Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Frozenlock]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Wall is gone - sell sell selll

Uh? I still see it.

Me too

Sell anyway 

As long as it's here, we're safe. 

[byronbb]

LOL. A million comes into the order book and a million dollar wall goes up. Noob alert?

Didn't say I believed that explanation, just that it was the simplest, as per Occam's Razor  

Stand down noob assault team 

Just meant nothing is more noob than wiring 1 mega to mtgox then putting up a bid wall like that. I guess he could of just plunked it into the ask wall.....now that would of been cool.

[old_engineer]

I'm really curious as to why there's a wall in many currencies.

I do find it odd that there are bid walls on MtGox USD, EUR, and CAD.  After being up for 5 hours, the wall is looking less and less fake.

And in stark contrast, Bitstamp still has a sell wall.  It's only half of the 8k sell wall it was last week, but there are almost as many coins are for sale below $132 on Bitstamp (4777) as on MtGox (4869).

[zoinky]

Reminds me of the wall at 70 a few months ago.

[phoenix1]

LOL. A million comes into the order book and a million dollar wall goes up. Noob alert?

Didn't say I believed that explanation, just that it was the simplest, as per Occam's Razor  

Stand down noob assault team  

Just meant nothing is more noob than wiring 1 mega to mtgox then putting up a bid wall like that. I guess he could of just plunked it into the ask wall.....now that would of been cool.

Aaah ... no worries  

Multi currency, co-ordinated support - can only mean one thing ... Uncle Ben is coming to the rescue ...
The Fed is adopting BTC as their new reserve currency 

[fr33d0miz3r]

Maybe this is a "support wall". Maybe some bull(s) doesn't want Bitcoin to crash, so he(they) support the current price as far as possible. Is this somebody from "Bitcoin Foundation"? If that, and if he continue supporting, we'll see stable price around 125-130 next few months before the new big rally.

[ChartBuddy]

[Bitcycle]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

[giszmo]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

This is the most natural thing a multi-currency exchange should do. Of course if they take too high fees, others can do arbitrage for cheaper. Basically if the fee is 1%, an actual $$ wall should be 1% stronger than the auto-arbitrage-€-wall. A "buy 1000Ƀ@$120" would be a "buy 1000Ƀ@$119.8" in all other currencies. If you can exchange $$ for €€ cheaper, you can squeeze your offer in between.

[420]

how come gox volume is listed as 64% when according to the sites its not:

http://bitcoincharts.com/charts/volumepie/

gox shows Volume: 15344 BTC

bitStamp shows: 6094 BTC

CampBX (on bitcoincharts.com): 946

BTCe shows: 2052 BTC

15344+6094+946+2052=24,436
15344 out of 24436 is 62.79%, not even counting ALL the other bitcoin exchanges

Maybe it just fluctuates wildy?

[Abandon]

This bad news really has damaged things from a TA point of view. I think that if the price doesn't crash, despite breaking significant supports, that it will rally up.

[simonk83]

This bad news really has damaged things from a TA point of view. I think that if the price doesn't crash, despite breaking significant supports, that it will rally up.

What bad news? (Sorry, I've been away)

[ChartBuddy]

[Abandon]

This bad news really has damaged things from a TA point of view. I think that if the price doesn't crash, despite breaking significant supports, that it will rally up.

What bad news? (Sorry, I've been away)

Yeah, what bad news?

Most of it:
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/31/why-didnt-bitcoin-users-freak-out-in-may/

The Liberty Reserve incident is what likely took out the support, and killed the rally.

[Frozenlock]

Gawd! The wall is still untested... 

[ChartBuddy]

[darklight]

I think if anything the lack of reaction to all the bad news lately is a great sign. The price has hardly moved despite all the problems

[gandhibt]

Wallzilla killed the volume.

I'm really curious as to why there's a wall in many currencies.

Gox has only one market for all currencies.  The bids/asks in any given currency are converted to show in all other currencies, with a exchange fee built in.  The fee does not go to Gox, since they ironically are not licensed to exchange between various fiat currencies. Instead the fee goes to their bank, which does the actual fiat exchange.

The upshot is that if you place a bid in USD it shows up in Pounds, Euros, Baht, whatever else as well.

Source: MagicalTux in irc a few weeks ago.

This is the most natural thing a multi-currency exchange should do. Of course if they take too high fees, others can do arbitrage for cheaper. Basically if the fee is 1%, an actual $$ wall should be 1% stronger than the auto-arbitrage-€-wall. A "buy 1000Ƀ@$120" would be a "buy 1000Ƀ@$119.8" in all other currencies. If you can exchange $$ for €€ cheaper, you can squeeze your offer in between.

USD


EUR


What explains that the walls are different size in different currency?

[oda.krell]

Chaikin money flow lackluster on mtgox, and sharply dropping on bitstamp. That, plus weekend lull, makes re-test of 125 a possibility. If that happens, I don't expect this barrier to fall though. jm2c

[etaty]

Bitstamp Wall vs MtGox Wall