Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17944. (Read 26709771 times)

At last the Chinese dumped (as usually, started at 3.45 am my time, while I was asleep), probably completed the second leg down of A. This took too long and almost made me believe it was truncated.
If I am right and the third leg down is to come, resistance moved to about 6300 CNY. I am expecting a small bounce into that resistance, and sideways for two days, then the third leg down.

Now is price of bitcoin is down to $839. I don't know why people panic due to what happened in China cos the samething happened back in the year 2012 and the Chinese government are doing this to save their currency

It depends on what you expect it to do. If you view the longer-term trend as increasing, then a temporary (mostly artificial) fall is a bear trap. If, on the other hand, expect the long-term trend to be decreasing, then a temporary (mostly artificial) rise is a bull trap.

I think if there was real selling pressure, we'd see this reflected in the order books. There's not too many BTCs on the upside. A few thousand coins take us back to 1000$. On the other hand, it takes multiple that to go down to 700. So, given the positioning and strength of the buys and sells on the order book, I'd say the market expects BTC prices to rise.

That's it, I'm calling it. JJG isn't real. He's a character study in wilful blindness.



Epic.

That is exchange volume, right?  It is not blockchain transactions, so it can be on the exchange or it can be trading amongst themselves because there is no fees.  There was already admissions several years ago that there is a lot of fake volume in china.




It's not the first time that I heard it.    It is a very often repeated theme that places too much emphasis in china.. and tries to connect everything bitcoin related to china.. which is just a bunch of bullshit.

There is a lot of world beyond china.. .and a lot of things going on in the world besides china.

I am not saying that china is not a factor.  I am just saying that there is more going on besides that.


And, again, just because you are reading about others who have these kinds of bullshit and over emphasized theories about china this and china that in regards to bitcoin does not mean that they are giving china it's proper weight (which is likely a whole hell of a lot less than 90% of its fakety trade volume).

Is that what is called a bull trap? I have no idea, I'm not much of a trader.

nah..not gonna guit BTC. But all this China FUD and action there does make a guy wonder if the Chinese Gov't DID just put some controls on
of a modest level to all this and just get it over with ..ugly that it may be..might not be better for BTC in the long run...then 2013 crash
putters along...2016 crash putters along ..with all our eggs in china fever/etc dips and wanes.

If we do get 450 btc again and time warp back to Jan 2016....it would be nice to have some idea of how to control China. (The elephant
in the den)

Just starting to look like a repeat of 2013...with MORE of BTC action miners and buyers/sellers in China then back then. Getting weird again.

Again I know zip. Just broaching my dread/fears. I plan on getting to my 100 btc again hell or high water ( within like 4 btc got equip paid
off roi and it is still doing well ..how I will get such) anyway probably take me 2 months. Sure not getting any more scrypt miners at least
till fall and that will only be for equip depreciation reasons assuming I do make enough mining scrypt to make it worth it (at 3200mh)

fun times.....gets old feeling like a blind man lurching around in the dark groping...in a strip club ...sometimes you score on the exotic dancer...some times
its the bouncer....feels like the result of the latter on my BTC profits All beat the hell up!

Somebody shine a frigging light on already!

Interesting. Very thin on the sell side, pretty strong on the buy side. This is more or less the same across most western exchanges that I just checked.

Too much credit? " Exchanges in China say they account for more than 90 percent of global bitcoin trading"!!! I have also mentioned this evening about the bubble that had formed. Ive read many Technical analysts theories and predictions who support the correlation between btc yuan and a bubble forming. Are you saying this is the first time you've heard of this? really? Ok I guess an "expert" is only an opinion. But do we need an experts opinion to agree on the fact that there is a strong correlation between the yuan/Btc?

Truth be told...If China got BTCC in hand and simply did prudent (like the USA thinks anyway on bitcoin standards) and did the following

1) stopped the 'fake volume' and double buys to yourself and other games on the site.
2) put the coinbase type of controls on moving BTC around
3) had banks note suspicions on BTC (like happened to me in USA) on out of country move of money etc BTC related

Well hell ..if they just did what the USA has done...it may not stop BTC from leaving but damn it sure would slow it down. Add to the fact
of the amount of trading volume according to http://www.fiatleak.com/ well damn....

