Wall Observer

[soullyG]

@Norway have you got a good alternative to Bitcoinwisdom.com that includes the data for newer exchanges / ETF type markets?

 

[Norway]

@soullyG No, I use https://cryptowat.ch/gemini/btcusd/1min to watch gemini.

 

[Inca]

The slow march upwards continues.
Ultimately the only draw for new blood into the space is a rising price. That is what causes a bubble.

 

[soullyG]

@Norway thanks, same thing I've been using!

Making moves on $260 now, is this the start of a small weekend bull run?

 

[Erdogan]

Good arbitrage opportunity, according to bitcoinwisdom.com. 5 USD between USD and yuan exchanges. Maybe the exchange rate between USD and yuan on bitcoinwisdom is wrong?

Could be, but all sorts of differences between bourses, the fees, the practicality of moving fiat in and out (and bitcoin, waiting time) could explain the difference. The yuan is also somewhat controlled by PBOC.

The differences are natural, and it is probably not possible to find the exact reasons. But those who can: Do arbitrage.

 

[Georg Engelmann]

Bitcoin has reached Zimbabwe

Could be, but all sorts of differences between bourses, the fees, the practicality of moving fiat in and out (and bitcoin, waiting time) could explain the difference. The yuan is also somewhat controlled by PBOC.

Maybe it could be profitable if you already have a bank account in China (Renmibi) and another bank account in the U.S. (U.S. Dollar)

Making moves on $260 now, is this the start of a small weekend bull run?

I think it's unlikely to get above $300 right now.

 

[Erdogan]

Do we have a lift-off, gentlemen?

 

[soullyG]

I think it's unlikely to get above $300 right now.

Sounds about right, I expect a retest of $266 as support first before we get to $300

 

[humanitee]

Looking crazy as hell.

If it just keeps going like this, it might just keep going beyond everyone's expectations. Once the asks get annihilated for $100+ dollars they stop popping up as everyone FOMOs into eternity, which leads to a parabolic rise quite quickly.

 

[Inca]

Don't pop the corks just yet.

With 40 weeks to go to the halving i'd say we will be positioned in the greatest possible position for a new bitcoin bubble in the weeks immediately before it takes place.

I think for maximum technical impact that means the whales who push the price up and down need to get the price up to above 330 sparking a blow off top halving frenzy shortly after. For this reason I doubt we push past that area for a bit longer.

But as this is bitcoin, with corrupt exchanges like bitfinex allowing 10,000 coin shorts to be opened wiping out the entire order book and causing margin cascades, anything is possible

 

[humanitee]

@Inca, I agree. That area is gonna pose lots of resistance in theory.

It all depends on China, if they keep buying they could slice right through that with little effort.

I don't trust China at all. My holdings are going up in value though. *shrug*

 

[Ivanhoe]

I sense a lot of disbelief, here and in other bitcoinboards like bct and tradingview. Which correlates with the first step of a price rally. Not that i i'm convinced you guys are all wrong or something, i sense the same skeptics towards this rise in price with myself. But be aware that this emotion fits with the beginning of a price rise.

edit: i observe a 2k wall at 270 at finex.

 

[Fatman3002]

@Ivanhoe

Are you saying we might have a

on our hands?

Trying not to jinx it.

 

[solex]

Reading that latest Zerohedge article makes me think that the Tylers are "all-in" on Bitcoin (i.e. all-in with the 0.5% or whatever of their portfolio that they would diversity into crypto).
A vast number of finance people follow that site, have huge respect for TD, and also Blythe Masters.

Those sitting on the fence, seeing the 1.8 year bear-market may well equate timing an entry into Bitcoin with the gold and silver miners also coming out of their long decline. Geopolitical tensions are high as well as global financial tensions. Perfect storm.

 

[Ivanhoe]

@Fatman3002 I do not know if we have a liftoff on our hands.

I do know that the current sentiment, disbelief, matches the sentiment you would expect at the beginning of a new hype cycle after an almost two year long bear-market. We are conditioned to disregard every price rise because the last two years taught us that a price rise would be followed by more downside because that was the trend. So we should be aware where our thoughts about the price are coming from. In my opinion the biggest part is sentiment and just a small part rational analysis.

 

[Inca]

True.

If exchanges werent so obviously corrupt and complicit I would entirely agree.

But new exchanges are here and they will now gradually take all legitimate trading volume until the chop shops are an irrelevance.

I'm adding rather than selling until the ETF opens.

 

[Fatman3002]

When you think back at the number of, and kinds of, exchanges we had back in 2013; and look at where we are now... I expect fireworks. Will be fun to see what the media makes of it.

 

[Inca]

Now in the 270's.

Nice little bump. If we can get above 300 and stay above it then we have a rally on the cards. If we breach 320-330 then it is game on

I think mania this time round will be something extraordinary. We have more exchanges, more users, far better on ramps, and of course the fixed supply of bitcoins.

I have said numerous times that all bitcoin needs to rally again is time and some fresh enthusiasm coupled with a rising price. The algorithmic release of coins is bitcoins greatest strength. The fact it also is the best form of money ever invented is just the icing on the cake. If bitcoin simply continues to exist and isn't usurped it will be worth a lot more in the future..

 

[Ivanhoe]

@Inca

And we have all the average Joe's who think bitcoin is dead and missed out on the last hype in 2013. FOMO will indeed be very big this time, agree. Together with the supply drying up....

 

[humanitee]

Duck in a volcano on OkCoin before the last run up. I can't believe all you guys missed it, it's one of the most reliable patterns!