Title: Big buy just now Post by: jothan on January 14, 2012, 06:28:03 AM The priced topped at 6.75, leaving a noticeable .60 btc hole in the offer/demand curves.
What now ? Title: Re: Big buy just now Post by: byronbb on January 14, 2012, 06:29:20 AM 140k bullet. This is the goatse of spreads....
Title: Re: Big buy just now Post by: cypherdoc on January 14, 2012, 06:30:13 AM duking it out.
Title: Re: Big buy just now Post by: jothan on January 14, 2012, 06:32:43 AM 140k bullet. This is the goatse of spreads.... It certainly was quite a show on Mtgoxlive, in more ways than one. Title: Re: Big buy just now Post by: incraft3817 on January 14, 2012, 06:33:37 AM Title: Re: Big buy just now Post by: jothan on January 14, 2012, 06:35:15 AM Thanks, but my guitar is already tuned pretty nicely. Title: Re: Big buy just now Post by: bittenbob on January 14, 2012, 06:41:47 AM This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly.
Title: Re: Big buy just now Post by: jothan on January 14, 2012, 06:43:16 AM This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly. I almost zhoutonged myself too, I'm long and I had to do an emergency deposit. Title: Re: Big buy just now Post by: jothan on January 14, 2012, 06:45:06 AM Sheesh, another one. :o
Title: Re: Big buy just now Post by: bittenbob on January 14, 2012, 06:51:21 AM all I know is little old organic me could harvest $0.20 swings on laggy ass mtgox MOAR!!! I feel no need to put myself at extra risk and give someone else more money at bitcoinca. I have only ever traded on mtgox. Title: Re: Big buy just now Post by: adamstgBit on January 14, 2012, 06:55:43 AM theory! we are being manipulated
what looks like big buys are actually big sells notice the spike down http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=2&i=Hourly&c=0&s=&e=&Prev=&Next=&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0& it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again. Title: Re: Big buy just now Post by: notme on January 14, 2012, 06:57:39 AM The upswings were much higher volume overall than the downswings. I watched them all.
Title: Re: Big buy just now Post by: notme on January 14, 2012, 07:00:18 AM I suspect there were multiple players in that Clearly... there was significant volume on both sides, but the bulls won out through higher volume. The price rise is legit IMHO. Title: Re: Big buy just now Post by: jothan on January 14, 2012, 07:00:29 AM it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again. The buy came first. Watched it live. I confirm, the buy nearly obliterated the asks up to 6.80. Title: Re: Big buy just now Post by: adamstgBit on January 14, 2012, 07:00:59 AM Title: Re: Big buy just now Post by: zhoutong on January 14, 2012, 07:01:43 AM Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying.
I watched the whole thing live too, the sell simply came too quickly. I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that? Title: Re: Big buy just now Post by: zhoutong on January 14, 2012, 07:02:43 AM I suspect there were multiple players in that What I don't understand is this. The buy comes first, clearing out quite a bit of asks. Then, when there is no volume in that range, a large sell comes, most of it at prices lower than where the buy started. Does someone get off on losing money? If it's done by a single person, then yes, the guy will lose money. So most likely it's accidental. Title: Re: Big buy just now Post by: notme on January 14, 2012, 07:03:30 AM That's just disagreement. Low volume order book + disagreement = Giant candle with little final movement. Your manipulation concern is valid at times in this market, but this is not one of those instances. Title: Re: Big buy just now Post by: jothan on January 14, 2012, 07:05:50 AM Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying. I watched the whole thing live too, the sell simply came too quickly. I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that? If that's what the guy did, he provided a lot of liquidity to himself. Title: Re: Big buy just now Post by: M4v3R on January 14, 2012, 07:22:32 AM http://dl.dropbox.com/u/1127246/dec-jan-02.png
The uptrend line was intact, we bounced from it perfectly. That means that short term we are bullish as never. Title: Re: Big buy just now Post by: adamstgBit on January 14, 2012, 07:32:37 AM Title: Re: Big buy just now Post by: jothan on January 14, 2012, 07:32:57 AM http://dl.dropbox.com/u/1127246/dec-jan-02.png The uptrend line was intact, we bounced from it perfectly. That means that short term we are bullish as never. Yup, the slow but not-quite-steady recovery line is intact, it would mean that the current demand, however small, is able to support this price increase. I was starting to despair after the last price drop, you just made my day (saturday, I think). Title: Re: Big buy just now Post by: Serge on January 14, 2012, 07:33:44 AM ::) resistance will keep it sane! Title: Re: Big buy just now Post by: jothan on January 14, 2012, 07:34:00 AM Um, ya, I'm going to have to sort of disagree with you there. Title: Re: Big buy just now Post by: adamstgBit on January 14, 2012, 07:36:47 AM :D
Title: Re: Big buy just now Post by: old_engineer on January 14, 2012, 07:46:33 AM I suspect there were multiple players in that What I don't understand is this. The buy comes first, clearing out quite a bit of asks. Then, when there is no volume in that range, a large sell comes, most of it at prices lower than where the buy started. Does someone get off on losing money? If it's done by a single person, then yes, the guy will lose money. So most likely it's accidental. Quote Perhaps the most famous story of a Fat Finger Trade would be that of a trader in Japan who fat fingered a trade in a newly listed company. He meant to sell one solitary share of a company (J-COM) for 610,000 Yen. Instead he entered a trade to sell 610,000 shares for 1 Yen. What’s even more strange is that there were only 50,000 shares publicly listed in J-COM, but the exchange let the order process. It is estimated that the loss incurred was about $225 million (USD). But bitcoinica creates volatility with programmed logic, and on this point too, the stock market isn't any better, with the 2010 flash crash (https://en.wikipedia.org/wiki/2010_Flash_Crash) causing 10% drop in 4 minutes, resulting in Quote A stock market anomaly, the major market indexes dropped by over 9% (including a roughly 7% decline in a roughly 15 minute span at approximately 2:45 pm eastern time on May 6, 2010[46][47]) before a partial rebound.[5] Temporarily, $1 trillion in market value disappeared.[48] While stock markets do crash, immediate rebounds are unprecedented. The stocks of eight major companies in the S&P 500 fell to one cent per share for a short time, including Accenture, CenterPoint Energy and Exelon; while other stocks, including Sotheby's, Apple, and Hewlett-Packard, increased in value to over $100,000 in price It seems our new crypt-currency trading system has some of the same misfeatures as traditional trading systems. :)Title: Re: Big buy just now Post by: deepceleron on January 14, 2012, 11:53:38 AM Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying. I watched the whole thing live too, the sell simply came too quickly. I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that? You mean an "oops, your BTC are now all our fees?" Title: Re: Big buy just now Post by: Sitarow on January 14, 2012, 01:28:45 PM Actually this can be used as a good tool.
Lets say you set a buy at $6. And you presently have a few sells at lets say $7. You can create further sell/shorts at $7 before your orders at $6 get met. When your buy orders at $6 get filled, you are now able to auto-sell at $7 when the market moves there. Title: Re: Big buy just now Post by: zhoutong on January 14, 2012, 02:22:24 PM Actually this can be used as a good tool. Lets say you set a buy at $6. And you presently have a few sells at lets say $7. You can create further sell/shorts at $7 before your orders at $6 get met. When your buy orders at $6 get filled, you are now able to auto-sell at $7 when the market moves there. Yeah, it makes sense. But well, now we have Bitcoinica for this, and it's even better. :-) Title: Re: Big buy just now Post by: teflone on January 14, 2012, 03:07:59 PM Thanks, but my guitar is already tuned pretty nicely. I thought that too! ha |