Explanation
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28527. (Read 26709122 times)
April 02, 2014, 11:00:38 PM
April 02, 2014, 10:59:39 PM
There's also unprecedented good news. Its legal status is clearer day by day, which makes it a way less risky investment. Plus the Atm's popping up everywhere, the rise of trustworthy exchanges, business (overstock, etc.) realization that Bitcoin might be profitable for them, etc.
The market seems overly pessimistic at the moment, and prefer to drag the dead dog that China has been since January, rather than rejoice of the many good news.
The market seems overly pessimistic at the moment, and prefer to drag the dead dog that China has been since January, rather than rejoice of the many good news.
Quote
I wouldn't call it unprecedented good news. Legal status here is clearer, but not in China. Paying taxes on mining is a step backward. Everything else you named was good, but the bad news overshadows it.
That's because there's no official statement in China but there are new developments coming from each China exchange about payment processing. Until there is a statement, I expect to be new lows.
That's because there's no official statement in China but there are new developments coming from each China exchange about payment processing. Until there is a statement, I expect to be new lows.
But China is just one country. 200 other countries have potential to be interested in Bitcoin. Plus, even in China there will always be a black market for it even if the exchanges becoming illegal.
I agree that China bought use where we are now, but we don't need them anymore. There's enough interest in the U.S. alone to sustain a price well over 1000$ in just a few months (investors need to wait for the market to stabilize)
April 02, 2014, 10:55:26 PM
This is reversal territory. I'd say 50% chance of breaking 400, no more. (today)
The problem chessnut - and this what took me until about a week or two ago to realize - is that there just is not enough fresh fiat coming into the markets to stop the bear market. As a result we are just slow and steadily melting right down through all the "buy" orders between here and $380. Its like watching lava hit the ocean. It falls into the ocean and then a plume of steam rises (takes us up to the nearest fib retracement level) and then another piece of lava carries us back down with it.
And its not showing more resistance, its showing less. After we reached 710, we literally have had almost no buy action. No one wants to buy. No one is buying. And traders who set buys at <$420, then can't make the market go up, they just create the steam we see rising up every once in a while.
Bitcoin may not be cheap again until $250 (or less). You need to really brace yourself for the possibility. Otherwise all you are going to catch short term is steam.
I'm not as bearish as this, but close. Fresh fiat could come in at any time, but it's not likely. Until it does, every bounce is a selling opportunity. We don't know how low it's going to go, but I'm saving MY fresh fiat for AFTER a clear trend reversal. Whales are the only thing that can turn it around. Not even another Cyprus event could change things by itself. I would love to be wrong.
Speaking of Cyprus, NEO and BEE are the perfect example of the chasm we face from going from amatuer hour (Gox) to legitimate bitcoin business (Circle?). Those guys at Neo had a great idea, all kinds of motivation and smarts, a great marketing strategy, yet they couldn't even comprehend the need to be well capitalized. I.D.I.O.T.S. More amatuer hour.
We are just going to have to be patient until the men can come and take bitcoin from the boys.
April 02, 2014, 10:54:44 PM
I have a feeling we might see XPM vs USD pair on BTC-e soon. As much as it went too low, this is just not time to pump it and it's third pump in 2 days. And it just got rid of 32 BTC ask wall.
Oh boy, that would be wonderful, I have 45k of it.
Oh boy, that would be wonderful, I have 45k of it.
April 02, 2014, 10:53:58 PM
TBH I really just think we should stop worrying about these short term things, and just hold your coins, relax, and its common knowledge that the price of bitcoin WILL rise, as the demand will only increase when all coins are mined
Huh? No it's not common knowledge. As much as i want it to rise there is no guarantee whatsoever that it will rise.
April 02, 2014, 10:51:10 PM
This is the first bubble I've observed up close and personal. I'm finding it a teensy bit eerie how closely it's following the script others have laid out...
What's particularly interesting is that many bubbles pop and go to zero. Bitcoin has survived several boom/bust cycles, never going to zero. Indeed each bubble high is higher than the previous, and each bubble low is higher than the previous. It appears, and the hope is, there may be a few more of these cycles before it enters a more solid state on price.
This time is unprecedented bad news though.
There's also unprecedented good news. Its legal status is clearer day by day, which makes it a way less risky investment. Plus the Atm's popping up everywhere, the rise of trustworthy exchanges, business (overstock, etc.) realization that Bitcoin might be profitable for them, etc.
The market seems overly pessimistic at the moment, and prefer to drag the dead dog that China has been since January, rather than rejoice of the many good news.
I wouldn't call it unprecedented good news. Legal status here is clearer, but not in China. Paying taxes on mining is a step backward. Everything else you named was good, but the bad news overshadows it.
That's because there's no official statement in China but there are new developments coming from each China exchange about payment processing. Until there is a statement, I expect to be new lows.
Well put.
Even though Bitcoin is becoming more legitimate...in many ways it's not how anyone imagined it.
April 02, 2014, 10:50:18 PM
This is reversal territory. I'd say 50% chance of breaking 400, no more. (today)
The problem chessnut - and this what took me until about a week or two ago to realize - is that there just is not enough fresh fiat coming into the markets to stop the bear market. As a result we are just slow and steadily melting right down through all the "buy" orders between here and $380. Its like watching lava hit the ocean. It falls into the ocean and then a plume of steam rises (takes us up to the nearest fib retracement level) and then another piece of lava carries us back down with it.
And its not showing more resistance, its showing less. After we reached 710, we literally have had almost no buy action. No one wants to buy. No one is buying. And traders who set buys at <$420, then can't make the market go up, they just create the steam we see rising up every once in a while.
