Is there any reason Buys are much more spread out than Sells?

[Kazu]

I haven't looked at BTCCharts very often until now, and I just noticed that there always seems to be this more spread-out Buy volume, while there is this monumental wall of sell orders in the $150 area. Is there any particular reason for this? Are the sellers just always more active and plan to put a huge wall of sells order in at, say, $200, the moment the price clears $150, or do the sellers really think nobody is going to clear out that huge wall they've set up?

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[fabrizziop]

I haven't looked at BTCCharts very often until now, and I just noticed that there always seems to be this more spread-out Buy volume, while there is this monumental wall of sell orders in the $150 area. Is there any particular reason for this? Are the sellers just always more active and plan to put a huge wall of sells order in at, say, $200, the moment the price clears $150, or do the sellers really think nobody is going to clear out that huge wall they've set up?

Sorry for the news, but rallies don't last forever. They're betting price won't go higher. If you think rallies last forever you will get burned.

[Kazu]

I never said they do. It just feels odd that the vast majority of sellers all decided to pick one price ($150) to sell at, while the buyers are all over the place.

[NamelessOne]

I haven't looked at BTCCharts very often until now, and I just noticed that there always seems to be this more spread-out Buy volume, while there is this monumental wall of sell orders in the $150 area. Is there any particular reason for this? Are the sellers just always more active and plan to put a huge wall of sells order in at, say, $200, the moment the price clears $150, or do the sellers really think nobody is going to clear out that huge wall they've set up?

Sorry for the news, but rallies don't last forever. They're betting price won't go higher. If you think rallies last forever you will get burned.

Sure rallies don't last forever but this has nothing to do with the rally. Kazu, the walls actually almost ALWAYS look like this. The price gets pushed up and the sellers stack up their orders.  Eventually the bulls smash through with market buys and eat up all the walls. The sellers retreat and place their walls $10-$20 higher, at which point the whole process repeats.  If you go to bitcoinity you can actually zoom out on the depth chart and see how IMMENSE the buy/bids actually are in comparison to the sells/asks. That little clump before 150 is nothing when you see everything in perspective.

[Kazu]

Well, I mean, not to be pessimistic, but its sort of a $3.5 MILLION dollar wall. I understand the one at $100 is even more humongous, but still. I can see us bouncing around between $100 and $150 a while before somebody decides to put in a monumental buy order or something.

Whats weird is though, the wall before $200, which you'd think would be much bigger, is virtually nonexistent. Going from $133 to $150 costs almost double what it costs to go all the way from $150 to $200, and above $200 there is basically no sell orders. On the bight side, I suppose that last big buy order right on the edge of $149.8 could take us zooming a really long way

[NamelessOne]

This market has eaten through 3.5 million climbs before quite easily. If things do start to climb again many of those asks will be pulled away. The two 5k walls at 150 appear to be the same old manipulation walls that our Wallmaker Overlords always create and generally pull. Remove those and even the 2k worth of seeming fakeness at 141-142 and this climb is only 13-15k of BTC. Those giant 5k walls are designed to do exactly what you're saying, make people go 'oh it can never get passed that, I might as well sell' and then the wall maker just buys all the coins.

[Kazu]

This market has eaten through 3.5 million climbs before quite easily. If things do start to climb again many of those asks will be pulled away. The two 5k walls at 150 appear to be the same old manipulation walls that our Wallmaker Overlords always create and generally pull. Remove those and even the 2k worth of seeming fakeness at 141-142 and this climb is only 13-15k of BTC. Those giant 5k walls are designed to do exactly what you're saying, make people go 'oh it can never get passed that, I might as well sell' and then the wall maker just buys all the coins.

LOL, that sounds like an awesome strategy for the ultra-rich. (Until somebody a couple times richer than you decides to come in and screw you over).

And I never said I'd sell. If anything a relative stability between $100 and $150 (which still gives me a 30% of value range to trade in) means that businesses can easily accept BTC.

[NamelessOne]

Yeah, I'm not saying you in particular would sell, but the Wallmakers seem to hope that people in general will.

[lowlevel]

I never said they do. It just feels odd that the vast majority of sellers all decided to pick one price ($150) to sell at, while the buyers are all over the place.

Isn't this how retail works too? You go into a store.. and BestBuy wants $200 for something you know walmart has for $159 ... but you buy it anyway because, well you're there.

[BitcoinTate]

Psychological barrier... $150 is a nice even number to add up your earnings

[dg2010]

Isn't this how retail works too? You go into a store.. and BestBuy wants $200 for something you know walmart has for $159 ... but you buy it anyway because, well you're there.

Only a retard pays $200 for something when he knows he can get it for $159 next door.

[mb300sd]

Isn't this how retail works too? You go into a store.. and BestBuy wants $200 for something you know walmart has for $159 ... but you buy it anyway because, well you're there.

Only a retard pays $200 for something when he knows he can get it for $159 next door.

That, or someone with enough money not to give a crap.

[Kazu]

An example of a zoomed out chart showing that the pattern I noticed continues.

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Huge wall at $150, gentle slope from there up to $200, and flat from there on out

Compared with

45%-ish slope from $133 all the way into the $40s with a mini-wall at $100.

[mb300sd]

Fiat must be stored on the exchange because it takes so long to move, might as well put up some bids at low prices just in case it dips, while bitcoins are easy to move and can be stored offsite. The only reason to keep bitcoins on the exchange is if your willing to sell close to the current price.

[notme]

Fiat must be stored on the exchange because it takes so long to move, might as well put up some bids at low prices just in case it dips, while bitcoins are easy to move and can be stored offsite. The only reason to keep bitcoins on the exchange is if your willing to sell close to the current price.

This and the age of orders.  Asks are already there.  When we rally, bids don't immediately move up.