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

[SAQ]

Hourly shows 5 tests of 125 and 5 fails over 13 hours. I can't see a breakout any direction but down here.

When was 125 tested? We have not even reached 125 yet. The high is 124.9.

Plus we only got above 120 this GMT morning.

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[hyphymikey]

Beware: aprox. BTC15K just appeared on the order book. That could be a nice round of bullets for the bears, prepare your bids and fasten your seat belts.

Do you see the sudden drop in the Bid Sum from Monday? That was most likely wallzilla taking down his wall to buy coins. You see the sudden spike in the Ask Sum for today? That is likely wallzilla putting his new coins on the order book. He must have spread them out for profit taking instead of a huge sell wall that would likely take time to sell through. It DOES NOT mean he is going to take down all those orders he just placed and market dump. True bears will come out of nowhere and drop 15k coins.

[stereotype]

So, you think the capitulation is over and we are on the way up?

Man, bulls turning bears and bears turning bulls, I'm really puzzled

Have you ever seen a medium perform where they're saying they hear a voice, it's Susan, maybe Sarah. She's your mother, no grandmother, maybe a childhood friend?

Gotta be able to turn on a dime in the prediction business.

  Houdini and Derren Brown would give you a knowing nod for that. So true.

[Rampion]

Beware: aprox. BTC15K just appeared on the order book. That could be a nice round of bullets for the bears, prepare your bids and fasten your seat belts.

Do you see the sudden drop in the Bid Sum from Monday? That was most likely wallzilla taking down his wall to buy coins. You see the sudden spike in the Ask Sum for today? That is likely wallzilla putting his new coins on the order book. He must have spread them out for profit taking instead of a huge sell wall that would likely take time to sell through. It DOES NOT mean he is going to take down all those orders he just placed and market dump. True bears will come out of nowhere and drop 15k coins.

I didn't see the wallzilla buying $2M coins in market orders earlier today, sorry. That would have triggered quite of a rally. In fact, what I saw is a BTC2Kish dump just immediately after wallzilla removed his bids (you can see it on ask sum graph too).

IMO, we should be testing $100 soon.

[MAbtc]

Hourly shows 5 tests of 125 and 5 fails over 13 hours. I can't see a breakout any direction but down here.

When was 125 tested? We have not even reached 125 yet. The high is 124.9.

Plus we only got above 120 this GMT morning.

.1 USD is really insignificant here. This isn't some sort of predictive science.

We crossed 124.75 13 hours ago. We have fluctuated between 124.65 and 124.9 over four separate hours since then before falling back to 120/under. Yes, we couldn't even break 125. This repeated stagnation at the resistance from 120-125 = downward break, IMO.

[EuroTrash]

Yawn, so low volume. Two bots flirting and some random guy buying half a bitcoin.

[Frozenlock]

Ok, I need to do so groceries.

Everyone, stop trading! 

[hyphymikey]

Beware: aprox. BTC15K just appeared on the order book. That could be a nice round of bullets for the bears, prepare your bids and fasten your seat belts.

http://www.blockchained.com/depth_mtgox_15d.png

Do you see the sudden drop in the Bid Sum from Monday? That was most likely wallzilla taking down his wall to buy coins. You see the sudden spike in the Ask Sum for today? That is likely wallzilla putting his new coins on the order book. He must have spread them out for profit taking instead of a huge sell wall that would likely take time to sell through. It DOES NOT mean he is going to take down all those orders he just placed and market dump. True bears will come out of nowhere and drop 15k coins.

I didn't see the wallzilla buying $2M coins in market orders earlier today, sorry. That would have triggered quite of a rally. In fact, what I saw is a BTC2Kish dump just immediately after wallzilla removed his bids (you can see it on ask sum graph too).

IMO, we should be testing $100 soon.

You actually lose money market buying or market selling, compared to setting up a wall and waiting. Well, wallzilla was waiting on the crazy typical bear to come along over the weekend, and he didn't. So he took down his wall. That we know. What we don't know is what happened next with him. Did he just make small buy orders multiple times and now has all his coins on the sell side? That's what I think, and not some random bear adding 2 mil to the ask side to drive the price down. If he did what you said and just "gave up" and took down his wall, that is even more scary, to know that there is that much cash waiting off the books to ride this thing upwards. And if that is the case, then it's very bullish. Lets just say he sees the price go down to 110, where he had his wall, do you think he will just keep letting it fall? Close to 100 like you say? I doubt it, unless he is stupid, which makes me wonder where he got that cash from if he is that stupid. He would put up his wall again and get the coins he was looking for. But I think he has them already, even if he didn't get them until we got in the 120 range.

Wallzilla, if you are out there, put your wall back up, so we know what is going on. If he does, then it's obvious my opinion was wrong. If we keep moving up, something tells me he who has 2 million is smart enough to already be on the train.

