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

[jaberwock]

All weekend it seems like we are about to rise and attack the 400's, but nothing so far.

If we not going up by monday, I doubt we have another way but down

[colour]

[ShroomsKit]

Hmm

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[mah87]

All weekend it seems like we are about to rise and attack the 400's, but nothing so far.

If we not going up by monday, I doubt we have another way but down

we will, while bitcoin will touch 100$ ripple will touch 0.1$

[BlindMayorBitcorn]

All weekend it seems like we are about to rise and attack the 400's, but nothing so far.

If we not going up by monday, I doubt we have another way but down

we will, while bitcoin will touch 100$ ripple will touch 0.1$

 

[ChartBuddy]

Explanation

[jaberwock]

All weekend it seems like we are about to rise and attack the 400's, but nothing so far.

If we not going up by monday, I doubt we have another way but down

we will, while bitcoin will touch 100$ ripple will touch 0.1$

Don't know about ripple price, but since they launched the same coin with different name(Stellar), I doubt anyone thinks it will survive the long run

[jonoiv]

someone just eat the 480 wall on OKcoin.  should be up from here (hopefully)

[mmortal03]

Dat hashrate stability tho?

huh?

The hashrate.. it isnt going up anymore.

Only since last Sunday, and we've seen steeper drops in the hash rate in the past.

[Omikifuse]

someone just eat the 480 wall on OKcoin.  should be up from here (hopefully)

480 wall??

you meant 380 wall or are you a time traveler?

[jonoiv]

someone just eat the 480 wall on OKcoin.  should be up from here (hopefully)

480 wall??

you meant 380 wall or are you a time traveler?

a wall of 480 BTC on OKcoin.  OK coin was the reason it dropped a few dollars this last hour.

[derpinheimer]

Yeah there was a 520 volume spike so 480 sounds reasonable. Didnt see it myself.

[ChartBuddy]

Explanation

[Brewins]

someone just eat the 480 wall on OKcoin.  should be up from here (hopefully)

480 wall??

you meant 380 wall or are you a time traveler?

a wall of 480 BTC on OKcoin.  OK coin was the reason it dropped a few dollars this last hour.

There was a 1k+ order on Huobi Sunday or so.

Meanwhile, according to bitcoinwisdom, Bitstamp got no volume in 1+ hour today

[brg444]

With the leveling of the mining difficulty, inflation of the bitcoin money supply has fallen from 12% to 10% per annum. An instant 20% reduction in the new money supply has huge influence on tipping the equilibrium of the price.

Sure, good point. But I'd assume that rising prices will bring mining operations back in as the profitability of mining increases again, and inflation will pick up again. So I'm not sure if this will help a sustainable rally to develop.

there is a fundamental misconception in your analysis that miners dump the coins they mine on exchanges, effectively putting pressure on the price.

in reality, there is a high probability that most of the mined coins, if sold, are sold in bulk to brokers OFF-exchange. there are numerous brokers out there offering to buy in bulk at a premium and considering privacy issues and exchange slippage it only makes sense for miners to get into supply agreements with them.

having said that, the exchange price is obviously impacted by this business because demand is satisfied elsewhere but this is not the same as selling pressure.

furthermore, in a scenario where price rises, mining operations will not want to sell coins AT ALL. in a bull market, miners are much better off holding on to their coins. therefore, the suggested "inflation" is negligible if not irrelevant as most of the newly minted coins do not reach the market, on or off exchange. in fact, this is exactly what substains rallies : buyers that would otherwise purchase OTC have no other options but to turn to exchanges.

[hyphymikey]

Is the Great Wall of China (Huobi) about to fall?

[abercrombie]

there is a fundamental misconception in your analysis that miners dump the coins they mine on exchanges, effectively putting pressure on the price.

in reality, there is a high probability that most of the mined coins, if sold, are sold in bulk to brokers OFF-exchange. there are numerous brokers out there offering to buy in bulk at a premium and considering privacy issues and exchange slippage it only makes sense for miners to get into supply agreements with them.

Close, but in reality miners sell at a discount to OTC resellers, in cash, to avoid taxes.  This is true for many of the Chinese miners.  

Those OTC resellers turn around, and sell OTC at a premium to clients that want to avoid KYC compliance (no Coinbase, no exchanges).

[touhonoob]

https://i.imgur.com/Ru4m5J2.png

[ChartBuddy]

Explanation