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

[fitty]

If you are selling coins, putting up an ask wall is just doing the exact same thing in the other direction.  And you get to absorb some of the bounce back. (Noob here, correct me if I'm wrong)

Yeah but if the market just crashed 25%, you have 200k USD of BTC on MtGox, your first thought is "Put up 1.5k ask walls at $115 $118 $120?". You're just deterring a bounce back. If you're panic selling, you'd just sell them. And within 60 seconds of the coin dump? Who see's a crash and walls up the bottom? The size and aggressiveness of those ask walls isn't from people looking to sell into the bounce back. You want it to bounce back, your BTC is worth more. The only thing they do is help keep the price down.

[underground_]

If you are selling coins, putting up an ask wall is just doing the exact same thing in the other direction.  And you get to absorb some of the bounce back. (Noob here, correct me if I'm wrong)

Yeah but if the market just crashed 25%, you have 200k USD of BTC on MtGox, your first thought is "Put up 1.5k ask walls at $115 $118 $120?". You're just deterring a bounce back. If you're panic selling, you'd just sell them. And within 60 seconds of the coin dump? Who see's a crash and walls up the bottom? The size and aggressiveness of those ask walls isn't from people looking to sell into the bounce back. You want it to bounce back, your BTC is worth more. The only thing they do is help keep the price down.

I don't care to speculate what they're there for, I only know that when they show up, the price goes down. A manipulated crash is still a crash.

[Aseras]

The lag at Mt.Gox is unacceptable, although i think it saves us from a total fire sale.

I just dont see how they can lag. The volume of orders could be done faster if it were written by hand in a ledger by a single person who then copied it all online to a spreadsheet. Even then it wouldn't be lag.

[Jaques]

I see I was wrong
it even went below 120
at least there was/is some volume showing up

[tHash]

Asks rising dramatically, bulls failing to get back past 120.

Beyond wanting to limit a bounce back, why else would someone put up 2-3-4k ask walls right after a sharp decline, right on the edge. They were way too big, way too consolidated to be bots. There were still enough bids walls if you actually wanted to sell you could have. Not to mention the ask walls came up right after the final coin dump to 105-110. You can explain away lots of coins being sold. I find it hard to explain away people aggressively pushing the ask wall preventing any serious bounce back.

Step 1:   Initiate selloff by dumping thousands.
Step 2:   Wait for panic sellers to drive price down.
Step 3:   Insert ask wall to keep price low and help with panic.
Step 4:   Slowly buy back coins that were originally dumped at a discount.
Step 5:   Once bought back, remove wall, and allow price to rise.
Optional: Insert bid wall to help push price up.

There is slight risk that wall could be bought, but it must be low enough risk, as they keep doing it.

[arklan]

The lag at Mt.Gox is unacceptable, although i think it saves us from a total fire sale.

I just dont see how they can lag. The volume of orders could be done faster if it were written by hand in a ledger by a single person who then copied it all online to a spreadsheet. Even then it wouldn't be lag.

post of the week right here.

[rpietila]

If you are selling coins, putting up an ask wall is just doing the exact same thing in the other direction.  And you get to absorb some of the bounce back. (Noob here, correct me if I'm wrong)

Yeah but if the market just crashed 25%, you have 200k USD of BTC on MtGox, your first thought is "Put up 1.5k ask walls at $115 $118 $120?". You're just deterring a bounce back. If you're panic selling, you'd just sell them. And within 60 seconds of the coin dump? Who see's a crash and walls up the bottom? The size and aggressiveness of those ask walls isn't from people looking to sell into the bounce back. You want it to bounce back, your BTC is worth more. The only thing they do is help keep the price down.

shut up and buy. I would, but I felt that even $140 was so ridiculously cheap that I went all in.

Note to haters - I am an onion. "All in" does not mean that I have allocated all my possible funds into bitcoin. (In fact I have unlimited money but that is too wonderful for most of us to grasp.) If I say "all in" it generally means that I invested 100% of the position that I have allocated for fiat/bitcoin trade. If I say I'm "short", it means that I own money that I have speculatively sold in anticipation of a buy back.

