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

[billyjoeallen]

There has been a pattern that has repeated three times in this bear market and is in the process of repeating again, where there is a crash, a bounce, a pause, a spike, a second bounce at a much higher level and then a slow dissipation of all upward momentum leading to the next crash. We are in the dissipation period now. The key thing to watch for is the volume as the price approaches support levels on the way down. Low volume= very bad. Stay in cash even if you close your short positions. High volume means the possibility of a double bottom.

I've lost a few houses worth of money identifying this pattern, so a wise person should learn from my mistakes. The fact that it was money I made on the way up is some consolation. Still, opportunity lost is opportunity lost.

you are short now?

For the first time in four years, I am margin short and looking for slightly higher prices just to sell more on margin. I have the ability to sell a lot more. It's gonna have to get worse before it gets much better.

Why does it have to get a lot worse? There has been a nearly one year long bear market already. The price is barely a third of the previous high even now.

1w macd about to go green.

Good luck shorting!

It has to get worse because of us! Good traders buy low and sell high, reducing volatility. We bought too high and increased volatility, scaring away the hedge funds and big money that was supposed to fuel the next rally. Bitcoin is a medium of exchange and a unit of account, but thanks to those of us who sold far too little at the top, it is a piss poor store of value. We didn't have enough profits to re-invest during the bear market. I blame myself among others.

[inca]

There has been a pattern that has repeated three times in this bear market and is in the process of repeating again, where there is a crash, a bounce, a pause, a spike, a second bounce at a much higher level and then a slow dissipation of all upward momentum leading to the next crash. We are in the dissipation period now. The key thing to watch for is the volume as the price approaches support levels on the way down. Low volume= very bad. Stay in cash even if you close your short positions. High volume means the possibility of a double bottom.

I've lost a few houses worth of money identifying this pattern, so a wise person should learn from my mistakes. The fact that it was money I made on the way up is some consolation. Still, opportunity lost is opportunity lost.

you are short now?

For the first time in four years, I am margin short and looking for slightly higher prices just to sell more on margin. I have the ability to sell a lot more. It's gonna have to get worse before it gets much better.

Why does it have to get a lot worse? There has been a nearly one year long bear market already. The price is barely a third of the previous high even now.

1w macd about to go green.

Good luck shorting!

It has to get worse because of us! Good traders buy low and sell high, reducing volatility. We bought too high and increased volatility, scaring away the hedge funds and big money that was supposed to fuel the next rally. Bitcoin is a medium of exchange and a unit of account, but thanks to those of us who sold far too little at the top, it is a piss poor store of value. We didn't have enough profits to re-invest during the bear market. I blame myself among others.

Either the price of btc rises significantly in the next 24 months or it fails. I see no signs of failure so far.

[billyjoeallen]

Either the price of btc rises significantly in the next 24 months or it fails. I see no signs of failure so far.

I agree. I'm still a long term bull, or I'd be dumping my cold storage also and not just my trading stash. 24 months is an eternity in bitcoin time. A lot can happen between now and then.

[ChartBuddy]

Explanation

[grappa_barricata]

Either the price of btc rises significantly in the next 24 months or it fails.

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

[birr]

Either the price of btc rises significantly in the next 24 months or it fails.

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

[grappa_barricata]

Either the price of btc rises significantly in the next 24 months or it fails.

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

The future bitcoin network, the leftmost is learning SHA-256 by heart.

[ChartBuddy]

Explanation

[cbeast]

Either the price of btc rises significantly in the next 24 months or it fails.

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

The future bitcoin network, the leftmost is learning SHA-256 by heart.

You misunderstand. The monks use a retrovirus to encode the blockchain into their DNA which can hold 700 terabytes per gram.

[grappa_barricata]

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

The future bitcoin network, the leftmost is learning SHA-256 by heart.

You misunderstand. The monks use a retrovirus to encode the blockchain into their DNA which can hold 700 terabytes per gram.

lol
i was thinking about the bandwidth rate for a gong... 0.1 bit/second maybe... or they can use TCP-over-pigeons...

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[JimboToronto]

The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

[ChartBuddy]

Explanation

[Torque]

Amazing that a worldwide exchange market can just be completely stopped from all trading whatsoever by a few whales.

[BlindMayorBitcorn]

Amazing that a worldwide exchange market can just be completely stopped from all trading whatsoever by a few whales.

Is that what's happening here?

[ChartBuddy]

Explanation

[noobtrader]

Amazing that a worldwide exchange market can just be completely stopped from all trading whatsoever by a few whales.

Is that what's happening here?

this proves that bitcoin is still immature. so few adopter.

[Nicholas-Carraway]

Amazing that a worldwide exchange market can just be completely stopped from all trading whatsoever by a few whales.

Is that what's happening here?

If so it's a real shame, because it's possible that the people who own almost all of the bitcoins want to own absolutely all of the bitcoins and that would sorta take all the fun away.

(stupid humans..)

[cryyptc]

Either the price of btc rises significantly in the next 24 months or it fails.

Why? The bitcoin network can run on 3 Tibetan monks with abacuses.

Yes, but which three?

The future bitcoin network, the leftmost is learning SHA-256 by heart.

obviously china has a long history of banning bitcoin "miners">> http://en.wikipedia.org/wiki/Persecution_of_Buddhists