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

[mmitech]

no I am looking only at gox and it is 52+ million USD look to my post above

and when I zoom out you see this

You must first multiply each *individual* bid with its price to get the USD value of each bid and *then* add the USD values. This screenshot you posted is doing it wrong. Its totally meaningless to add up the sum of BTC on the bid side.

If that is the explanation for how the bid was wrong then what is the explanation for how the ask was wrong?

I dont know but the only explanation is that people pulled their Bids and Asks off the book now that the price is going up, you can easly see a strong support around 700 and only 20K BTC that will bring us over $1500, otherwise I dont know !

[1714838599]

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[1714838599]

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[prof7bit]

You must first multiply each *individual* bid with its price to get the USD value of each bid and *then* add the USD values. This screenshot you posted is doing it wrong. Its totally meaningless to add up the sum of BTC on the bid side.

If that is the explanation for how the bid was wrong then what is the explanation for how the ask was wrong?

It was a few hours ago, I did not look at the exact values at that time, so I can't comment on that question. Currently (right now at this very moment) according to the official MtGox API the correct numbers are:

Code:

sum_bid: 39,479,189 USD | sum_ask: 24,575 BTC | ratio: 1,606.48 USD/BTC

[marvinrouge]

you're optimistic ! Even if you're right and bitcoin crashes, you have little chances to see your orders under 400 filled (so even if you're lucky you could end with almost no coins
Even if you're bearish you could think about what you would do if bitcoins doesnt go below 600 anymore (you would completely miss the boat)

I see what you mean. I should think about what happens if btc doesn't go below 600 anymore. Though, well, I really think it's way too high right now and below 600 should be probable. Thanks for the advice!

You don't understand. I don't tell you it's impossible for the price to go to 250 (or 400, or 600), but you seem not to even think about the possibility of another scenario. In the summer when the price was at 65 many were waiting for 50 or 30 to buy. They bought at 110 or worse.

[TERA]

you're optimistic ! Even if you're right and bitcoin crashes, you have little chances to see your orders under 400 filled (so even if you're lucky you could end with almost no coins
Even if you're bearish you could think about what you would do if bitcoins doesnt go below 600 anymore (you would completely miss the boat)

I see what you mean. I should think about what happens if btc doesn't go below 600 anymore. Though, well, I really think it's way too high right now and below 600 should be probable. Thanks for the advice!

You don't understand. I don't tell you it's not possible for the price to go to 250 (or 400, or 600), but you seem not to even think about the possibility of another scenario. In the summer when the price was at 65 many were waiting for 50 or 30 to buy. They bought at 110 or worse.

Summer was horrible for me. I sold at 86, made some measly trades in the 60s/70s, made a small trade in the 100s, then finally threw in the towel and went long at 125... Since then I've learned a lot about trading indicators and the buy point now seems obvious. H4 MACD crossed upwards in the 60s. Lesson: don't rely on a set buy price.

[alexeft]

People are trying to model the behavior of bitcoin on such little data!!!

Tsk tsk! 

[geoffreyqp]

Hi Guys!

I am currently trying to invest about a couple of bucks in Bitcoin, and have been reading up on all kinds of predictions and advice (dreams even) over the last couple of days to get an idea of how to do this.

I am not putting in more $ than I am prepared to lose, but considering it is still quite a bit of money to me (though it may be peanuts to some of you guys) I want to make an informed and rational plan and not buy at an ath this time. I know that when I start looking at trade charts and the news constantly I will only behave like the herd and lose coins instead of gaining (holding) them.

My guess is the price will go down some in the near future and, in the case of some more bad news from china or something, maybe even dip quite low. After that I presume it will rise again to new records. Since I'm buying I want to buy as low as possible of course, but I do not want to risk missing the boat completely before the price rises again.

So I came up with these orders on Bitstamp (lets say I want to invest a thousand bucks):

at $521/BTC buy .333BTC for $173.49
at $357/BTC buy .333BTC for $118.88
at $303/BTC buy .750BTC for $227.25
at $273/BTC buy 1.76BTC for $480.38

Comments are highly appreciated.

this is good plan. personally i would increase each of those by $100-$150. gl

[Loewy]

If I were you, I'd go all in at once. Pick up your entry point and dive in. If you weighted this entry point OK, then you will see your USD/BTC rising; if not you will still have something that will possibly worth a great deal of $ after 6 months minimum. The idea you're presenting is only good only when you want to sell your BTCs (in reverse order of course)

Thanks. I've thought about this option as well, just buy and be done with it and then sit on the coins for a couple of years. Any advice for an entry point?

Under 600$, yes... but under 400$ and 300$? I think you will miss the train. And if you're playing for a long term here, you should not wait for under 400$.

