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Question: Oct. 5 Closing Price:
$0 - 5 (3.5%)
<$8,000 - 38 (27%)
$8,000-$8,500 - 16 (11.3%)
$8,500-$9,000 - 10 (7.1%)
$9,000-$9,500 - 13 (9.2%)
$9,500-$10,000 - 12 (8.5%)
$10,000-$10,500 - 10 (7.1%)
$10,500-$11,000 - 5 (3.5%)
$11,000-$11,500 - 2 (1.4%)
$11,500-$12,000 - 4 (2.8%)
>$12,000 - 17 (12.1%)
>$20,000 - 9 (6.4%)
Total Voters: 141

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21401805 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (107 posts by 21 users deleted.)
Zephir
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May 23, 2013, 10:22:25 AM
 #10301

Is bitstamp down right now?  Huh
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May 23, 2013, 10:25:16 AM
 #10302

Is bitstamp down right now?  Huh
No
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May 23, 2013, 10:35:13 AM
 #10303

I get "Website currently unavailable", and the API doesn't respond either.
So I'd say yes, bitstamp is currently down.

Oh well, not like there was much happening anyway...  Roll Eyes
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May 23, 2013, 10:44:29 AM
 #10304

up for me, gentlemen
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May 23, 2013, 10:44:56 AM
 #10305

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  Roll Eyes

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

BTW, I don't consider 660BTC that huge amount of coins. You can make a market order for that quantity and the slippage is minimum. If we speak about +1,500BTC... Well, that's another story.

I'm new to BTC and a bit naive about trading, so my understanding could be wrong. But I get the feeling that 660 BTC is a bigger amount with the relatively smaller volumes this week.

I am interested in any other theories why someone would buy 660 coins into that wall. My theory was that it's a day trader who saw an easy way to enter a position. Maybe it could be a newbie who doesn't know better?

In any case I wish I'd bought some too at $123!
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May 23, 2013, 10:46:46 AM
 #10306

Another attempt to break silently through $125?
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May 23, 2013, 10:48:27 AM
 #10307

Another attempt to break silently through $125?

It looks like people are waking up and deciding that today is the day to buy.
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May 23, 2013, 10:59:16 AM
 #10308

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  Roll Eyes

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

BTW, I don't consider 660BTC that huge amount of coins. You can make a market order for that quantity and the slippage is minimum. If we speak about +1,500BTC... Well, that's another story.

I'm new to BTC and a bit naive about trading, so my understanding could be wrong. But I get the feeling that 660 BTC is a bigger amount with the relatively smaller volumes this week.

I am interested in any other theories why someone would buy 660 coins into that wall. My theory was that it's a day trader who saw an easy way to enter a position. Maybe it could be a newbie who doesn't know better?

In any case I wish I'd bought some too at $123!

Well, you just have witnessed a +BTC700 market buy less than 20 minutes ago, and the boost in price was just $0.5, which means a tiny 0.4% slippage.

Of course daytraders will want to avoid that 0.4% slippage, but 99% of Bitcoin investors simply don't care about a 0.4%.

Volume may be low, but market depth is strong.
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May 23, 2013, 11:03:11 AM
 #10309

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May 23, 2013, 11:16:11 AM
 #10310

A little short on insight and analysis but sums up why Bitcoin is going to make waves one way or another.

The Napster Effect: why Bitcoin really matters
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May 23, 2013, 11:37:09 AM
 #10311



Any TA I post is strictly for fun (blah blah pseudo-science etc). However I do think it is interesting  Wink

I think you really do need to log at it in log scale at these timescales.

I also don't think referring to just the lows is TOO meaningful as you are also incorporating a very bullish phase in your trend there.

If you've seen my charts, your 1.4% figure is lower but close to my 1.862% average daily growth that was the dominant trend so far of 2013 in the run-up to the spike.

We've definitely broken that trend though and I don't think bridging the whole of 2013 into a single trend works at all any more as we've had: stability, sustainable growth, irrational exuberance, panic-selling, recovery and now stability again long enough to be seen as trends all within 6 months.
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May 23, 2013, 12:03:19 PM
 #10312

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May 23, 2013, 12:06:19 PM
 #10313

Battle for 125 begins again

311 takes us through it.
531 to get below 124.5

EDIT: That was quick   Grin
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May 23, 2013, 12:10:05 PM
 #10314

Whisper it quietly:



We just tip-toed over $125.
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May 23, 2013, 12:10:31 PM
 #10315

Battle for 125 begins again

311 takes us through it.
531 to get below 124.5

EDIT: That was quick   Grin

Was about time that we get some movement here. Allthough i really like stability for the sake of Bitcoin, i really miss the excitement of the last few weeks.

Cheers
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May 23, 2013, 12:11:06 PM
 #10316

New daily high of 125.12, looks like people are really in a buying mood today. Smiley
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May 23, 2013, 12:13:11 PM
 #10317

124.5 guy moved some coins up to 125
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May 23, 2013, 12:17:32 PM
 #10318

124.5 guy moved some coins up to 125


He's walking us up, bit by bit.  Would like to see support from others too, but take what we get I guess.
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May 23, 2013, 12:18:12 PM
 #10319

Speculation: people have sold their stocks on the stock market since that market is over the top now and are moving into bitcoin. Cheesy
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May 23, 2013, 12:19:54 PM
 #10320

Speculation: people have sold their stocks on the stock market since that market is over the top now and are moving into bitcoin. Cheesy
Japan/YEN trade off, Bitcoin ON    Grin
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