Bitcoin Forum

The mountain of BUY orders looks normal.

The mountain of SELL orders looks like a UFO lopped off the top half of it!

Seriously, I've never seen this before, at least not since I've been following the BTC price closely on MtGoxLive.

It looks as if there's 1/2 as many (or less) orders on the sell side as on the buy side.
The chart displays order volume for $9 to $13 -- $2 on each side of the current price.
Normally you have roughly the same amount of orders $2 less than the current bid price, as you have $2 more than the current price.

For the slow: I'm saying this is bullish for BTC.

Look at the graph for yourselves, and think about it!

Ask yourself: Is the supply of BTC itching to be sold drying up?

I've never looked at the mtgox live whatever before (I assume its new) so I don't know quite how to interpert this, but from my experience with the depth of market, I think it's not totally out of norm, there are often huge buy walls and sell walls, though I guess the buys are indeed looking healthier than the sells. My feeling is that there has been a few big coiners dumping lately supressing the prices while getting out and getting $$ for themselves, and now that most of their coin is spent (or at least the portion they wanted to cash out) the market is adjusting back up like you say.

Looking good indeed, but I know for sure how quickly that all can change.

Walls are just the vertical sections -- sometimes orders of 1000, sometimes 5000. These indeed come and go. But they don't do much to change the general shape of the mountain -- at least not its final elevation before it leaves the screen.

MtGoxLive isn't new. I've been looking at the chart for at least 2 1/2 months, and I can tell you that it usually looks like a cross-section of a valley. The two sides of the valley (mountain on either sides) should have roughly the same elevation.

Let's put it this way -- to get $2 less on the BTC price you'd need to sell 64,000 BTC.
But to get the price $2 higher, you'd only have to buy 29,000 BTC. That is what's not normal. Normally you'd have to buy about 64,000 BTC (plus or minus) to get $2 higher.

The two sides should always be roughly equal.

Unless...the supply of coins on the market is drying up!  And you know what that would mean.
I, for one, am hoping!

mtgoxlive used to show the mountains being equal at all times for some reason, even when there was more buyers vs sellers, or sellers vs buyers.

Guess they decided to change it to reflect it visually. I used to mouse over it and have to compare the USD values on both sides to see the difference. 

Don't take this the wrong way, but I'm honestly wondering how exactly could MtGoxLive accomplish that? The slope is what it is -- how could they make it "look" to be equal on both sides if it isn't?

In other words, what changed? It's obviously impossible to go back and look at an earlier version of the site.

If I remember correctly, it seems like they didn't show equal amounts in USD on each side.

They would show the BTC on one side, then the USD on the other. The USD side, which is sellers, didn't match up to the USD amount on the other side. So, right now there's about $662,000 on the buy side, $345,000 required on the sell side. Around $400,000 would be at the top of the chart on the sell side, making each slope look about equal visually.

http://img263.imageshack.us/img263/2096/82411marketdepth.jpg (http://imageshack.us/photo/my-images/263/82411marketdepth.jpg/)

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Yes, this is bullish.  Good.  Maybe the 100k stolen coins from July are finally sold out.

If this is the case then now would be a good time to start purchasing coins as an investment to see if the price goes up.  Although a large seller could always come onto the market and start offloading coins while they know the price won't move as much.