Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31130.

micalith

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Quote from: gizmoh on December 06, 2013, 05:52:23 AM

Quote from: solex on December 06, 2013, 05:21:30 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

And meanwhile Stamp chews through $1000 yet again. Bitcoin chews up TA as well.

when TA doesn't look good and fear the tide may turn, those big whales who follow TA will want to realize that profit. That is why bulls are getting beaten on every rally they try to make since yesterday. 1100 is still resisting..

Not so sure it's down to resistance so much as the general meandering of indecisive sideways motion. If/when that tiny wall at 1100 finally drops, I would expect a gradual rally acceleration

edit: worst timed post ever! Embarrassed

maz

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Quote from: rpietila on December 06, 2013, 06:29:33 AM

Quote from: seleme on December 06, 2013, 06:11:43 AM

I don't give a shit about owning 5 or 10 bitcoins. I'll have hundreds of them or none.

So you don't "give a shit" to be among 10,000-30,000 world's richest. Top 100 or top 300 is the way to go. Yes, you seem to be a megalomaniac and a player. I think I could easily adapt to any of the levels, as could most of us.

Quote from: rpietila on November 26, 2013, 03:34:10 PM

* top 30 would have BTC5,000 or more (100 billion USD)
* top 300 would have BTC500 or more (10 billion USD)
* top 3,000 would have BTC50 or more (1 billion USD)
* the top 29,000 people would have 5,000mBTC or more, a huge fortune comparable to 100 million of today's dollars.
* the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars
* 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires'
* the upper middle class of 350 million people worldwide, owns 5mBTC or more
* lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more
* the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth.

I like your way of breaking it down.

I have been advocating to new comers to strive to attain the Bitcoin Millionth Club. Basically you need to own 21 btc, this will make you 1 in a million people on the earth who could possibly own 1 million of all future available bitcoins. Obviously we know the numbers will be massively different due to mining time and bitcoin loss over the years, but its an attainable number and would offer massive wealth in the future. Imagine you owned 1 millionth of several of the worlds largest countries currency? Happy days!

TERA

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Discovering margin trading helped a lot too. I don't even really have to sell or think about when to sell my core position. I just wait for any kind of a sharp drop and then as soon as high volume support starts kicking in I buy a huge margin position using my btc as collateral. Then as soon as the immediate bounce is over I close the position, take the ~15% profit, and buy more bitcoins to add to my core position. I might not be getting the most profit on the margin position possible but it covers my ass both in event of an uptrend or a downtrend. It's kind of a compromise between buy and hold, since I'm never actually selling any 'real' bitcoins.

BitThink

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Quote from: TERA on December 06, 2013, 06:33:37 AM

Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

I now have 50 times as many bitcoins as I did in April. No deposits. Yes I am up 25,000%.

It might not be due to TA though, but more about quick reactions and having a feeling about the flow the order books are moving in and when they're reversing.

Maybe you are the one behind coin.io scandal, or you are the guy turn JustDice to negative?

Otherwise, you doubled your coin every month for a row for 8 months. That can be a record.

TERA

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Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

I now have 50 times as many bitcoins as I did in April. No deposits. Yes I am up 25,000%.

It might not be due to TA though, but more about quick reactions and having a feeling about the flow the order books are moving in and when they're reversing.

rpietila

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Quote from: seleme on December 06, 2013, 06:11:43 AM

I don't give a shit about owning 5 or 10 bitcoins. I'll have hundreds of them or none.

So you don't "give a shit" to be among 10,000-30,000 world's richest. Top 100 or top 300 is the way to go. Yes, you seem to be a megalomaniac and a player. I think I could easily adapt to any of the levels, as could most of us.

Quote from: rpietila on November 26, 2013, 03:34:10 PM

* top 30 would have BTC5,000 or more (100 billion USD)
* top 300 would have BTC500 or more (10 billion USD)
* top 3,000 would have BTC50 or more (1 billion USD)
* the top 29,000 people would have 5,000mBTC or more, a huge fortune comparable to 100 million of today's dollars.
* the top 1 million people would have 500mBTC or more, corresponding to 10 million or more dollars
* 29 million people have at least 50mBTC, which puts them among the most affluent 0.6%, previously called 'millionaires'
* the upper middle class of 350 million people worldwide, owns 5mBTC or more
* lower middle class consists of 1 billion people is characterized by ownership of 0.5mBTC or more
* the lower class of (3+ billion) owns less than 0.5mBTC including people who don't have any or have negative worth.

beetcoin

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funny comment.. "i could be a millionaire now if i had only bought at its lowest point and sold at its highest" ... no offense, but no shit. this logic does not apply unless you actually own a time machine.

rpietila

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Quote from: seleme on December 06, 2013, 06:11:43 AM

But let's forget that part for the moment - if I'd buy and hold I'd still have 7 BTC, I didn't, I traded as there's no tomorrow and currently have some 150 BTC.

You see, the point is exactly the same. Buy and hold bullshit could be said only by deluded idiots who bought at single digits or around and assume those that buy at 1200$ are at same position as them.

Of course the nowcomers are 2-3 orders of magnitude behind, but still very well off compared to the ones coming when it's $100/mBTC, and also they have more than the ones who only buy at "2 month's work"/mBTC. Striving to attain the next level in the log chart of bitcoin holdings is very difficult and I am sad that smart people do scams and pump and dumps instead of being satisfied with what they have and living in peace.

