Something's got to give in the next few days

[Unluckyduck]

No-one is gonna shift in the next few days but perhaps in the coming weeks we'll see some movement. The stability has been kinda nice though.

[byronbb]

Those who believe TA is bogus probably believe fundamentals determine price. But how can one believe that fundamentals determine price and yet price does not reflect fundamentals? TA is a legit perspective of fundamentals. Furthermore price/time alongside simple laws of economics is in fact a wave system that can be described by science.

TA is not "bogus", but it is commonly over-rated by users, imo. The most useful signals are sometimes the ones that are "false", since you can get good traders caught by surprise and a huge move in the other direction.

Exactly. Very easy to draw lines on a chart that seem to work until they don't. If you can get the majority of market players to believe in a TA setup then you do the opposite.

[segeln]

Those who believe TA is bogus probably believe fundamentals determine price. But how can one believe that fundamentals determine price and yet price does not reflect fundamentals? TA is a legit perspective of fundamentals. Furthermore price/time alongside simple laws of economics is in fact a wave system that can be described by science.

+1

[Pepin]

Uh-oh! Price fluctuations are reaching a singularity! Based on the quantum economic theory, within days we will see prices ranging from $0.01 to $1,000,000,000.... EVERY SECOND!

[zimmah]

No-one is gonna shift in the next few days but perhaps in the coming weeks we'll see some movement. The stability has been kinda nice though.

Actually looking back at the previous trends, every time the price has stabilized it was immediatly followed by a large spike in price.

[Wilhelm]

Looking at BTC-e there are a few big buy/sell walls around this price.
Assuming these are real walls some whales are trying to force bitcoin into a narrow price band to make money on small fluctuations.

The sell wall is BTC238 @ $441 and the buy wall is BTC62 @ $439.3

In my opinion it will have to break in the oncoming days. Since I believe bitcoin wants to go up it will take some days to eat away those BTC238.

[piramida]

Looking at BTC-e there are a few big buy/sell walls around this price.
Assuming these are real walls some whales are trying to force bitcoin into a narrow price band to make money on small fluctuations.

The sell wall is BTC238 @ $441 and the buy wall is BTC62 @ $439.3

In my opinion it will have to break in the oncoming days. Since I believe bitcoin wants to go up it will take some days to eat away those BTC238.

Really? Now your usual range trading with 100k is a whale wall somehow? That's not even a shark, just somebody making themselves some lunch money.

[ElectricMucus]

walls on btc-e can be deceptive because they hide the orderbook top and down of the price.

[Wilhelm]

Looking at BTC-e there are a few big buy/sell walls around this price.
Assuming these are real walls some whales are trying to force bitcoin into a narrow price band to make money on small fluctuations.

The sell wall is BTC238 @ $441 and the buy wall is BTC62 @ $439.3

In my opinion it will have to break in the oncoming days. Since I believe bitcoin wants to go up it will take some days to eat away those BTC238.

Really? Now your usual range trading with 100k is a whale wall somehow? That's not even a shark, just somebody making themselves some lunch money.

I don't really fully understand your comment.

Yes whales usually are bigger but with the current volume levels 238 BTC (100k) is a significant amount of money in my opinion.
Yes trading in such a small band will only earn you lunch money. But many little profits can amount to big profits.

[Wilhelm]

walls on btc-e can be deceptive because they hide the orderbook top and down of the price.

True and sometimes walls have the tendency to vanish since they don't actually want to sell/buy :-)

[tuneman1980]

Yeah, historical price volatility keeps dropping.  http://cryptocoinstats.com/volatilitytracker.php

[CoinRocka]

The quicker bitcoin gets to a million dollars per, the better everyone will be   

[Wilhelm]

The quicker bitcoin gets to a million dollars per, the better everyone will be   

True but I will be living in a nice house well before that day

[piramida]

Looking at BTC-e there are a few big buy/sell walls around this price.
Assuming these are real walls some whales are trying to force bitcoin into a narrow price band to make money on small fluctuations.

