Bitcoin Forum

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Someone set a ~$39,000 bidwall. Could be even larger, I counted only what's at 2.5. What impact can this have?

BUY BUY BUY, SELL SELL SELL!

None.  It's purely psychological.  Try firing a few hundred bitcoins into it and watch it crumble.  Someone is trying to say 'look, bitcoin won't fall below $2.50'.  Trouble is, they did exactly the same thing at $3.50, $4, $4.50, etc.  Look where that got us.

I remember those times. But this one is a bit larger. Also you'd need about 4000 coins to touch the big vertical line.

It makes me nervous when I see a move like this - so I sold now (that little bit I bought yesterday).

Yeah, previous bidwalls have been a bit like the knight from Monty Python: "NONE SHALL PASS!", even when his legs have been cut off.

Yeah, over the past 4 months those large walls have been fantastic sell indicators.  But, hey, maybe that guy really wants to buy ~15,000BTC, and I'm sure somebody will gladly hand them over on the way down to $1 and below.

Oh, and look at that, another one popped up at $2.53.  The sell signal just doubled in strength.

I wonder how many of the gloom-doomers are gettin nervous that they missed their potential buying op down at 2.25?

Time will tell

 ;D

I'm not nervous.

Well, from 2.25->2.80, that's (roughly) a .50c increase, which is (roughly) a +25% increase over 24 hours.  Definitely a missed opportunity.

Mr Big Wall gave up quicker than I thought.

it means there is plenty of purchasing power to reverse direction at any moment =)

Now you should think out a reason to buy

Does anyone know what happened to this massive 15K bidwall at $2.50? Did it get removed or did someone sell into it?

Removed, I believe

Edit: Just wen't back up, at 2.30.

I suspect this is someone who is trying to sell = unload a lot of coins, trying to hold the market up so that he can complete his selling

Yeah it is back up at 2.30 now.

These bidwalls seem to be great selling opportunities for holders or large number of bitcoins. I have noticed that man of these bidwalls to get sold right into. If you think about it, someone with large holdings of bitcoins, like early adapters, could onload like 10-15K of bitcoins and only drop the price .05 cents. They can unload a shit load of bitcoins and not drop the price much at all.

These people placing these bidwalls must have lost lots of money on the way down, they never seemed to have a chance to unload any of the ones they bought.

perhaps this is some institution trying to crash bitcoin prices to a level where many turn away from it.. and we see the media already jumping on this bandwagon and declaring its dead.

so far they are very successful

It's been hitting levels where many people turn away from it for months.

I agree with you.

At the same time, traders will remain in the game. the more volatile prices are, the more it is interesting for them

Speculators do not care much about the value of Bitcoin, they care about the profit. Speculators who bought Bitcoins, when it was much higher, now feel frustrated, they cannot do anything about the decreasing price. And they shouldn't.
Sadly, but many people here in Bitcoin forums (I advocate to active ones, who are watching price everyday) do not bring value to Bitcoin economy, well because of lack of understanding about it, looking to mainly on technical analysis, trends, trying to become rich-quick (of course minority of them managed that, on the expense of others).
More to the point, following some bid-walls or panicking while others panic, or buying than others stopped to panic is not very rational behavior. Bitcoin is about the fundamentals, not about speculations. And if someone wants to sell Bitcoins, he is just doing that straight away by asking current price, or if someone wants to buy Bitcoins, he just buys by bidding the current price. On the other hand bidding-wall or anything similar, could work out only because some irrational speculators believes in it and behaves according to that. Speculators who believe in traditional investments strategies and/or behavioral finance, are not in the right place (Bitcoin), they should go to financial markets, stock exchanges or FOREX. Because of greediness they just harm Bitcoin network.
But in a long period, like S3052 likes to say, I believe price and value of Bitcoin will be judged mostly by fundamentals.
No Offence to anyone! ;)

maybe it is someone who sold at >20 buying back in

A long time ago MtGox realized that they only need ~20% of their USD available on any day as that's the maximum amount ever withdrawn in a 24 hour period.

When above the 20% balance across all bank accounts they put up a massive buy order to raise the price.

Higher prices makes more profit. It's not even illegal :)

Not necessarily!

If I bought 100BTC @$1.00, or 1BTC @$100 they still only get $.65. However, the 100BTC would net a fee of .65BTC, whereas the 1BTC would only net .0065BTC. It nets the same profit in $$ either way!
They make their percentage fee of every dollar spent regardless of BTC's "value"!

So, the proper way of putting it would be; The higher cash volume traded makes more profit!

Bid 'wall' is gone.  I'm not surprised in the least.