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

[mmitech]

I think we will see 320-350 before the weekend...circle came in rescue for today, otherwise we would've seen $350 easily.

[adamstgBit]

I think we will see 320-350 before the weekend...circle came in rescue for today, otherwise we would've seen $350 easily.

you got it all wrong

dumps happened because circle came out and price did not immediately shoot to the moon.

well be at 410 by thursday...

[Davyd05]

...
well idk, looking at volume again now... hmm idk... wtv, if china ran 10% above stamps, stamps would fallow, and if stamps ran 10% lower then chain chain would fallow...

I take it back, they all follow each other...

Does my head in too Looks like they've found bottom though, guess it comes down to being able to move fiat out if that's the case 'cos I don't think that whale has much use for yuan.

Usually bitstamp is dwarfed by the volume of the Asian exchanges, I mean it's easily explained by more 0% trading exchange in China. So my original statement of Huobi volume was that no1 made plays on the stamp move it somewhat followed perhaps arbitrage bots .. not really thinking too deeply atm.

I hate being so tinfoil hat mode that that I was about to be happy about seeing more chunks in 10s 20s the odd 50s then people buying 300+ btc chunks.  Same people could just be buying in smaller chunks

I would like to believe small frys are taking bites in the cheaper prices.

[JayJuanGee]

I think Adam was right about circle, looks like there's regular buys started on bitfinex.

I doubt that there have been very many buys on Circle. 

I signed up for a circle account, and to verify my bank account will take 2-3 days.

Of course, I could buy immediately with a credit card, but I am NOT going to buy with a credit card b/c I am NOT going to take the chance of paying outrageous cash advance fees (which are likely through my CC).


Accordingly, IMHBO it will take a few days before the mass adoption of Circle will result in actual purchasing of coins.

I was able to link a debit card to my Circle account. I haven't made a purchase yet but I'm sure others have used this type of card successfully

Maybe you are correct?  Maybe debit cards do NOT have fees?  I never really thought about trying that... but if others do that, then, sure,  that could cause some immediate buying.

[sidhujag]

expecting a price rise because LTC is holding steady... maybe $600 this time.

[Davyd05]

using interac online I get nicked with a 1.50$ deposit fee for 500 daily limit @ CaVirtEx ...would be interesting to see if Circle works via the same interac network and the fee structures for Canadian users.

[JorgeStolfi]

Even CoinDesk is now desperately trying to pump up the price..
www.coindesk.com/predicting-bitcoins-next-price-rise/

From that article:

Other hypotheses have ranged [ ... ]  to the even more unlikely explanation by the Wall Street Journal last week that Chinese citizens may be converting RMB to USD via offshore bitcoin trades.

In practice, [ ... ] converting out of RMB in the way that the WSJ reporters speculated would be impossible without Beijing officials noting the yawning gap in underlying yuan outflows on bitcoin exchanges, especially given how closely such activities are monitored on the mainland already.

Methinks Coindesk is confused here.  If a Chinese citizen buys bitcoins from another Chinese citizen at OKCoin with yuan (=RMB,CNY), moves them to Bitstamp, and sells them to a Westerner for dollars, there is no yuan outflow.  The yuan stay in China.  The net effect, as far as the PBoC is concerned, is that some dollars in some Western bank become property of a Chinese citizen.  That is good for China.

What the PBoC does not like is Chinese citizens taking too many yuan out China and exchanging them for dollars.  That would allow foreign banks to accumulate yuan, and then presumably do bad things to Chinese economy, somehow.

(In the former scenario there is an outflow of bitcoins, but for the PBoC they are worthless nothings; if foreigners are willing to pay dollars for them, it is the Western governments' problem, not theirs.)

[ChartBuddy]

Explanation

[adamstgBit]

everyone is dumped out for today come on price just moved up

start dumping again!

[Richy_T]

I think we will see 320-350 before the weekend...circle came in rescue for today, otherwise we would've seen $350 easily.

you got it all wrong

dumps happened because circle came out and price did not immediately shoot to the moon.

well be at 410 by thursday...

Bitcoin is currently a dump & pump scheme.

[adamstgBit]

[sidhujag]

Dogecoin will fall once Chinese get out and back into btsx from where they came before this pump.

[JorgeStolfi]

Not even the western governments, nothing is changed there either, the only thing its effects is the forex markets.