The sell wall is BTC238 @ $441 and the buy wall is BTC62 @ $439.3

In my opinion it will have to break in the oncoming days. Since I believe bitcoin wants to go up it will take some days to eat away those BTC238.

Really? Now your usual range trading with 100k is a whale wall somehow? That's not even a shark, just somebody making themselves some lunch money.

I don't really fully understand your comment.

I understood that you are implying that some whale is manipulating the price into a narrow band with a 200 btc order Unless our definition of whale differs, this is just some guy trying to earn hundred dollars on what little volatility there is left. And of course, any real move by a whale whale would be in thousands of coins at once, instantly eating through this little "walls" on all exchanges.

[NotLambchop]

...
Is it unethical to sell something that doesnt exist to someone who believes it exists? ...

Not at all.  Done on the securities forum all the time.

[Wilhelm]

Looking at BTC-e there are a few big buy/sell walls around this price.
Assuming these are real walls some whales are trying to force bitcoin into a narrow price band to make money on small fluctuations.

The sell wall is BTC238 @ $441 and the buy wall is BTC62 @ $439.3

In my opinion it will have to break in the oncoming days. Since I believe bitcoin wants to go up it will take some days to eat away those BTC238.

Really? Now your usual range trading with 100k is a whale wall somehow? That's not even a shark, just somebody making themselves some lunch money.

I don't really fully understand your comment.

I understood that you are implying that some whale is manipulating the price into a narrow band with a 200 btc order Unless our definition of whale differs, this is just some guy trying to earn hundred dollars on what little volatility there is left. And of course, any real move by a whale whale would be in thousands of coins at once, instantly eating through this little "walls" on all exchanges.

Yes you are correct our definition of whale is different.

Whale Definition:
In sales terminology, a whale is a prospect at least 10 times larger than your average sale.

Since the average sale in the current market is <1 BTC I find someone putting up a 200+ BTC wall a whale.

[piramida]

Yes you are correct our definition of whale is different.

Whale Definition:
In sales terminology, a whale is a prospect at least 10 times larger than your average sale.

Since the average sale in the current market is <1 BTC I find someone putting up a 200+ BTC wall a whale.

Then mostly everybody here is a whale, nice But why you are using sales terminology, one thing is hunting a contract 10 times your average one, the other thing is trading commodity where 0.1 btc bots dominate the market. Any noticeable market moves at these price levels can be achieved starting from 2-3k BTC, anything below that is noise - call it whale noise if you like, does not change a fact that it is irrelevant

[serenitys]

Questions

1. What's a wall and where is it? (Or, I guess how do you know what/where it is looking at any chart?)
2. I looked at bitcoinwisdom chart and see a white line downward and a tan line upward that theoretically will converge at some point. How do you read that and what do those lines/colors represent?
3. Re above, on the convergence point - is this what you mean also when you refer to the lines crossing? Is it based on the time frames from before, like reading by the months you calculate a timeframe for when they will cross and is why people think mid to late summer is when things get active either direction?
4. What happens if the lines don't intersect anytime soon and it just kind of flatlines?
5. Is it possible to just buy/sell (day trading wise) with 1 or 2 btc at a time or is day trading done with way way more funds as a rule?

Finally, the fun one:

6. let's say we all wake up tomorrow and nothing noteworthy has happened, no wars, storms, collapses...it's just a non eventful news day but the btc charts show the price has plummeted to $30 with a downward trend. How would you read that or react? Would something like a serious drop to less than $50 change your opinion on the overall worth and viability of bitcoin tech and as a currency?

Thanks 

[Benjig]

This summer will be quiet.. but in the fall the action will begin

[JimboToronto]

Religious fanatics are hilarious! 

Indeed. Especially those who follow the zany doctrines of religious leaders like Jimmy Jones, Ralph Nelson Elliott or Sun Myung Moon.

Totally hilarious.