I mean the Yuan has great 3 days ..down 30% and say 10% of that was a stern letter from Peoples Republic Central Bank.

Does not take a lot of ...looking into the future IF China really wanted to just make noise on the above and FUD we'd be looking at 300 to 500 BTC
sure it would recover...but imho it would be 1/2 of the all time high..say about 500 to 600 and grow more slowly.

NOW if BTCC was OUT of China like some of the other exchanges I would not be sweating this as much.

(i know zip..just what keeps me a wondering and my views..which can change at a whim)

Good stuff i sold at around 1100 

Im ready to start a massive long anytime now

Have you seen fiatleak.com though?  China is a huge portion of the trading volume.  Crazy huge.

Are you trying to assert that the mere fact that something is written in a news article, the prediction, analysis and assertion of causal connection(s) should be deferred to as "expert?"





that's what I am trying to say... omg    

You mean China?

http://www.reuters.com/article/us-global-markets-bitcoin-idUSKBN14P1ID

This is not all about China.

You know as the bitcoin market grows (various network effects) it takes more and more factors to undermine its growth and momentum which also materializes in price, so upwards price pressures are going to continue, even if from time to time there are factors (including china) or other govs that may attempt to "crack down" on bitcoin...

And when you really think about it, a lot of times, gov claims to even be able to crack down on bitcoin are a bit overrated.


You are giving way too much credit to one factor (the chinese connection).  We were due for a correction.. did you see that we have not had any major correction since before the beginning of October (before lower $600s)... .  This correction was due and the chinese connection or whatever may have assisted but it was not the cause..

What is the appeal to authority  "experts"?  Who? 

I think that I agree with the conclusion that the worst of the dump may be done, at least for now. 

I would not call the next few days sideways but likely a trickle up probably to the upper $900s.. There could be a bit of a battle at $1000 but I think we will probably get past that.. and likely the bigger battle this time around will be in the pre-$1,100 territory.... maybe within a week or maybe two weeks....

I come to my tentative conclusions based on recent history in which we pretty much got to where we are on low volume, except for the past three weeks there was an intensifying of trade volume with this current week being the most intense to signify that we are likely entering into a fairly prolonged battle phase that could likely have considerable intensity and volume for many weeks - maybe up to 20 weeks... though it need not be that long, and during that time, we are likely going to continue to witness extreme and unexpected spikes in the price, likely in both directions...


Sure what I say is speculation too, because there are also possibilities of: 1) sideways (like you suggested).. which just does not seem likely based on the fact that we already had considerable downwards and there is likely not agreement about this price point   2) more downward - which also seems less likely because quite a bit has already been accomplished with this downward and we are still in a kind of bull run, so the buying pressure remains or 3) a more rapid bouncing upwards, which also does not seem too likely because a lot of people have likely been scared by this most recent two to three legged downward slaughter.. .. although there could be another attempt at downward in the coming hours.. and then there goes my theory about this being done.... ..

I personally have the sense that the trickle up to $1,100.. with mini battles here and there, is the more likely of the scenarios, but in the end, it does not matter what seems to be the most likely of the scenarios, any of the other less likely scenarios (including sideways as your supposed experts assert) could play out... and then mess up the currently most likely scenario..

It's pretty clear that we had a bubble that needed to pop and a strong 2 day yuan ignited the fire bringing btc down further than it should have. It's an excellent time to buy. In fact it might be one of the very best buying opportunitys we will ever see again. the yuan will continue its weakness now

I think China gov just doesn't want those exchanges to promote bitcoins. Not banning them. Some people just spreading false news on bitcoin banning in China. IMO, it might go up soon. Maybe it's time to get some cheaper bitcoins.

http://www.coindesk.com/chinas-central-bank-restrict-bitcoin-marketing-blockchain/

Who's to say the "warning" was the reason for the sell-off?