Bitcoin Forum

Just take a look at the order book on Bitstamp.

a mountain of 'Asks' and a thin strip of 'bids'. Been like this since last night yet the price keeps rising.

Surely something has to give here and a good near term correction is on its way?

Not near term.

Here:

https://www.bitstamp.net/market/order_book/

If sellers want to sell, they going to have to lower prices.

Only way price gets held up is hoarding to extremem.

Against most believes , price tends to move torwards size
Not away from it , more often then not

Why?

Well the only reason for a market out there is to fascilitate a Trade
Thats the only purpose of a market .

And where alot of Orders resting there the market can find trades
If there is low or Zero Orders price gets rejected

There is a Natural Order within the market to keep it alive
Hence faciliate a trade

Another way of saying it is for us to move up the walls have to get eaten (or pulled) but mostly eaten. We get overextended when the bids give up on ever seeing a pullback and just jump up and use market buys. Then there's not enough support and the price drops.

The mountain of asks is probably for people wanting cheap coins.
Since bitcoin keeps going up, there will be no bids unless people want to cash. Why cash out in a positive trend?

Yes fiat will have to give someday :)

Take a look again what is ask and what is bid in the order book.

why cash out in a psoitive trend? people want to catch the top, or near the top before it falls...

Your right got it the wrong way around :)
But then again maybe people are cashing out who got in late and everyone else has bought bitcoins with all their fiat so no money left :).

But there will be a correction at some point before the party resumes again...

We already had one few days ago at these prices. There might be a small one still, but who really cares... If you believe it will go up, this has nothing to do if we go a bit down before.

It's crystal clear, to me at least, that someone has successfully found a way to do arbitrage between Gox ans Bitstamp. Probably a big player with a private deal at Gox for withdrawals.

Or rpietila is doing it between China and Bitstamp (he stated as much) and Gox won't fall below Bitstamp.

I really shouldn't discuss my observations as they're making me a ton of money, but I'll give you this one:

Every time the Gox order book shows sufficient depth on the buying side, Bitstamp makes a run after Gox' price, like in the last 20 minutes.

Last 20 minutes? Stamp is almost at gox prices for last three days and growing all the time quite fast.

I'm talking about the fast movements. Gox leads, Stamp follows, is what I was trying to convey.

Harvest time.  ;)

Harvest what exactly? Vampires are losers.
Surely you understand that from the way the vampiric fiat system is going down the toilet...
No wait you guys are winners!!! have your smile for the next thousand years or so.
But a thousand years is ONE DAY in heaven.
Think about it... i know you won't  ;)

A "mountain of asks"? You must not have been here in the spring, or the summer even. At one point gox had 200k asks on it. These are still bubble books.