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

[Walsoraj]

Why would big players move to Bitstamp? It has about 1/10th the bid depth as Gox. The "big" players cannot cashout without causing major slippage.

[MickeyT2008]

Took some profits at $123 on Bit - jeezus it's choppy around here

funny, people always tell us about their profits but never about their losses :p

Okay then, within a few seconds of me selling at $129 that whale bought his 5000BTC and then walled off the bid side at $135, just as if he'd been waiting for me to do that. (do whales have spy cameras everywhere?).  Then I ended up buying in a few cents above his wall, compounding my mistake.

Fortunately, as I've said before, because I only have a few BTC this is annoying, not a disaster and I will make it back again.  Had I been trading a few thousand BTC I'd be flipping out about that right now!  However, I think I can survive losing 0.15BTC, the lesson is worth the price.

Oh well, mistakes are there to be learnt from

Well after the ask wall that was placed a few mins ago it looks like you may be getting your .15 btc back... i think it will go back until there is a 3/4 usd difference with bistamp, at least that is whats being happening all weekend... but I may be wrong though...

I'll get that back sooner or later, I'm not worried about that.  I should have known not to trade at that point, I always seem to get it wrong when I come back home then go straight to my computer and then immediately make a snap decision to trade.  Fortunately I do get it right other times, I've made 150% profit over the last month so I'm still well ahead, it's just that unfortunately that's 150% of not a lot.  I'll get there eventually though.  If I do start to build up to a significant amount then I'll start putting a slice of any profits safely away as a hedge against me messing up and losing half of it again.

A big chunk of that 150% came from switching to LTC the moment that Gox claimed that they were going to introduce trading with it, and then back to BTC before the LTC price dropped back again.  That worked out very nicely, much better than I expected it to.

As with today, when I get it wrong it's often due to the sudden appearance of walls, but I suppose that's catching people like me out is the idea behind them placing them there.  This often seems to happen on a Monday after a quiet weekend too.

[World]

This has the potential to have some long term impact on the exchange landscape: https://bitcointalk.org/index.php?topic=290799.0

or this:
http://thegenesisblock.com/california-legislature-passes-bill-to-reform-money-transmission-act/

[ChartBuddy]

[adamstgBit]

Why would big players move to Bitstamp? It has about 1/10th the bid depth as Gox. The "big" players cannot cashout without causing major slippage.

I think, most of bitcoin economic active passed through stamps, and so their is more market buys and sells, then bids/ask walls.

this is why the bid/ask depth looks like about 1/10th that of gox, yet volume is well over 1/4 gox

[samson]

Took some profits at $123 on Bit - jeezus it's choppy around here

funny, people always tell us about their profits but never about their losses :p

Okay then, within a few seconds of me selling at $129 that whale bought his 5000BTC and then walled off the bid side at $135, just as if he'd been waiting for me to do that. (do whales have spy cameras everywhere?).  Then I ended up buying in a few cents above his wall, compounding my mistake.

Fortunately, as I've said before, because I only have a few BTC this is annoying, not a disaster and I will make it back again.  Had I been trading a few thousand BTC I'd be flipping out about that right now!  However, I think I can survive losing 0.15BTC, the lesson is worth the price.

Oh well, mistakes are there to be learnt from

I purchased some Bitcoin (only 34) at $128 then tried to withdraw them from MtGox.

Bitcoin withrawals were broken on MtGox at the time, they weren't working. A couple of people reported this in the #mtgox IRC support channel.

Then the 'whale' buy came in pusing up the price by some $8

Shortly after someone bought those 5000 Bitcoin the withdrawals started working again on MtGox.

Is Gox the whale ?

[manfred]

Why would big players move to Bitstamp? It has about 1/10th the bid depth as Gox. The "big" players cannot cashout without causing major slippage.

I think, most of bitcoin economic active passed through stamps, and so their is more market buys and sells, then bids/ask walls.

this is why the bid/ask depth looks like about 1/10th that of gox, yet volume is well over 1/4 gox

Volume for US market past 10 days average was: Gox 18k stamp 13k so stamp is catching up fast
friends of Gox could be the whale

[coastermonger]

For anyone that missed the brief appearance of an enormous bid wall today.  

The whole affair seemed to be a buyer acting out of desperation.  He saw the price rise 5 dollars in 3 hours, and worried that he was losing an opportunity to get cheap BTC decided to pull the trigger on a 5k BTC buy.

This immediately consumed asks until the price shot up to $137.48.  For a very brief time after, this same buyer (or someone else) showed their hand by displaying a 3k bid wall at $135 before quickly contracting it.  So there is some more latent buy pressure hidden right now.

[MoneyMorpheus]

Looks like the ask wall dissapeared while you where writing the post down

[Walsoraj]

lots of lulz to follow when that bid wall falls.

[MoreFun]

lots of lulz to follow when that bid wall falls.

$180 by Friday

Yes, definitely.

Which Friday do you have in mind?

[ChartBuddy]

[MickeyT2008]

For anyone that missed the brief appearance of an enormous bid wall today.  

The whole affair seemed to be a buyer acting out of desperation.  He saw the price rise 5 dollars in 3 hours, and worried that he was losing an opportunity to get cheap BTC decided to pull the trigger on a 5k BTC buy.

This immediately consumed asks until the price shot up to $137.48.  For a very brief time after, this same buyer (or someone else) showed their hand by displaying a 3k bid wall at $135 before quickly contracting it.  So there is some more latent buy pressure hidden right now.

I'm fairly sure that I saw that bid wall get sold in to, although I could be wrong about that I suppose

[MickeyT2008]

Just stay on topic. I didn't mean to troll but wow.. your post was way out of the topic here, that's all dude!
We all hope BTC gets to $1000 you're not alone there!

No worries, sorry about snapping at you this morning when I was half awake, I'm often very irritable when I've just woken up - especially if I've only had about an hour's sleep before the alarm goes off

Back on topic, how long has that bid wall at $133 been there?  I've been busy for a while so I've only just noticed it.

[coolbeans94]

Ask sum of BTC is dropping, bid sum in USD is rising.

[ChartBuddy]

[Its About Sharing]

Bitstamp just had a dump. Things getting interesting.

Someone just sold 2000, which isn't huge, but it crashed things down to 115..

[jski]

Glad someone else pointed it out too, I thought the 115 was a typo..

[samson]

Bitstamp just had a dump. Things getting interesting.

Someone just sold 2000, which isn't huge, but it crashed things down to 115..

Now Bitstamp is offline

[Ivanhoe]

Mt.Gox is not reacting it seems.