Indeed, the dollars do not move to China either, they stay in Western banks.  But they become property of Chinese citizens.

Assuming Chinese citizens own the majority of the hashpower, bitcoin is just another export product that adds to China's export revenue.

The reverse was true in 2013, when Chinese citizens were buying bitcoins from outside China like crazy.  Presumably they had to change yuan into dollars (or yen, etc.) to do that.   Perhaps that surge in currency exchange was one of the motivations for the Chinese government's decree in Dec/2013.

(One of my theories for the MtGOX collapse is that "Markus" and "Willy" were buying coins from MtGOX clients with virtual dollars and selling them in China, counting on getting the money out of China eventually; but the plan was foiled by the December decrees (which led BTC-China and OKCoin to lose their bank accounts) and/or by the subsequent BTC price drop.)

[Room101]

So who believes it will break the previous $340 low of April? I think? If it does then not much to stop it falling a lot further.

[Erdogan]

Honestly this is the question we don't know for sure the answer, but we know that they are not selling off (going out of BTC) - it would be much more simple and much more profitable to sell it on OTC - even 50k+ coins. But much more believable is, that they want to accumulate cheap (maybe even through cheap OTC bulk buys) and rinse & repeat the bubble. Being end goal BTC at 0 is low probability, cause they were probably early in the game and understand the things well, this would be possible only in the case if someone is doing this who doesn't want BTC to succeed (banks, gvt...). Or if these coins are stolen and they really have xxx.000 BTC (but probably exchanges would get them). But all this killing BTC in imo less than 10% chance.

And remember - China is not the cause of all this rise and fall, its the tool.

My theory is that they want to push to 350, but not much lower. Lower towards $200s will encourage longer-term holders to sell, and of course the whales need them as support on the way up. Their dumps are getting smaller as the price gets lower. They were rejected @ 375 and will have to spend considerably more coin to knock the price down.

They don't dump anymore, they just dump in mostly their own walls and when price is high (paypal push). They control the sentiment and orderbooks and price action so others sell for them. Do you think they care if price is $100 for two days so they can get XX.000 BTC and they push it to 500 in the next two days. Its all about their plan. To bad we don't know what it is.

But there is the question of loss of confidence. If they want this cash cow to remain profitable in the coming years (and they absolutely do want this) then a dip into $100s isn't exactly good for PR. Besides they'll have to risk a lot more to get there.

I'm not saying 100 is the plan, but that if they planned this, it is simple to do. When price will be at 1000s few months later, x00 won't matter anymore, just the next moon and fresh money to be milked again.

On a long-term chart a dip like that would look bad to technical analysts, who make up a big portion of their help during large moves. It would be in their interest to keep the trendline intact. Surely they understand the implications of this technology, regardless of their heartlessness and greed in the short term.

Not saying 100-200 can't happen either, but I'd like to think that they can't control every aspect of the market across all exchanges, especially with exponential adoption and exchanges popping up everywhere.

There are no THEY. The experts are YOU.

[adamstgBit]

So who believes it will break the previous $340 low of April? I think? If it does then not much to stop it falling a lot further.

lets ask the magic 8 ball.

"Outlook Good"

well there you have it!

[BitChick]

So who believes it will break the previous $340 low of April? I think? If it does then not much to stop it falling a lot further.

lets ask the magic 8 ball.

"Outlook Good"

well there you have it!

Several years ago my husband was at work and they were discussing which email client they should sign up with.  They were having trouble deciding which one to choose so he shook the magic 8 ball on the desk and saying, "Should we go with Microsoft?"  The ball said, "Outlook Good."  True story!   

[adamstgBit]

So who believes it will break the previous $340 low of April? I think? If it does then not much to stop it falling a lot further.

lets ask the magic 8 ball.

"Outlook Good"

well there you have it!

Several years ago my husband was at work and they were discussing which email client they should sign up with.  They were having trouble deciding which one to choose so he shook the magic 8 ball on the desk and saying, "Should we go with Microsoft?"  The ball said, "Outlook Good."  True story!   

lol

"Outlook Good."

magic 8 ball really works!

[adamstgBit]

375 . Still Cheap Like dirt

[BBmmBB]

So who believes it will break the previous $340 low of April? I think? If it does then not much to stop it falling a lot further.

lets ask the magic 8 ball.

"Outlook Good"

well there you have it!

THE MAJIK8 BTCALL NEVER LIES!