[micalith]

Ok, I need to do so groceries.

Everyone, stop trading! 

looks like they have stopped trading!

[smoothie]

So funny to see people talking about the boogie man with his "WALL"....

 

[hyphymikey]

So funny to see people talking about the boogie man with his "WALL"....

 

Am I in the wrong thread? This is the wall observer huh?

[ChartBuddy]

[Rampion]

Beware: aprox. BTC15K just appeared on the order book. That could be a nice round of bullets for the bears, prepare your bids and fasten your seat belts.

http://www.blockchained.com/depth_mtgox_15d.png

Do you see the sudden drop in the Bid Sum from Monday? That was most likely wallzilla taking down his wall to buy coins. You see the sudden spike in the Ask Sum for today? That is likely wallzilla putting his new coins on the order book. He must have spread them out for profit taking instead of a huge sell wall that would likely take time to sell through. It DOES NOT mean he is going to take down all those orders he just placed and market dump. True bears will come out of nowhere and drop 15k coins.

I didn't see the wallzilla buying $2M coins in market orders earlier today, sorry. That would have triggered quite of a rally. In fact, what I saw is a BTC2Kish dump just immediately after wallzilla removed his bids (you can see it on ask sum graph too).

IMO, we should be testing $100 soon.

You actually lose money market buying or market selling, compared to setting up a wall and waiting. Well, wallzilla was waiting on the crazy typical bear to come along over the weekend, and he didn't. So he took down his wall. That we know. What we don't know is what happened next with him. Did he just make small buy orders multiple times and now has all his coins on the sell side? That's what I think, and not some random bear adding 2 mil to the ask side to drive the price down. If he did what you said and just "gave up" and took down his wall, that is even more scary, to know that there is that much cash waiting off the books to ride this thing upwards. And if that is the case, then it's very bullish. Lets just say he sees the price go down to 110, where he had his wall, do you think he will just keep letting it fall? Close to 100 like you say? I doubt it, unless he is stupid, which makes me wonder where he got that cash from if he is that stupid. He would put up his wall again and get the coins he was looking for. But I think he has them already, even if he didn't get them until we got in the 120 range.

Wallzilla, if you are out there, put your wall back up, so we know what is going on. If he does, then it's obvious my opinion was wrong. If we keep moving up, something tells me he who has 2 million is smart enough to already be on the train.

Man, wake up. Wallzilla intention was to SELL, not to BUY. You don't place a $2M bid just $5 below spot in the real world, if your real intention is to buy. And you don't keep pushing it up, because a 10% of $2M is A LOT of money, for you, me and all the rich guys around. With that kind of wall you are only pushing the price up, everybody knows that - and no, the theory of the clueless guy who just received his lottery winnings on Gox (on a Sunday ) is just utter BS.

That's how the market works: you want to sell a big chunk and your loaded with fiat, you place a huge wall trying to push the price up and to create depth around your wall. You want to buy low and you have a lot of coins, you put a huge ASK wall to push the price down.

If you really want to buy $2M coins, you just place smaller bids all over a certain price range. Putting 10% of the total amount of fiat sitting on Gox in a single spot means only one thing: your real intention is to sell.

[oda.krell]

[hyphymikey]

Rampion- I get that,  actually said that yesterday after he took his wall down, but the huge addition to the ask side just make the situation a little different since its pretty much the same amount and within one day... huge coincidence if its 2 different people.

Also, what does he do if he only has fiat? He could have made all that cash on the last bubble, and at the first sign of good news he wants back in. In that case, reread my last past about this.

[Quantum_Negatum]

What's the deal with all the 0.0123 sales today? I've seen that number spammed a lot but never as frequently as today.

[DougTanner]

First China, now this: http://blog.coinbase.com/post/49782323057/coinbase-now-processing-15m-per-month-in-bitcoin-buys

Bullish?

[KillaMarci]

This is the first time I've ever been a real bear before. I just sold all my remaining Bitcoins. Still predicting a drop for tommorow.


Being a bear is actually quite crappy, being bullish is much more fun.

[EuroTrash]

What's the deal with all the 0.0123 sales today? I've seen that number spammed a lot but never as frequently as today.

It is a bot. That number is its creators' signature. I think it's trying to buy at the minimum possible slippage.

[cedivad]

This is the first time I've ever been a real bear before. I just sold all my remaining Bitcoins. Still predicting a drop for tommorow.

We have a 40$ surplus based on a news on nothing... This is my point of view.
I think that the USD on mtgox is going down, the google trends indicators are going down, and that 1 month from now we will be sub 100. Personally, i didn't even tough about buying at 75$, and yes, i'm kicking myself for the gain i've lost, but i'm still confident in my trading decisions and i hope to be able to buy at a cheap price.
After all, this was a bubble, the bubble bursted, and so did the media exposure.