Reason I am saying this is that 0.01% of people professionally work as brokers. For all of the rest, it represents a significant diversion of effort from more important things in their life to following the USDBTC rate from a screen, not exactly an improvement in living standards. Furthermore, as a result of this effort, everyone (or perhaps a number tending to 99.9% when duration tends to infinity) loses money.

seleme

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Duelbits.com

Quote from: rpietila on December 06, 2013, 06:08:26 AM

Quote from: seleme on December 06, 2013, 06:01:39 AM

Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

If I did buy and hold I'd still have 7 BTC. I didn't, I traded like there's no tomorrow (alts vs btc mainly) and if everything goes as planned I'd probably own 300-400 BTC some time Q1 2014. 200 almost guaranteed if I'd be live at that time.

It had nothing with TA though. Making money on alt pumps and dumps has heck all with TA, it's much easier than that.

Calculating future returns based on past successes of pump and dump schemes... Never seen such delusion in my life!

Throw this to my face when you make your BTC300-400.

I know why I am calculating it and don't really care what you would think if I'd gain that at that point or not so no, I won't necessarily throw that to your face then.

But let's forget that part for the moment - if I'd buy and hold I'd still have 7 BTC, I didn't, I traded as there's no tomorrow and currently have some 150 BTC.

You see, the point is exactly the same.

Buy and hold bullshit could be said only by deluded idiots who bought at single digits or around and assume those that buy at 1200$ are at same position as them. If I bought at 5$ I'd probably not trade or would at least do some long term investments in some alts or securities. Since I'm not, the only option for me to gain any significant amount of bitcoins was to not buy and hold but to trade until I can move my fingers. I don't give a shit about owning 5 or 10 bitcoins. I'll have hundreds of them or none.

traderCJ

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Quote from: seleme on December 06, 2013, 06:01:39 AM

Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

If I did buy and hold I'd still have 7 BTC. I didn't, I traded like there's no tomorrow (alts vs btc mainly) and if everything goes as planned I'd probably own 300-400 BTC some time Q1 2014. 200 almost guaranteed if I'd be live at that time.

It had nothing with TA though. Making money on alt pumps and dumps has heck all with TA, it's much easier than that.

Hmm 7 BTC -> 300-400 BTC is pretty extreme, however I do agree that alts are the way to go with a portion of one's stash. My strategy is focus on the ones with unique features and you'll do just fine. What is interesting is that they tend to act like an extreme version of BTC. BTC down -> ALTs way, way down .. BTC up -> ALTs way, way up. I had hoped they would act as a decent hedge but they're pretty much the opposite. In any event, they serve their purpose.

rpietila: I agree, I think those forecasts are an order of magnitude off, however .. if one were to go from 7 -> 300-400 in alts I'd say it's more luck than anything else.

rpietila

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Quote from: seleme on December 06, 2013, 06:01:39 AM

Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

If I did buy and hold I'd still have 7 BTC. I didn't, I traded like there's no tomorrow (alts vs btc mainly) and if everything goes as planned I'd probably own 300-400 BTC some time Q1 2014. 200 almost guaranteed if I'd be live at that time.

It had nothing with TA though. Making money on alt pumps and dumps has heck all with TA, it's much easier than that.

Calculating future returns based on past successes of pump and dump schemes... Never seen such delusion in my life!

Throw this to my face when you make your BTC300-400.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

seleme

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Quote from: rpietila on December 06, 2013, 05:53:38 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

If I did buy and hold I'd still have 7 BTC. I didn't, I traded like there's no tomorrow (alts vs btc mainly) and if everything goes as planned I'd probably own 300-400 BTC some time Q1 2014. 200 almost guaranteed if I'd be live at that time.

It had nothing with TA though. Making money on alt pumps and dumps has heck all with TA, it's much easier than that.

rpietila

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Merit: 1036

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

Technical people have done absolutely horribly in the past in this forum. I don't know of anyone who has made more bitcoins compared to buy&hold over any extended period of time (even 12 months, which does not prove anything really).

Yes - I mean it: I don't know any technical trader who has not lost money, meaning that all his effort has been in vain and harmful, compared to one who just holds.

gizmoh

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Quote from: solex on December 06, 2013, 05:21:30 AM

Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

And meanwhile Stamp chews through $1000 yet again. Bitcoin chews up TA as well.

when TA doesn't look good and fear the tide may turn, those big whales who follow TA will want to realize that profit. That is why bulls are getting beaten on every rally they try to make since yesterday. 1100 is still resisting..

sumantso

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Quote from: Le Happy Merchant on December 06, 2013, 05:30:26 AM

USD can be used on the street in India quite easily.

No, it can't.

traderCJ

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Quote from: Vycid on December 06, 2013, 02:43:41 AM

It's not reasonable to expect a second "China effect" out of India. Our attention now should be focused on Wall Street.

Truer words have never been spoken.

Le Happy Merchant

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Quote from: Vycid on December 06, 2013, 04:06:07 AM

That's a good point. Remittances are a big immediate application for Bitcoin.

To illustrate - imagine lots of expatriated Indians are sending bitcoins home. Lots of family members are cashing these out for their local currency (Rupees). The market in India is experiencing a glut in the supply of bitcoins, and the price drops.

Arbitrageurs will spring into action, buying up bitcoins for Rupees, selling them for dollars on Western exchanges, exchanging the dollars back into Rupees, and wiring them to India.

However, the price differential will never shrink (at equilibrium) below the costs of arbitrage. Unless it is somehow cheaper for the arbitrageurs to wire that money to India than it is for the expatriates, Bitcoin will not offer advantages except perhaps speed.

People in india would probably be willing to sell BTC for USD, as USD can be used on the street in India quite easily.

JimboToronto

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Flagpole and pennant?

solex

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Quote from: TERA on December 06, 2013, 05:08:47 AM

The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.

And meanwhile Stamp chews through $1000 yet again. Bitcoin chews up TA as well.

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31130. (Read 26484571 times)