Bitcoin may not be cheap again until $250 (or less). You need to really brace yourself for the possibility. Otherwise all you are going to catch short term is steam.
I'm not as bearish as this, but close. Fresh fiat could come in at any time, but it's not likely. Until it does, every bounce is a selling opportunity. We don't know how low it's going to go, but I'm saving MY fresh fiat for AFTER a clear trend reversal. Whales are the only thing that can turn it around. Not even another Cyprus event could change things by itself. I would love to be wrong.
April 02, 2014, 10:44:48 PM
This is the first bubble I've observed up close and personal. I'm finding it a teensy bit eerie how closely it's following the script others have laid out...
What's particularly interesting is that many bubbles pop and go to zero. Bitcoin has survived several boom/bust cycles, never going to zero. Indeed each bubble high is higher than the previous, and each bubble low is higher than the previous. It appears, and the hope is, there may be a few more of these cycles before it enters a more solid state on price.
This time is unprecedented bad news though.
There's also unprecedented good news. Its legal status is clearer day by day, which makes it a way less risky investment. Plus the Atm's popping up everywhere, the rise of trustworthy exchanges, business (overstock, etc.) realization that Bitcoin might be profitable for them, etc.
The market seems overly pessimistic at the moment, and prefer to drag the dead dog that China has been since January, rather than rejoice of the many good news.
I wouldn't call it unprecedented good news. Legal status here is clearer, but not in China. Paying taxes on mining is a step backward. Everything else you named was good, but the bad news overshadows it.
That's because there's no official statement in China but there are new developments coming from each China exchange about payment processing. Until there is a statement, I expect to be new lows.
April 02, 2014, 10:40:41 PM
I guess huobi will stop for the day around 2250/2100
On Bitstamp i think 400 will hold today and we will have a nice bounce to 450/460 after that
On Bitstamp i think 400 will hold today and we will have a nice bounce to 450/460 after that
I would LOVE for this to happen. If we hit $405 today all my shorts will close and I can short again at $460.
April 02, 2014, 10:39:21 PM
This is reversal territory. I'd say 50% chance of breaking 400, no more. (today)
The problem chessnut - and this what took me until about a week or two ago to realize - is that there just is not enough fresh fiat coming into the markets to stop the bear market. As a result we are just slow and steadily melting right down through all the "buy" orders between here and $380. Its like watching lava hit the ocean. It falls into the ocean and then a plume of steam rises (takes us up to the nearest fib retracement level) and then another piece of lava carries us back down with it.
And its not showing more resistance, its showing less. After we reached 710, we literally have had almost no buy action. No one wants to buy. No one is buying. And traders who set buys at <$420, then can't make the market go up, they just create the steam we see rising up every once in a while.
Bitcoin may not be cheap again until $250 (or less). You need to really brace yourself for the possibility. Otherwise all you are going to catch short term is steam.
April 02, 2014, 10:33:38 PM
TBH I really just think we should stop worrying about these short term things, and just hold your coins, relax, and its common knowledge that the price of bitcoin WILL rise, as the demand will only increase when all coins are mined
Sure but it's always good to increase his stack of coin
April 02, 2014, 10:32:20 PM
TBH I really just think we should stop worrying about these short term things, and just hold your coins, relax, and its common knowledge that the price of bitcoin WILL rise, as the demand will only increase when all coins are mined
April 02, 2014, 10:27:15 PM
I guess huobi will stop for the day around 2250/2100
On Bitstamp i think 400 will hold today and we will have a nice bounce to 450/460 after that
On Bitstamp i think 400 will hold today and we will have a nice bounce to 450/460 after that
April 02, 2014, 10:25:45 PM
This is reversal territory. I'd say 50% chance of breaking 400, no more. (today)
April 02, 2014, 10:19:54 PM
April 02, 2014, 10:19:33 PM
Time to double my money. I'm buying. Next week. Depends.
April 02, 2014, 10:18:46 PM
This is the first bubble I've observed up close and personal. I'm finding it a teensy bit eerie how closely it's following the script others have laid out...
What's particularly interesting is that many bubbles pop and go to zero. Bitcoin has survived several boom/bust cycles, never going to zero. Indeed each bubble high is higher than the previous, and each bubble low is higher than the previous. It appears, and the hope is, there may be a few more of these cycles before it enters a more solid state on price.
This time is unprecedented bad news though.
There's also unprecedented good news. Its legal status is clearer day by day, which makes it a way less risky investment. Plus the Atm's popping up everywhere, the rise of trustworthy exchanges, business (overstock, etc.) realization that Bitcoin might be profitable for them, etc.
The market seems overly pessimistic at the moment, and prefer to drag the dead dog that China has been since January, rather than rejoice of the many good news.
April 02, 2014, 10:15:34 PM
This is the first bubble I've observed up close and personal. I'm finding it a teensy bit eerie how closely it's following the script others have laid out...
What's particularly interesting is that many bubbles pop and go to zero. Bitcoin has survived several boom/bust cycles, never going to zero. Indeed each bubble high is higher than the previous, and each bubble low is higher than the previous. It appears, and the hope is, there may be a few more of these cycles before it enters a more solid state on price.
This time is unprecedented bad news though.
April 02, 2014, 10:11:53 PM
I believe I am not alone.
you are one of the last permabull
there are a lot of permabulls or something close to a permabull in this thread.. and label or NOT I agree with Peter R's statement.. I am sure a lot of others agree with Peter R's statement, also... so lots of permabulls.. if that is the right term for his statement... Just because the forum is littered with naysayers and trolls during a downswing in prices, does NOT mean that bull sentiment does NOT remain ...
April 02, 2014, 10:10:10 PM
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