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

[Richy_T]

When traders say that bitcoin has passed from weak hands to strong ones, they are describing a mechanism that prolongs a bubble collapse.

It doesn't so much apply to bubbles as much as when, in a rising market, you get flash crashes and bear traps which cause people to panic sell and generally try and chase the market. Stronger hands will carry through such short-term dips (and even buy during them) because they believe the longer term trend is up.

Conversely, it is likely that bubbles and crashes are actually caused by weak hands, those who rush in when they think they can make a profit then bail when it all looks a bit pear-shaped.

Of course, this implies that those who believe in long-term growth are correct. It's a matter of perspective.

[NamelessOne]

And begin!

[needmorecoins]

the pain

[Richy_T]

A few months ago I wrote a Java websocket/socket.io client for Mt. Gox that processes the depth chart to explore my notions about depth and tick data. The ChartBuddy 3-D depth chart periodically posted here shows the time dimension like I wanted - so no point in going further. But I did learn enough about the Mt. Gox API to very deeply appreciate the cleverness employed by Clark Moody who ties together Mt. Gox trades and depth changes.

I wanted to do the socket.io thing (and still do for another project) but found it poorly documented and jumped on the http in the end. I still need to figure out why I appear to be regularly missing the first few minutes each hour from Gox. It's not always but it's often enough to be annoying.

[xorglub]

BTW, what does everyone think the top will be before we dive downwards again?

I say 180

I would feel even more confident about my bitcoin bubble assumptions if the price did not exceed $145 again before the final bottom.

I pretty much agree with you again. If we go again to $160 I would be puzzled. Heck, I think the normal thing would be not going over $125 before the final bottom.

I also like $125'ish for the top ... I just don't trust this rally at all and am not convinced it's got much more life in it

I think $124 was the top. Rocket is out of fuel, and even the manipulator(s) could not tow it.
Now heading back to a lower orbit

[NamelessOne]

HAHA someone is desperately buying trying to prevent this from looking like the top.

[underground_]

HAHA someone is desperately buying trying to prevent this from looking like the top.

Price drops to 117, and he clears out the asks to 124, hmmm....

[Richy_T]

But I agree, in general, with the sentiment. I don't see the market cap of bitcoin being 3 trillion by the end of the year. I think we could see $10k, which is a market cap of ~$100 billion.

Bear in mind that the market cap is somewhat meaningless. It doesn't mean that if you dump all the bitcoins on the market, you end up with $3 trillion.

[DougTanner]

Monday volatility is here. Now we start to see where the price really wants to go.

[SlipperySlope]

A few months ago I wrote a Java websocket/socket.io client for Mt. Gox that processes the depth chart to explore my notions about depth and tick data. The ChartBuddy 3-D depth chart periodically posted here shows the time dimension like I wanted - so no point in going further. But I did learn enough about the Mt. Gox API to very deeply appreciate the cleverness employed by Clark Moody who ties together Mt. Gox trades and depth changes.

I wanted to do the socket.io thing (and still do for another project) but found it poorly documented and jumped on the http in the end. I still need to figure out why I appear to be regularly missing the first few minutes each hour from Gox. It's not always but it's often enough to be annoying.

I use the Chrome web browser. Its tools permit the monitoring of the TCP traffic between client and server - and so I watch Clark Moody's app to confirm the socket.io API that Mt. Gox uses. I likewise found Mt.Gox performance to be annoying.

[Rampion]

[Richy_T]

I use the Chrome web browser. Its tools permit the monitoring of the TCP traffic between client and server - and so I watch Clark Moody's app to confirm the socket.io API that Mt. Gox uses. I likewise found Mt.Gox performance to be annoying.

It's not so much the API as the socket.io thing. I'm sure I can work it out though. I want to write an app for Android so I can see the charts realtime like a picture viewer without having to do a browser deal. Though probably someone has already done that. Often seems to be the way these days.

I don't understand the top-of-the-hour stuff. If it happened before, I'd just think it was Gox but I'm thinking it must be something I'm doing that's blocking the requests.

[mccorvic]

I just don't trust this rally at all and am not convinced it's got much more life in it

As bullish as I usually am, I have the same sentiment.  I think we'll see lows highs and higher lows for a while until we settle somewhere between 100-115.

[ElectricMucus]

HAHA someone is desperately buying trying to prevent this from looking like the top.

Price drops to 117, and he clears out the asks to 124, hmmm....

I really whoever is doing this. Seems like an overconfident rich kid

Another reason never to place market orders without a corresponding limit order.

[Rampion]

How is it possible to have such a lag with this smallish volume? What a joke.

[SlipperySlope]

I use the Chrome web browser. Its tools permit the monitoring of the TCP traffic between client and server - and so I watch Clark Moody's app to confirm the socket.io API that Mt. Gox uses. I likewise found Mt.Gox performance to be annoying.

It's not so much the API as the socket.io thing. I'm sure I can work it out though. I want to write an app for Android so I can see the charts realtime like a picture viewer without having to do a browser deal. Though probably someone has already done that. Often seems to be the way these days.

Coincidentally, the same websocket library I got working a year ago for Android, was the one that I grafted socket.io capability onto in my recent Java desktop app. Your idea should work fine. Getting the realtime depth list synched up with trades is not easy due to the fact that Mt. Gox appears to have separate server processes providing this information, without Consistency as defined by database folks.

[phantastisch]

Found this on ariva.de :



Bears is this useful?

[lunarboy]

SLIDE !

[Hawker]

Someone sold over 4000 Bitcoin for about 116 when the market it at 119

Why does someone do that?

[DougTanner]

What the hell, market orders all over the place...



This is just stupid.



WTF