 300's again [this year]' in the poll because this is pretty much entirely fueled by only 1 piece of news - PayPal. That alone certainly may not be enough, as many here have voiced, to counteract the hugely built-up negative sentiment from the majority towards cryptospace.

 However, Prof. here nailed the other possibility right on the head. That's what should be deeply concerning to any bearish view - 1] We are in active, higher-volume, fall season. 2] We're fresh off last fall season's tremendous influx to the crypto-economies and development in everyone's memories - and psychologically, people's expectations & pattern recognition routines tend to look for & reinforce perceived similarities, symmetries, equivalences (aka everyone wants to b-elieve history repeats itself). 3] We've been particularly lower-priced (cheaper/closer to bottom) for a good little while now. 4] It seems eerily possible that the recent constant dump pressure over the summer might've actually been mostly artificial, caused by insiders who knew to a far greater degree than most when exactly the ETF's will be coming online this year and of course knew about PayPal's announcement to come today - which would put a near-term bearish outcome in serious trouble, and lend solid credence to Stolfi's theory that this could indeed be the start of a new 'stairway-pattern' mid-term small bull run back to 600-800's.

[Chuckee]

WHY IS IT STILL GOING UP???!?!?

do not buy into any false recoveries. this must be the bull trap before final capitulation!

[Torque]

you guys think  this the start to a new bubble?

Would have to dig out of trench around $480 first, then eventually move up on rising volume to get past $510 resistance.  At that point I would confidently say we've started a new uptrend.

Until then, no.

[Richy_T]

A few minutes before the rally started nearly all the bids on Bitstamp down to 360 were removed within in a second. Also quite a lot of asks were removed, but far less than bids. I switched over to the trading PC and by then everything was back to normal. Did anyone else catch that? I wonder what that was all about, there were literally only a few dozen coins worth of bids down to 360, basically just a long flat green line (on bitcoinity.org). A bug maybe? But would be a weird coincidence because it happened right before that rally.

About the rally itself: I kinda feel that this was orchestrated by a single entity, probably in order to induce a short squeeze. I doubt very much that this was "organic" buying by people who suddenly all decided to buy in unison. Or maybe I'm wrong and it was caused by a bunch of people buying because of the paypal news, but I doubt it...

I followed the rally early on and decided @ about $415 that someone was trying to squeeze those 11000 shorts out. So I went "picking up pennies in front of the steamroller" - I bought into the askwalls, then set up my own askwalls at a slighty higher price. Worked out well, but I would have been in trouble if the price had reversed suddenly. Bids were very thin, so I wouldn't have been able to sell the coins back at the price I bought them at. Was probably not a good idea, even though I made some profit.

Edit: I'm still all in fiat, and comfortably so. Still bearish in the midterm, and think that the paypal news is overvalued (although it's certainly good news, for the long term).

Chartbuddy didn't catch it so it would have to have been less than a minute.

[blade87]

China wakes up in 4-5 hours.  

love this lol

 

Next up. China bans Paypal?

[btcisreal]

Hahahahahaha I keep laughing at the loser trying to dump down the price the whole time. Try harder bitch

[bassclef]

Maybe insider knowledge of Sonny's capital flight.

[Post-Cosmic]

About the rally itself: I kinda feel that this was orchestrated by a single entity, probably in order to induce a short squeeze. I doubt very much that this was "organic" buying by people who suddenly all decided to buy in unison. Or maybe I'm wrong and it was caused by a bunch of people buying because of the paypal news, but I doubt it...

 Indeed, that was definitely 1 entity, aka inorganic. Doesn't definitely preclude any final short-term outcome towards bullish or bearish however - there's more variables that need to play out yet.

you guys think  this the start to a new bubble?

Would have to dig out of trench around $480 first, then eventually move up on growing volume to get past $510 resistance.  At that point I would confidently say we've started a new uptrend.

Until then, no.

 +2

[ Obvious Booktalk ]

 

[klee]

Maybe insider knowledge of Sonny's capital flight.

How much does he have?

[EuroTrash]

Hmmm i bought a 1 BTC in bitstamp it says they taake 0,50% it should be 0,995BTC but i got 0,99092838 BTC... WTF : /

Your buy has probably been split in a certain amount of smaller buy orders to match the available asks. The fee for each one of them has been rounded up to dollar cents.

[Meuh6879]

WHY IS IT STILL GOING UP???!?!?

because wallet in exchange are empty ... 

[JayJuanGee]

I'm seeing strong buy signals still, bit I'm not ready to pop the champagne yet.

Too many dumpers.
Biggest news this year -> dump the shit out of the market and put up massive ask walls so the price won't go up.

NO matter what, SHROOMIE will find a reason to complain.   

[degold]

Is this spike because of Paypal announcement with bitpay and other exchanges.

[bassclef]

Maybe insider knowledge of Sonny's capital flight.

How much does he have?

BFL has been selling/scamming customers for over a year. I would guess millions but who knows how spread out his assets are. He's been hiding money from the feds for like 20 years so he obviously knows a few tricks.

[fonzie]

It looks like there was more money on Stamp than shown in the orderbook  

Edit: Shorters you can easily cover your red positions if you add MOAR shorts, as this is def. a bulltrap and we´re heading to 200$ in the next days. Easy money!

[degold]

I think we'll see 500 soon.

Yes, we will surely going to see 500 soon.

[klee]

Maybe insider knowledge of Sonny's capital flight.

How much does he have?

BFL has been selling/scamming customers for over a year. I would guess millions but who knows how spread out his assets are. He's been hiding money from the feds for like 20 years so he obviously knows a few tricks.

Let's hope he is not as rookie as Ross and he hides them good - I can't stand another auction drama...

On the other hand thousands of BTC 'lost' is very bullish news