Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 28800. (Read 26686419 times)

You can't. They turned off the ability. Apparently it was used as an attack vector to hack the site or something, so they just disabled the ability for people to update them. I suppose one day they will actually update the website, and you can add one then.

Number of bitcoin addresses (excluding dust) is still around 500,000 if reddit is to be believed. This has a long way to run yet.

The point is that the effect of RMB (or USD) inflation on BTC price is well below the noise level.

BTC could be an alternative in countries with, say, 50% inflation per month; but there USD is usually much more attractive than BTC.

Quick question, how does one add an avatar, I am now a full member but am still getting a red message saying that I am not able to add an avatar.

Yes but currently bitcoin isn't propping up the world economy 

Indeed, it is headlines when USD/RMB drops from 6.14 to 6.22 in a month.  I just saw BTC drop from 620 to 590 in a few minutes...

I think one year from now it won't matter much if you bought at 400, 500 or 600. You'll probably be in the deep profit zone anyway  
Of course, if you're not hodling, it does matter.

The markets are closed in RMB for common mortals, but some people may have channels, e.g. people who run import/export firms.

In any case, since bitcoins can move freely in and out, arbitrage between Chinese and non-Chinese exchanges is possible even if there is no USD/RMB exchange (I gave a simplistic example some time ago).  Which explains why the price is essentially the same in all exchanges in the world, with changes propagating almost instantaneously. Contrast that with the last days of MtGOX, when that market was really isolated, in BTC as well as in dollars.

While the raw percentage above may not mean much, volume in China appears to be correlated with volatility everywhere.  The lull during the Chinese New Year week is one evidence of that, and one can see on the Western exchanges the effect of the Chinese traders going to bed around 18:00 UTC.  Therefore, the fact that the percentage rose from 60% to 90% after MtGOX's collapse is quite significant IMHO.

Higher volume, for whatever cause, seems to make the price more stable on smaller time scales (cehck the 1-minute charts).  It may also mean more liquidity, and this presumably means more weight when dfining the price (like a rotweiler and a poodle on the same leash: the poodle may sometimes lead, but most of the time it will have to go where the other wants to go).

There may be a lot of off-exchange trade, but how do those traders fix the price, if not by the open market? The BIT fund, AFAIK, computes the nominal value of its shares daily from the BTC/USD price at various exchanges.

EDIT: typos

Think you should have sold a while ago already

Neither right now, Id not like to be taking a position at this point , but depends what your in at the moment maybe a re adjust so your not effected whether the next movement is up or down and make a decision later in the day.

if you ask your self buy or sell, it's most of the time buy.

If people sell you should buy to make profit.

I know but would still like a BOT, should I take your reply as "no there is not one" ?

buy or sell 

there is low liquidity on kraken.

Does anyone know of a BOT that will work with the Kraken exchange using API ?

Text book. The last 1 day cross took us from mid $800's to mid $500's.

Yes it is driven by market movements but whale walls and buy can quickly change the short term market sentiment and panic buying ensues.

For example the general market sentiment can be that $600 is a fair price then one whale comes along  and lays down a big bid wall. Then people pull their asks thinking, lets see how high this goes and others pile their bids in front of it. He can then pull his wall and have moved the market without spending a penny. Whats changed here other than people panicking ? Nothing, so ensues a drift back down to where we were before.

The same is true in reverse. Id argue that the general sentiment here is that yes were building for another run up so the long term view is upwards, to the moon etc. But, many traders feel that this has a way to go down yet before that happens.

In regards to the volumes the only time we've seen large volumes in the last week or so have been on big downwards movements. That for me is further confirmation of still being in the triangle of doom from December.

why is LTC so unliked after the hype?

Btw dat 1d Macd..



400$ soon?

There is nothing elitist about not dumbing down. The OED has been subverted by populist young tykes.