Post
Topic
Board Speculation
Re: rpietila Wall Observer - the Quality TA Thread ;)
by
MAbtc
on 22/02/2014, 09:05:18 UTC
But the street price or any longer term price, I feel the bottom is not far from 400.

Important part bolded.


All deposit based exchange prices are no longer objective IMO. "Will I even get the fiat/BTC out of the exchnage?" is now firmly a part of everyone's psychology. Withdrawal circumstances can change suddenly, irrelevant of what has happened in the past. Maybe there will be an exchange that can get a long term stable withdrawal stream, but I'm not convinced yet.

LocalBitcoins high for the last 24 hours? $1117. The 30 day high is $3000. Don't count on the veracity of the price discovery taking place in these deposit based exchanges, we've seen more than enough bot action to prove that over the past few days. When only hairless apes are trading, at the same speed they can do a real life exchange, you get a very different outcome.
Where are you seeing such crazy prices?  Localbitcoins is probably a good TA indicator to consider.  During last blow off this past run up the premiums charged over exchange prices was laughably large.  Do they have an avg price feed/chart?

Trades on Localbitcoins are not verifiable. You can trade with yourself using multiple accounts. As long as you use their escrow system, the trade "happened." Likewise, all the people who use Localbitcoins to trade P2P for cash with no escrow -- those trades "never happened." I have never used escrow and have sold a good deal there.

Anyway, there's this: http://bitcoincharts.com/charts/localbtcUSD#rg60ztgSzm1g10zm2g25