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Title: Can someone help me understand how to read Market Depth (pic) ? Post by: Dafar on August 30, 2016, 04:40:44 PM https://i.imgur.com/pCEQ6m9.png
What is all the information I can gather from this chart? At the point where my mouse is hovering.... what do these #s mean: Sum (XMR): 110602 Sum (BTC): 1793 Does this mean that for the XMR price to reach 0.017, the market needs to buy 110602 XMR that is worth 1793 BTC? I know this sounds like a dumb question coming from a lLegendary member lol but I've only been a holder of bitcoin, starting to get into trading Title: Re: Can someone help me understand how to read Market Depth (pic) ? Post by: DarkStar_ on August 30, 2016, 04:51:00 PM Yeah, what you thought is basically correct. The depth is the amount of BTC/XMR at or below the price point you picked (0.01706968BTC). Depth works the same way for the green part, except the green is the Buy orders, while the red is sell orders.
I know this sounds like a dumb question coming from a lLegendary member lol but I've only been a holder of bitcoin, starting to get into trading Not really, since not everyone is a trader or has even used an exchange. Being Legendary on a bitcoin forum doesn't imply that you are experienced in altcoin exchanges. On the other hand, if this was a altcoin exchange forum, than it would be a dumb question.Title: Re: Can someone help me understand how to read Market Depth (pic) ? Post by: Dafar on August 30, 2016, 05:46:02 PM Yeah, what you thought is basically correct. The depth is the amount of BTC/XMR at or below the price point you picked (0.01706968BTC). Depth works the same way for the green part, except the green is the Buy orders, while the red is sell orders. I know this sounds like a dumb question coming from a lLegendary member lol but I've only been a holder of bitcoin, starting to get into trading Not really, since not everyone is a trader or has even used an exchange. Being Legendary on a bitcoin forum doesn't imply that you are experienced in altcoin exchanges. On the other hand, if this was a altcoin exchange forum, than it would be a dumb question.Thank you friend. :) One more thing.... does the size of the red side vs the green side tell you anything? If the green (buy) side is much larger then there is more buy pressure and more likely that prices will stay or rise higher? Or can you not come to that conclusion with market depth Thanks Title: Re: Can someone help me understand how to read Market Depth (pic) ? Post by: ivanst776 on August 30, 2016, 05:59:04 PM Yeah, what you thought is basically correct. The depth is the amount of BTC/XMR at or below the price point you picked (0.01706968BTC). Depth works the same way for the green part, except the green is the Buy orders, while the red is sell orders. Thank you friend. :)I know this sounds like a dumb question coming from a lLegendary member lol but I've only been a holder of bitcoin, starting to get into trading Not really, since not everyone is a trader or has even used an exchange. Being Legendary on a bitcoin forum doesn't imply that you are experienced in altcoin exchanges. On the other hand, if this was a altcoin exchange forum, than it would be a dumb question.One more thing.... does the size of the red side vs the green side tell you anything? If the green (buy) side is much larger then there is more buy pressure and more likely that prices will stay or rise higher? Or can you not come to that conclusion with market depth Thanks Usually the buy order at the begining of the chart is much more higher because people make buy orders at very low exchange rate. Some coins have higher buy order volume at few satoshi and that's why the graph shows much more higher at the buy order side. We can't conclude if the price will go lower or higher from the graph (usually) but what is more interesting is the middle side which is mostly balanced. Title: Re: Can someone help me understand how to read Market Depth (pic) ? Post by: Herbert2020 on August 31, 2016, 02:55:01 PM Quote At the point where my mouse is hovering.... what do these #s mean: Sum (XMR): 110602 Sum (BTC): 1793 Does this mean that for the XMR price to reach 0.017, the market needs to buy 110602 XMR that is worth 1793 BTC? yes that is right. in other words there is currently a 1793BTC resistance against reaching 0.017 price although you have to keep in mind that these numbers will change when the price changes because these orders can be closed and opened so in other words reaching 0.017BTC price may only take a 20BTC volume What is all the information I can gather from this chart? does the size of the red side vs the green side tell you anything? If the green (buy) side is much larger then there is more buy pressure and more likely that prices will stay or rise higher? Or can you not come to that conclusion with market depth you know most things yourself already :) the market depth charts or the orderbook chart is a good graphical way of seeing how the market is and which way it is leaning is it towards a rise or a dump. you can also see the "walls" on this chart easily. when there is a big vertical rise in the chart instead of a smooth diagonal rise it means there is a big ass wall which will prevent moving past that particular price up or down. e.g. you can see a tiny wall on ~0.003BTC and 445000 point Title: Re: Can someone help me understand how to read Market Depth (pic) ? Post by: Dafar on August 31, 2016, 03:48:56 PM Thank you Herbert2020 & ivanst776!
That was very helpful |
