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

[kurb3l]

https://blockchain.info/en/charts/hash-rate

Hashrate -100k ghs?

Another Glitch?

Seems so.
bitcoinwisdom says

Hash Rate:    217,992,542 GH/s

[1714678813]

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[Davyd05]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

[phoenix1]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

EDIT : My numbers are wrong 9.2k shorts dropped to 5.8k. Misread chart

[klee]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

[ChartBuddy]

Explanation

[klee]

When S&P will pop BTC will rally.

http://www.advisorperspectives.com/dshort/guest/Lance-Roberts-140912-Things-to-Ponder.php

Also, it is good to have all those bears around - buy signal!

When there is no falllllllllling around I know it will be time to sell

[phoenix1]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

That big wall on BFX allowed the majority of the 5k shorts to be closed without moving the price significantly.
Low slippage = executing an order without significantly moving the market  - if the wall had not been there, executing a market buy to close those shorts would have wiped out the order book and pushed the price way higher = high slippage
Hence why they were potentially a sitting duck for a short squeeze. Now that they are gone ...

[klee]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

That big wall on BFX allowed the majority of the 5k shorts to be closed without moving the price significantly.
Low slippage = executing an order without significantly moving the market  - if the wall had not been there, executing a market buy to close those shorts would have wiped out the order book and pushed the price way higher = high slippage
Hence why they were potentially a sitting duck for a short squeeze. Now that they are gone ...

On the other hand it is bullish that they closed them, right?

Even if we won't have such a sudden spike in price.

[dEBRUYNE]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

Normally when you market buy 3-4k, you get a slippage of a few %. For example if the price is 460, but there is only 4k coins to 500, you get a slippage of around 8%. When there is a wall at 470, you only get a slippage of a few %. I hope this is clear for you now. Maybe some traders could elaborate this a bit more.

[klee]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

Normally when you market buy 3-4k, you get a slippage of a few %. For example if the price is 460, but there is only 4k coins to 500, you get a slippage of around 8%. When there is a wall at 470, you only get a slippage of a few %. I hope this is clear for you now. Maybe some traders could elaborate this a bit more.

Yes thank you! I understand now

[Teppino]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

That big wall on BFX allowed the majority of the 5k shorts to be closed without moving the price significantly.
Low slippage = executing an order without significantly moving the market  - if the wall had not been there, executing a market buy to close those shorts would have wiped out the order book and pushed the price way higher = high slippage
Hence why they were potentially a sitting duck for a short squeeze. Now that they are gone ...

On the other hand it is bullish that they closed them, right?

Even if we won't have such a sudden spike in price.

I'm afraid those shorts were a warranty against the price going down. Shorts are btc sold for usd with the hope of buying back when price goes down, so (i could be wrong as i lack experience there) in my understanding shorts = potential buy pressure on a downtrend.
Now that market went clear of those, with low slippage also, it could very well go down to squeeze longs without that added buy pressure.

[Ragnar Danneskjold]

When S&P will pop BTC will rally.

http://www.advisorperspectives.com/dshort/guest/Lance-Roberts-140912-Things-to-Ponder.php

Also, it is good to have all those bears around - buy signal!

When there is no falllllllllling around I know it will be time to sell

 Yes the fact that so many people, who should know better, are still bearish despite the daily strengthening of bitcoin is is indicative of human nature. They are crowd-followers who allow the momentum of the last 9 months price decline induce in them uncertainty. There will be thousands of newbies coming shortly who, after seeing the paypal and other news, will start buying, perhaps tentatively at first but enough to raise the price to the point where most of the bears will buy back and we will be ready for the next moon launch.

Ragnar

[phoenix1]

On the other hand it is bullish that they closed them, right?

Even if we won't have such a sudden spike in price.

Could be! IDK If they now turn net buyers then yeh, for sure! But low open short positions can actually signify bearish, not bullish conditions as, well, a lot of traders get long at the tops and short at the bottoms thereby creating the turning points as they get squeezed. We will see ...
Just pointing out that, all else being equal, a bit of thrust had potentially been removed. Would have been juicy if the wall had been eaten AND the shorts were still open. That coulda got real interesting real quick!

I'm afraid those shorts were a warranty against the price going down. Shorts are btc sold for usd with the hope of buying back when price goes down, so (i could be wrong as i lack experience there) in my understanding shorts = potential buy pressure on a downtrend.
Now that market went clear of those, with low slippage also, it could very well go down to squeeze longs without that added buy pressure.

That's what I see, though TBH the net longs on margin does not look perilous and has not changed much recently. I think the froth was been taken out of that with the last liquidation.
So probably more boring sideways action yawn ...

[klee]

Things were simpler without shorts/longs and Karpeles manipulation - the good old days!

[edwardspitz]

http://www.bfxdata.com/swaphistory/totals.php

seems like a huge short or amount of shorts closed

^^ This. Looks like that big buy was no whale accumulator, but a/many shorter(s) closing their positions for low slippage.
Potentailly bearish in reality as 11k was waaay too high for the market to make any significant move down.
Now at 5.5k, there are not enough shorts to squeeze IMO.

What does this mean? I am not very familiar with the technical terms...

The huge ask wall on BFX offered whale shorters (and non whale shorters) a way to close their positions with no slippage. That basically means that they were able to buy a lot of BTC at fixed price and without raising the price in the process.

It is altogether very bullish because:
- The ask wall was of the manipulative kind (as far as I can tell)
- Shorters no longer believe they will get new/better opportunities for closing their shorts at a lower price
- They are now focused on accumulating BTC (and when done with that raising the price)

I agree with Davyd05 that all these unclosed shorts could have provided the fuel for a very bullish scenario. Also the shorters might still be able to keep the price down while they accumulate although I doubt it will go much lower from this point on... There are still shorts that needs to be closed and coins that needs to be accumulated (Edit: added buy pressure as Teppino pointed out). I believe we will go sideways or up from now on. That is what I am hoping for anyway  

Everybody pack your wallets and cut your foot looses!

[ChartBuddy]

Explanation

[magicmexican]

The price is not reacting to a positive'ish macD, thats usually what happens before a big dump

[mooncake]

Deliberate attempt to buy at 50BTC at regular interval at Finex. Choo choo..................

[klee]

Bitfinex is active with buys

[klee]

http://www.youtube.com/watch?v=d5sA37UOGgw