Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31131. (Read 26484568 times)

I'm holding my breath for the next couple of days.
If you have a look at the 30 day charts, we've already created a double top around 1.2, but are also currently in the process of creating a double bottom at around 1.0.

Only time will tell where the breakout is going to be ...

Not all of the people awaiting verification at Virtex are noobs.

I'd already bought and mostly hoarded 125 coins from Virtex before last spring's bubble  popped.

In October, with the price still below $180, I freed up $10,000.00 to buy more coins, hoping to get at least another 50 coins. I felt Bitcoin was ready for a massive rally and didn't want to miss the train.

It seems they'd changed their rules. No more anonymous 2-hour cash deposits at a cost of $3. Instead, they said it would take 3-5 business days each for verification and money transfer. I'm still waiting to be verified.

They wouldn't accept any of my photo ID, not even my most recent seniors card. I haven't had a drivers license since 1966. The only thing they would accept was a provincial photo ID card with an estimated delivery time of 4-6 weeks.  I offered to send a notarized letter from my lawyer to verify my identity and address, but they wouldn't even give me the courtesy of a response. I sent them a copy of my new ID 3 weeks ago which they verified the next day, but I'm still waiting for account verification.

If I'd known it would have been this much of a hassle and taken this long, I would have gone straight to Localbitcoins and gladly paid an extra 10% to purchase immediately. By the time I did, the price had already more than doubled, but at least I was obtaining more coins which have more than doubled in price since.

No, not all of the people awaiting verification at Virtex are noobs. Many are disgruntled long-time customers who are being treated like crap.

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.

https://bitcointalksearch.org/topic/2013-12-06-vesti-rossija24-bitcoin-is-just-a-bubble-359588

It's their first mention. When Congress discussed Bitcoin or when it took off from 120 to 1120, they kept silent.

Dont even expect a blip on the charts contributed by India. The Indian subforum/and trading sites are proof enough.
The default saving mode is Gold, and Bitcoin wont be trusted as much as gold anytime soon.
At the most we might have around a 1000 adopters in India by now.

Whats worse is you can't wire money to International Exchanges from India (easily/legally). So even the adopters find it hard to get their hands on btc. OTC subforum trades are the main go. No Mtgox,btc-e or stamp buying till the sites start accepting Rupee wires. The trading is within the subforum mostly.
The demand for btc has spawned a few local trading sites but everybodys waiting for some major exchange to add support.
The first step would be to get any exchange to support btc buying from India.

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

It's important to remember, though, that the asymmetry of international Bitcoin-to-cash transactions is the reason they're valuable in the first place. Once those Bitcoins leave the US (for example) and are sent to India, you can't really get them back out of India without wiring money to an Indian exchange. So it's not a closed loop and therefore you expect bitcoins to be cheaper in India if they're being used for remittance - unless there's more organic Indian demand for bitcoins than there is in the US or wherever.

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.

Someone trying to crash btc-e? look at btc orders

Seems like a reasonable assessment (I am no expert on India so I'm not really qualified to endorse or counter it) and I agree there is unlikely to be the same kind of proportion of middle class Indians as have been Chinese buying in as a speculative investment.  Where India does I think have greater shorter term promise is in remittances and as the cellphone revolution continues, as mobile money such as M-Pesa is doing in Kenya.

Just like I anticipate the David Woo comments yesterday are more likely to have a bigger impact on businesses considering adaption than on price I anticipate India in the shorter term to have a bigger impact on adoption than price - though there is a limit, especially with the latter, as to how much adaption can go on without impacting price.

I will repeat, as much as it may sound like I know what I'm talking about remember this is a speculation forum...

Wow BTC-e is just 6$ from stamp  what's going on with that? People stopped buying altcoins? Or started to trust btc-e more? Or it's just a bitcoin world where nothing makes sense

Right on, besides chart tells you that important supports are not broken so until then we're definitely going up. There's triangles forming in stamp, gox and china, maybe we well soon "know" are we trying to break support or resistance next.

EDIT. triangles break to up uP UP!

Yeah, we may be establishing a 900-1240 channel. Thing is, that comes off to me as extremely bullish. The idea that Bitcoin can more-or-less convincingly park itself in the four digit range after such a massive runup is building confidence. And for a store of value, confidence is everything.

All of Bitcoin's history has featured a crash after the meteoric rises. If it fails to crash this time, that alone may set off another rally within a few weeks.

Things are clearly different this time. Bitcoin is taking the market panics in stride. I am much more concerned about missing the potential upside than the potential downside.

We might have good support at 900 with a double bottom but it can also be argued that we have a double top at 1240.
I think we probably go to find more support a third time before attacking ATH.

Yes you are correct that Indians have a very low earnings per capita, somewhere around $1500 per year. But you have to take into account that they consistently save over 30% per year, with the mean savings rate over 20%. Comparing to the US of a overall savings rate of 2.6% and a mean savings rate of -6%, yes the average American doesn't save at all.

Less than a week ago we double bottomed on Gox, then bounced up again.

We found the same support level this time (under even higher volume) and we're trading above $1000. I don't see any reason for concern unless you leveraged at $1240.

For most people it comes down to this: if you're constantly second-guessing your long position you just have too much money invested.

So, guys, is this a welcome correction or a turn to bear market?
I must admit that my call of going all BTC (Bitstamp:$1030) yesterday evening was wrong. I thought about placing a margin order @ 955, but then thought: almost a whole day of sideways, I've seen it before, there were outbreaks up after that...

Your next personal msg: why didn't i sell at $1,000  

They will not take kindly to Bitcoin at all. India's balance of trade has been suffering due to their gold imports, and since I'm guessing most Bitcoins are outside Indian borders, a Bitcoin craze will just worsen that problem.

However, Indian regulators are breathtakingly slow to act, and often ineffectual when they do. It is conceivable that India will "come online" before their government even grasps the concept.

The important difference between India and China is that China has experienced much, much greater recent growth in its middle class. It's only rich and middle class folks who have the disposable income to buy bitcoins with, and so there are many more potential buyers in China than India.

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

sweet, 1.2 billion poor people gotta be good for $10.

A big LOL from me

Credentials: Stuck in this country