Fake buy orders on Mt. Gox

[Nagle]

For the last two days or so, there's been what looks like a "wall" of about 3000 BTC just below the current price. It's usually been on an even-dollar boundary. When it actually gets matched by a small sell order, the "wall" immediately drops by $1 or $2.  That's why, even though the market depth looks strong on the buy side, that strength is fake and the price continues to drop. I just watched it drop from $100 to $95 over a few minutes.

This isn't a particularly useful trading strategy.  It looks more like an attempt to prop up the price on Mt. Gox.

Does someone track bid retractions on Mt. Gox?

[GreenBits]

these artificial walls (moving walls) are a common sight on exchanges with bot driven markets (gox, cex). they suck.

market manipulation at its finest

~Green

[TTBit]

If I knew something and had to buy $500k worth of BTC at mtgox right now, I'd put up "fake" walls, hoping to entice a large sell. Looking at the depth, you can't buy 3000 BTC without moving the market $100+