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

[DaRude]

I'm sorry. How can anyone be comfortable with the walls looking like THIS? Before the last rally from $375 to $475, a huge wall base built up and the bids looked 3x bigger than the asks. Now it just looks like it could go for another Friday. Longs are also even higher than before at $27.1M

One word China. $27MM longs at ~24%/yr with only BTC6k in shorts! Yet we keep going up... It's not a one exchange player anymore. That's not to say Finex won't flash crash to shed those longs :/

[peonminer]

I'm mostly looking at the buy side, not the sell side.

The fact that the bids were stacked up so high and close, was what caused the super fast run up, hence a large correction crash. This is more organic. (Beginning stages of a large pump).

[ChartBuddy]

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Explanation

[spooderman]

what's so bad about the bid side? staggered walls making u think it's all one person? or just not as high as it should be?

[Cconvert2G36]

i take my comfort in the price alone. the bids/asks are just manipulation if you ask me. who knows what's really going on behind the scenes at these exchanges?

Remember that massive bid wall on that failed 317 run? Yeah, that didn't work out so well for bulls in the short term. At least it was mostly real... turned out pretty well for the bidder.

If someone really wants to buy, why telegraph that to the potential sellers? Same for the asks, why chase down the price if you want to sell higher?

Not saying that the on-book data is useless, but close.

[marcus_of_augustus]

TERA : the walls have changed a lot since you've been gone ... they are totally fake now and change in the space of minutes and seconds even.

Some guys had a massive bear whale wall on BearStamp for almost 18 months, it sat just above the ask and moved around all the time but never went away ...

wall observing is just a joke now, so we get this comedy show here ... but damn some of the wordsmithing and gif selection is just choice and funny as hell.

[peonminer]

TERA : the walls have changed a lot since you've been gone ... they are totally fake now and change in the space of minutes and secinds even.

Some guys had a massive bear whale on BearStamp for almost 18 months, it sat just above the ask and moved around all the time but never went away ...

wall observing is just a joke now, so we get this comedy show here ... but damn some of the wordsmithing and gif selection is just choice and funny as hell.

This

[TERA]

Actually the location where the bid kept getting huge between $360 and $400.. hasn't been touched. $402 was the bottom even after the 'crash'. So when I thought $380 was a good time to buy with that huge bid, it will still a good call. Afer that, it wasn't till multiple days of the bid getting smaller and smaller until the drop happened.

I don't know. I still believe a really big bid side is sort of an objective sign that there is more money on an exchange. It isn't all about a one man chess game with an accumulating buyer but about the growth of the exchange in general.

Maybe I'm wrong. However, at the very least a large bid gives me sort of a guarantee that I won't be liquidated from one little market order.

[spooderman]

thanks. you're one of the few people worth listening to around here. not that i ever buy and sell mind you... 

[koryu]

I'm sorry. How can anyone be comfortable with the walls looking like THIS? Before the last rally from $375 to $475, a huge wall base built up and the bids looked 3x bigger than the asks. Now it just looks like it could go for another Friday. Longs are also even higher than before at $27.1M

yes it looks a bit scary and seems like double top possible. but click on btcchina and check its orderbook.  they have nearly 2:1 bid ask ratio (10k btc to 2500cny, 5k btc to 3500cny), demand is in china, imo without china this prolly would have droped down already.

[r0ach]

People in the west are just proceeding cautiously until new floors are established by China.  Once China manages to hold certain levels for a long time, then the west builds walls there.

[TERA]

I think saying "the demand is in China' quite possibly one of the most bearish things you can say, after everything that happened in 2013-2014 with PBOC and all the fake volume. I came back here after 2 years expecting Chinese would be completely factored out of the price levels by now and that everything would be based on USD and adoption. I even expected it would be $1000 by now, all based on USD and adoption. Saying that $460 is 'supported by China' is like going way back in time and being a bear.

[peonminer]

It is what it is, and what it is, is up.

[ChartBuddy]

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Explanation

[r0ach]

I think saying "the demand is in China' quite possibly one of the most bearish things you can say, after everything that happened in 2013-2014 with PBOC and all the fake volume. I came back here after 2 years expecting Chinese would be completely factored out of the price levels by now and that everything would be based on USD and adoption. I even expected it would be $1000 by now, all based on USD and adoption. Saying that $460 is 'supported by China' is like going way back in time and being a bear.

In the west you have the traditional barons of industry trying to suppress price and accumulate and pump later.  In China, they have more immediate utility to use it to move money out of the country, so the spread is higher there, which means the West is forced to trail China and only build support after China has proven that level to be stable.

[koryu]

I think saying "the demand is in China' quite possibly one of the most bearish things you can say, after everything that happened in 2013-2014 with PBOC and all the fake volume. I came back here after 2 years expecting Chinese would be completely factored out of the price levels by now and that everything would be based on USD and adoption. I even expected it would be $1000 by now, all based on USD and adoption. Saying that $460 is 'supported by China' is like going way back in time and being a bear.

I wouldnt say the demand is in general in china, just a snapshot at this price level at this time. My interpretation of the sentiment is: west is waiting to buy the dip while china is still in buying mood.
Maybe it's because chinese havent so many options to invest their money, gold and shanghai composite doesnt look attractive and they could fear cny/cnh devaluation.

In general the demand in the west should be very different from 2013 because there are more institutional investors now, GBTC and ETFs, regulated exchanges.

[TERA]

Pop quiz: If you saw the chart upside down like this, what would you expect?

..

Wow everyone and their mother opened a long today.

[ChartBuddy]

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Explanation

[windjc]

Pop quiz: If you saw the chart upside down like this, what would you expect?

..

Wow everyone and their mother opened a long today.

Wow.  I have pretty much abandoned this place, but this post was a blast from the past. Then I saw that you have been posting like a champ recently. Thought you left bitcoin to learn forex or something like that after your investor friend told you that the banks would destroy bitcoin. Guess he missed the boat on that call.

Anyway, hope you are well. Peace out.

[USB-S]

today at 4.20pm the price will be 420.