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

[janos666]

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly sell them for fiat [and you don't instant rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

But if it keeps going on (merchants continue accepting BTC and some people pick up the habit of paying with BTC while they are effectively just dumping their old coins via merchants) there will be an inflexion point where one must buy fresh BTC in order to be able to spend it (the old stash will run out otherwise; or actually run out but that at least means a stop of merchant dumping).

[JimboToronto]

Interesting how popularity of this forum is so correlated with the price.
Meaning, people are more interested in bitcoin while it is more expensive than while it's cheap. Isn't that ironic?

Does that mean they're not truly interested in bitcoin, but only in dollars?

Only if they're traders.

The "Bitcoin cultists" and early adopters, who tend to be hoarders, generally want to see the price rise.

[elasticband]

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly dump them for fiat [and you don't instantly rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

will add this as i posted it earlier today in another thread

I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something.


example: http://www.mensocks.nl/ - these people accept bitcoin locally instore, mainly because they are friends with a local bitcoiner. I can almost tell you straight up that no person goes to a local bitcoin ATM machine pays 7% premium above market price, then takes these BTC and spends them on something which they could have just bought with their euro without having to pay 7% to buy BTC.

The only people who buy socks there using bitcoin are people who already owned bitcoin. No buy pressure only sell pressure.

Apart from retailers who ONLY accept bitcoin for their produce i find it hard to believe joe bloggs would go buy bitcoin and then use this to buy something he can normally buy with fiat. Bitpay is a tool for bitcoin holders to spend their bitcoin and push the price down, probably set out by rothschild types.

edit: another local example - https://www.thuisbezorgd.nl/en/. food delivery from almost every takeaway restaurant in the netherlands. via proxy almost all food delivery accept bitcoin. do the stores ever see a bitcoin...... nope.

would joe bloggs go buy some bitcoin to order his pizza when he can do it quicker and easier with cash or credit card. the only people i know spending BTC on https://www.thuisbezorgd.nl/en/ are people who hold BTC.
 

[findftp]

I did some crystal ball analysis today and came to the conclusion that I should stop buying bitcoin because we probably go to around $100
Earlier today I even thought it would be around 200 but my crystal ball came up with a new number just minutes ago.
Lets hold them coins and only buy new ones at 100  You'll get 3 times more than with current prices!

[janos666]

Poll suggestion: <=315$ in 24<t<48 hours?

[Newbie1022]

Poll suggestion: <=315$ in 24<t<48 hours?

Absent ETF, and maybe even if, this s--- is falling off the table in the next 48 hours. 266 or below would be a good a survey question.

Note: this assumes some sort of flash crash or at least culling of some long positions along the way... otherwise, that type of drop in a short period of time would be absurd.

[dakota neat]

Poll suggestion: <=315$ in 24<t<48 hours?

>=330$ next week

[Moria843]

What do you guys think about the lack of asks in the books? The ask side is totally flat on both Stamp and Finex - no walls, no even small ramps - only the Chinese exchanges seem to have some kind of balanced book.

That means there are a lot more buyers (bids) than there are sellers (ask) at the current price. A bullish sign, but my Ouija board could be wrong.

[ChartBuddy]

Explanation

[Tzupy]

I did some crystal ball analysis today and came to the conclusion that I should stop buying bitcoin because we probably go to around $100
Earlier today I even thought it would be around 200 but my crystal ball came up with a new number just minutes ago.
Lets hold them coins and only buy new ones at 100  You'll get 3 times more than with current prices!

Careful with the reverse psychology, you may jinx it. I hope it won't drop down to 100$, because it would undermine my future trading profitability.

[janos666]

Poll suggestion: <=315$ in 24<t<48 hours?

Absent ETF, and maybe even if, this s--- is falling off the table in the next 48 hours. 266 or below would be a good a survey question.

Note: this assumes some sort of flash crash or at least culling of some long positions along the way... otherwise, that type of drop in a short period of time would be absurd.

Well, I didn't want to go as far as predicting what might happens next if the invisible wall around ~315$ gets breached. I don't try to predict the events of a future chaos. I am happy if I can tell chaos is coming or gets dodged.

[Erdogan]

Interesting how popularity of this forum is so correlated with the price.
Meaning, people are more interested in bitcoin while it is more expensive than while it's cheap. Isn't that ironic?

Does that mean they're not truly interested in bitcoin, but only in dollars?

They don't understand that in the minds of millions of users and potential users, the value grows as we speak, and this will be expressed on the exchanges when those people get their fingers out of their asses, and place bids.

[Fatman3001]

Of course there are exeptions but I think on average my statement is true, which again begs the question: "why would a majority of them choose to buy a depreciating asset with no other use case than speculation?"

That question is important, because if it can´t be satisfactorily answered it kind of looks like we are all waiting for the richest 1% of the global population to have a stroke simultaneously, and that might be unlikely.

Rich people can do dumb things, and get caught up in the emotion of excitement and greed, just like anyone else.

Because a majority of those rich people investing in bitcoin are caught up in the emotion of excitement and greed, just like many others.

It's a cash grab for most investors. They don't care about the technology or the ideology regarding bitcoin. They just want to hopefully line their pockets some more on the backs of greater fools.

So the future of Bitcoin IS reliant on rich people being near-brain-damage-daft or have a simultaneous stroke. Nice to know.

[NotLambchop]

...the value grows as we speak, and this will be expressed on the exchanges when those people get their fingers out of their asses, and place bids.

As we speak, millions of shitstained fingers are reaching for the "buy" button.

You May Have Already Won!

[octaft]

So the future of Bitcoin IS reliant on rich people being near-brain-damage-daft or have a simultaneous stroke. Nice to know.

Well if you define the future as "super high prices," it's most likely going to involve a lot of suckers, sure. Whether they're a handful of rich suckers or a truckload of middle-class suckers doesn't make much difference.

[DieJohnny]

Price has to get so comfortable above 300 or at some consolidation point that nobody is waiting anymore for a drop, not sure when that is going to happen.

To many people still have memories of $60 coins, those memories have to fade into oblivion.

Can we go as low as 275 again, maybe, but i feel that is most certainly the floor, anyone that is bullish at all will buy all they can at that price including myself.

[Omikifuse]

Explanation

Orderbook is exactly like:



Will that means we are up or nowhere but down?

Only certain thing is that the next 24 hours are decisive

[Fatman3001]

So the future of Bitcoin IS reliant on rich people being near-brain-damage-daft or have a simultaneous stroke. Nice to know.

Well if you define the future as "super high prices," it's most likely going to involve a lot of suckers, sure. Whether they're a handful of rich suckers or a truckload of middle-class suckers doesn't make much difference.

If XBT is going to work as a currency or a store of value then it needs to be able to handle multiple daily near instant XBT/fiat conversions on the order of at least $10 million without the price fluctuating wildly (more than 0.5%). For that to happen you need high XBT prices and high volume. Of course you could say that the destiny for XBT is to enable kids to buy apps and ring tones to their phones without their mums VISA, but that is hardly what Bitcoin was supposed to be.

[Walsoraj]

http://www.cnbc.com/id/102146894 (Yantra Financial Tech)

BTC This is gonna be huge and bullish as fuck! BTC

[Omikifuse]

http://www.cnbc.com/id/102146894 (Yantra Financial Tech)

BTC This is gonna be huge and bullish as fuck! BTC

Nothing is bullish anymore on Bitcoin world

We are $100 below the price when Paypal announced the bitcoin stufff