The onion part means that if bitcoin surprises to the downside (as it did from $266 - I was expecting $100, but it went all the way to $50), I have more and more layers of gold and silver, precious things, and perhaps even fiat balances, to peel, and deploy speculatively. These I will sell after the overshoot is corrected, like I sold all of the speculative position bought at $51-$90, for $90-$147. Don't kill me on the exact numbers. I also trade for other entities than my personal position so actually it would be best to not listen to me at all.

 

[wilfried]

hy everybody,
am i interpreting something wrong - there are way more bids than asks at the moment but the price isnt going up, why´s that?

[shad0wbitz]

I see I was wrong
it even went below 120
at least there was/is some volume showing up

Yep, whales and scared sheep getting out of Bitcoin after the 266 lalapalooza. Only down from here. Finding perhaps some temporary support at $87. Double digits undoubtedly in a few hours, even if just testing.

[wachtwoord]

Who'se trying to catch a falling knife?

Let's call it a hobby of mine.

[ScrapOfCat]

If you are selling coins, putting up an ask wall is just doing the exact same thing in the other direction.  And you get to absorb some of the bounce back. (Noob here, correct me if I'm wrong)

Yeah but if the market just crashed 25%, you have 200k USD of BTC on MtGox, your first thought is "Put up 1.5k ask walls at $115 $118 $120?". You're just deterring a bounce back. If you're panic selling, you'd just sell them. And within 60 seconds of the coin dump? Who see's a crash and walls up the bottom? The size and aggressiveness of those ask walls isn't from people looking to sell into the bounce back. You want it to bounce back, your BTC is worth more. The only thing they do is help keep the price down.

Here's what I was thinking:

You have a large number of coins you want to sell in a fairly short time frame.  You know that every time you dump a large number there will be a bounce.  You decide to sell the next segment, say 125 to 120.  you can be pretty sure that after you sell that segment, the price will bounce back up. 

You still intend to sell more coins.  So you set up ask walls, say 500 coins, at every $.5 interval back up to 123-124.  Now when the bounce happens, you sell coins to people that want to buy before the next drop. 

Wait for the volume of people in the bounce to dry up.  Repeat.

As I say, I'm a noob.  but it seems like a way to maximize if you aren't willing to just wait and sell 500 coins a day or something.

[wonkytonky]

hy everybody,
am i interpreting something wrong - there are way more bids than asks at the moment but the price isnt going up, why´s that?

it's called manipulation

[wilfried]

whole order book just fake/temporary bids?

[shad0wbitz]

(In fact I have unlimited money but that is too wonderful for most of us to grasp.)

Sorry, don't mean to be hatin' on your thread Adam, but this guy is just plain tarded!

[wiak2]

I see I was wrong
it even went below 120
at least there was/is some volume showing up

Yep, whales and scared sheep getting out of Bitcoin after the 266 lalapalooza. Only down from here. Finding perhaps some temporary support at $87. Double digits undoubtedly in a few hours, even if just testing.

What is it about $87 that makes people think there will be support there?  Don't see any wall, is there a psychological component I'm missing?

[adamstgBit]

(In fact I have unlimited money but that is too wonderful for most of us to grasp.)

Sorry, don't mean to be hatin' on your thread Adam, but this guy is just plain tarded!

... i c

[humanitee]

The amount of new accounts posting in this thread... 

[shad0wbitz]

Looks like the Bear trap turned into a bull trap at 118 LOL... c'mon... back to double digits! WEeeeeeeee!

[johnblaze]

(In fact I have unlimited money but that is too wonderful for most of us to grasp.)

@rpietila

care to elaborate on this?  i dont grasp

i really enjoy your posts and your diary thread, which is surprising because i usually cannot stand these blind bulls. i admire your idealism though

[Ivanhoe]

hy everybody,
am i interpreting something wrong - there are way more bids than asks at the moment but the price isnt going up, why´s that?

I think you might wanna delete this account and start a new one undercover.