Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18207. (Read 26623654 times)

Stamp bearwhale from last year back ?

Wow. That was some mega dump.

It all came back out in seconds flat. 8000 BTC = $5.2 Million dump in 1 minute ?

You don't do that to maximise gain. You do it to quench rallies.

You maybe right, but I've never regarded the US as much more than an idle observer when it comes to bitcoin volume. Technology-wise it's different of course since much, if not most of the developmental work is Western based.

In particular, the entire trading pattern of the last 2.5 years is largely characterised by the two 2013 spikes, one of which ostensibly originated in the Mediteranean Countries (April) and the other in China (December). Even when that bubble burst it co-incided with the Chinese authorities snap-regulating the fiat gateways in that country.

I think the rest of the world just got dragged along for the ride.

I agree the Chinese often lead those pumps. Rarely we see a pump coming from Bitfinex, but I doubt it know after the scandals. Looks like most people moved their coins from there.

Anyway the CNY is indeed dropping like a rock, and this is reflecting in BTC/CNY price for sure.



1W Chart

We can agree to disagree.

Surely, I cannot disagree with accounting for Chinese exchanges, but if you are considering them as "the leaders" you are likely going to be "off," frequently, but do what you like, and surely people can take your analysis with a grain of salt, if they realize that you are looking at the "lead" matter in that kind of way.

Because the American exchanges are meaningless in terms of trend.

They just follow the lead of the Chinese. Always have.

Yuan devaluations get reflected quite quickly in the Bitcoin price.

I have been disinterested for a while as the Core vs Classic vs XT made me leave the kitchen table of a bickering family. I was brought back for a minute after the $780 foothill, but as we ascend again I can't help but feel excited. I've held, and accumulated quite slowly after Gox. The new direction of development is at least stable and more predictable than it was 6 months ago. At the end of the day I just want to pay off student loans (with BTC hopefully) and I have never felt more comfortable holding BTC than I do now, post halving with a bright future to come (cue drop to sub $600  ).

I don't necessarily disagree with either your analysis or your conclusion(s), but why are you using chinese prices and chinese charts and chinese exchanges to discuss this matter?

I agree, exactly. No country is ever going to let a rep from any other country come and personally inspect their Gold vault holdings for complete Proof of Reserve. Never gonna happen. Especially when they are holding some other countries' gold as well.

With Bitcoin, it's easy and transparent.  If you and only you control the private key(s), then you control the bitcoin. So you either have control, or you don't.

And transferring control of Bitcoin is equally trivial. None of this "it'll take another 25 years to repudiate all the Gold back" horseshit.
https://www.rt.com/business/336405-germany-gold-reserves-return/

Interesting.

Tuesday/Wednesday bullrun?

...thats it. We've broken out of that little 3-day correction.

Bears were not able to push it down enough to correct beyond the 4-hour chart which is now about to turn positive again. Lets see what happens now. We need that 5180 for escape velocity.

Feeling a pump coming this week...

Hobular market moves afoot again.

It's reaching for that Oct 23rd 4575 shot. 2-Hour momentum moveing average crossing over. If that pushes the 4-hour chart into the green then it may have a chance.

The expectations are there at least. Alts are dumping.

*****

We're up to 4550 now. 25 to go. Volume coming up....4560...

Can you imagine the enormity of any kind of proof of reserves (POR) in gold, talking physical product - of tons of the stuff? 

And, how do you determine exactly that some of the reserves are not inflated with Tungsten or some similar other kinds of smoke and mirrors? 

Yeah, we got paper gold problems, which involves considerable fractional reserves, too...

And, sure bitcoin has a bit of that fractional reserve stuff going on, but in the end, if push comes to shove POR remains quite a bit easier to get a grasp upon, especially if someone (or entity) were truly wanting to establish some semblance of POR.. or proof of holdings.

Ummm... bitcoin is not just cheaper to audit and POR, but for Gold it is neigh *impossible* to audit/show proof.  Countries can't just call each other's bluff on true Gold reserves (if there even are any) and go take a peek, so everyone is just playing the fractional reserve game of "I'm telling you what we have, so you just have to believe me". Usually at the point of a gun.

It's all bullshit, of course. All the supposed Gold reserves backing all the ETFs are long gone. Probably to the private vaults of the Rothschilds, our evil overlords.

A true worldwide run on Gold (i.e., physical possession) would come up empty for many large and small investors.

I'm not sure Jim, regarding your assessment of "back to sideways." 

Surely, we have some low volume trading in recent weeks, but we gotta look at this price movement in context... The reality of the matter is that a couple of weeks ago we were floating sideways in the lower $600s, and we got a decent upwards pump (on low volume) that little by little (over the span of the past couple of weeks) brought us into the lower $650s-ish.   At the moment, I am considering this upwards price movement to have been about a 7%, as I type.

 This recent move has all occurred on relatively low trade volume and without any meaningful correction...

Accordingly, I am not sure if we can really go sideways in a stable way from this point, and in that regard, I am not really sure about whether we are going up or down, but the price pressures, at the moment, seem to be upwards, even continuing to consider the past 48 hours.

I'm not saying that you are wrong about sideways, that is for sure, because anything is possible, but at this point, sideways seems a bit less likely than other possible scenarios.. especially given the actual context of where we are at, no?  Maybe we could put sideways at less than a 20% chance?  Surely, I am speculating.. but we got some dynamics going on and some attention going on, and there is potentially some building up pressures and considerations by various movers and shakers about potentially employing a strategy, either to attempt to pump or dump this  (timing of this? anyone?)

What happens at $700?  Is it sustainable, or does it go there and come back down to the $630 to $650 range?  Does it go to $700 quickly and come back down, or do we shoot passed $700 into the mid-$700s? 

Surely, it seems that we have various resistance points between here (where we are right now) and up to the upper $700s, and surely it is possible that we could be languishing between lower $600s and upper $700s for months.. maybe 6 months, or maybe longer? 

On the other hand, with enough pumping (and we certainly know that there a variety of folks who would be capable of such pumping) the various BTC price resistance points could melt away like butter and get us into a various interesting upwards cycle and the ramifications that would follow from that would surely be interesting to witness....   

Actually, currently, either bear trolls are being deleted or maybe we are just not witnessing as many bear trolls because they are kind of losing their credibility?  Surely, we see some of the bitcoin is broken big blocker bullshit, but even that nonsense seems to have less and less resonance in recent times, except if you go on r/btc or some of the other nut-job big blocker forums... but even some of those folks seem to be less and less convinced of their own bullshit, no?      

Etalia's post said 4500k btc. That's 4.5M btc. That's why I assumed it was a typo.

It says 4500 Jimbo!  K thousand?