Sell Side: $1,025,285
Buy Side: $348,680
With these numbers, shouldnt the price be falling much quicker with such a huge sell side? This was the order book from Pascal earlier today and the price has been floating between 65k-80k satoshi. The sell side was basically the same the entire day and so was the buy side.
Any help is appreciated!
first of all how are you getting those numbers from the orderbook?! multiplying the sum (on top) of PASC with highest bid price is not the right way. you should scroll down to a price that you want, look at the column saying Sum(BTC) and multiply that number with bitcoin price (although it is best to report in
BTC not $)
same goes for the other side.
second, these are walls not actual
filled orders.
third based on the walls and resistances price has more tendency of going up because there is less resistance in sell orders. although this is just tendency not what actually happens. (look at the orderbook/depth chart I think polo has it on the bottom)