Edit: lots of money could come on stamp today... bank were closed in Slovenia for 2 days. So any thoughts about weekend? 

I think $400 is possible given a crash because of bad news, but you're right, if that doesn't happen I'll miss the train. I don't know about the weekend, didn't know about the Slovenia banks. Guess prices will rise because of that but there's a lot of other factors as well, hard to get good view of those.

you're optimistic ! Even if you're right and bitcoin crashes, you have little chances to see your orders under 400 filled (so even if you're lucky you could end with almost no coins
Even if you're bearish you could think about what you would do if bitcoins doesnt go below 600 anymore (you would completely miss the boat)

I see what you mean. I should think about what happens if btc doesn't go below 600 anymore. Though, well, I really think it's way too high right now and below 600 should be probable. Thanks for the advice!

You don't understand. I don't tell you it's impossible for the price to go to 250 (or 400, or 600), but you seem not to even think about the possibility of another scenario. In the summer when the price was at 65 many were waiting for 50 or 30 to buy. They bought at 110 or worse.

Be assured I do understand what you're saying. Thanks for the advice.

[alexeft]

Heeeeeeeeyyy!!! Whaddyyaa know!!! Bitcoin is falling upwards!!! LOL!

[gandhibt]

btcchina leads huabi by 120 105 cny

[Salivan]

I doubt we will experience another rally at least at  this point, there is still uncertainty in the market.
On the other hand this rise could be  easily justified since a price was  so much on "the left" from a month average, and this average price was achieved on quite decent volume.
I my opinion we will stay below $1000 at least for a month, although I hope for something more

[gandhibt]

btcchina leads huabi by 120 105 cny

They are having difficulties maintaining 4500 and it's already evening there.. so it can't go much higher from here.

dunno, now huobi has got it to 60 cny

[Ivanhoe]

Hi Guys!

I am currently trying to invest about a couple of bucks in Bitcoin, and have been reading up on all kinds of predictions and advice (dreams even) over the last couple of days to get an idea of how to do this.

I am not putting in more $ than I am prepared to lose, but considering it is still quite a bit of money to me (though it may be peanuts to some of you guys) I want to make an informed and rational plan and not buy at an ath this time. I know that when I start looking at trade charts and the news constantly I will only behave like the herd and lose coins instead of gaining (holding) them.

My guess is the price will go down some in the near future and, in the case of some more bad news from china or something, maybe even dip quite low. After that I presume it will rise again to new records. Since I'm buying I want to buy as low as possible of course, but I do not want to risk missing the boat completely before the price rises again.

So I came up with these orders on Bitstamp (lets say I want to invest a thousand bucks):

at $521/BTC buy .333BTC for $173.49
at $357/BTC buy .333BTC for $118.88
at $303/BTC buy .750BTC for $227.25
at $273/BTC buy 1.76BTC for $480.38

Comments are highly appreciated.

Too much effort for too little money. Although it's good that you actually made a plan. If i were you i just placed a bid slightly below the current price. Put the coins in a cold storage and then wait and hodl.

[Parazyd]

900 by Sunday!

[TERA]

There doesnt need to be a justification for the rise right now. Were simply going up "because china". Its a house of cards too.

[gandhibt]

There doesnt need to be a justification for the rise right now. Were simply going up "because china". Its a house of cards too.

price goes up if people want to buy and they want, simple as that, this is speculatively store of wealth, investing to the future

[Parazyd]

A house of cards with superglue

[seljo]

900 by Sunday!

700 on Gox is more likely.

So you got out too early instead of hodling little bit moar.

[kurious]

Stamp, China and BTC-e all in close sync - Gox 70 (goxbux) up....

Wonder who decides that synchronisation, does it prove we are still following China price - if so, it's a concern.

It's like the (China provoked) dip, was not noticed.

[Loewy]

this is good plan. personally i would increase each of those by $100-$150. gl

Thanks for the advice, I am considering what to do at this point. But I think I will do what you suggested.

Too much effort for too little money. Although it's good that you actually made a plan. If i were you i just placed a bid slightly below the current price. Put the coins in a cold storage and then wait and hodl.

Thanks, I have been thinking about that option as well. I want to have the coin(s) in cold storage somewhere in the next couple of months to sit on like a cockroach. Just need the right (well, at least not the stupid) way to get there. I'm currently considering your option (the easiest and fastest) and the option that I replied about to geoffreygp above (possibly get a bit more btc, risk of getting a bit less btc). I think I'll sleep about it and decide somewhere during the weekend.

Thanks for the input everybody.

[NewLiberty]

There doesnt need to be a justification for the rise right now. Were simply going up "because china". Its a house of cards too.

China is too big for these little moves.
More likely some Overstock presages Amazon speculation.