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

[phoenix1]

So many bids at lower prices... people trying to buy back in after the crash?

What do the bars represent on this chart ... innocent newbie question ...

[TsuyokuNaritai]

So many bids at lower prices... people trying to buy back in after the crash?

What do the bars represent on this chart ... innocent newbie question ...

They show market depth changes over the last 10 minutes. The value axis for them is on the right BTC. Bars on the left of the current price are bid offer changes, and on the right ask offer changes. So if somebody is adding a bid offer, you will see a green bar up on the left. About colors: if bids are added they are in green, and when removed they are in red. For asks it's the opposite. That's because when somebody is adding an ask, it makes it harder for the price to go up (red). If somebody is removing an ask it's easier for the price to go up (green).

[phoenix1]

They show market depth changes over the last 10 minutes. The value axis for them is on the right BTC. Bars on the left of the current price are bid offer changes, and on the right ask offer changes. So if somebody is adding a bid offer, you will see a green bar up on the left. About colors: if bids are added they are in green, and when removed they are in red. For asks it's the opposite. That's because when somebody is adding an ask, it makes it harder for the price to go up (red). If somebody is removing an ask it's easier for the price to go up (green).

Thanks ... that makes sense now  

[phoenix1]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

[BitPirate]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

Huh???

[phoenix1]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

Huh???

what would you like me to clarify ?

[BitPirate]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

Huh???

what would you like me to clarify ?

There is no difference.

[phoenix1]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

Huh???

what would you like me to clarify ?

There is no difference.

Huh ?? There is a massive difference ...

[sauna]

He's asking if the Bid sum is the either:

The product of the number of BTC bids * current market price

OR

The sum of each BTC * the price of that bid.

It's the latter.

[BitPirate]

One more question ... on the 'Bid sum [kUSD]' chart above is it Sum (Bid Level * Volume) or the the Total Bid Volume * Current Market Price ?

Apologies if this is not the right thread to ask the question  

Huh???

what would you like me to clarify ?

There is no difference.

Huh ?? There is a massive difference ...

Sorry, I thought you were asking if x(a+b+c) was different from ax+bx+cx. I misread you.

I believe it is calculated as sum(price that the bid was made x number of btc bid for). Wouldn't make much sense otherwise.

[phoenix1]

He's asking if the Bid sum is the either:

The product of the number of BTC bids * current market price

OR

The sum of each BTC * the price of that bid.

It's the latter.

That was exactly what I was asking ... thankyou  

Agreed, BitPirate, would not make much sense otherwise - that's why I wanted to check  

No disrespect to either of you, but there is a 'junior member' saying it is so (and a junior member asking ) and you, a 'senior member' saying you believe it is so ... can anyone else say definitively that it is so ?

[just1nmc]

He's asking if the Bid sum is the either:

The product of the number of BTC bids * current market price

OR

The sum of each BTC * the price of that bid.

It's the latter.

That was exactly what I was asking ... thankyou  

Agreed, BitPirate, would not make much sense otherwise - that's why I wanted to check  

No disrespect to either of you, but there is a 'junior member' saying it is so (and a junior member asking ) and you, a 'senior member' saying you believe it is so ... can anyone else say definitively that it is so ?

Yes, it's definitely the sum of each bid at the respective price they were placed at.

If it was the total volume * market price it would change rapidly during price swings, which isn't what happened during the rally yesterday. Also, it wouldn't be very useful at all. 

[phoenix1]

Yes, it's definitely the sum of each bid at the respective price they were placed at.

If it was the total volume * market price it would change rapidly during price swings, which isn't what happened during the rally yesterday. Also, it wouldn't be very useful at all.  

Thanks ... that's pretty solid evidence.
Agreed, it would not be very useful otherwise, but I would be a fool not to check ... and we all know what happens to fools and their money  

And thanks to sauna and BitPirate too  

[adamstgBit]

I really regret being so bearish at one point, sold on every bear trap and the 32$ bet. LOL bitcoin

but it felt good taking some money out, cavitex send the cash the following morning. cavitex rules, but they should lower the fees to encourage more day trading... 

[michaelGedi]

I really regret being so bearish at one point, sold on every bear trap and the 32$ bet. LOL bitcoin

but it felt good taking some money out, cavitex send the cash the following morning. cavitex rules, but they should lower the fees to encourage more day trading... 

well, better that than be one of these noobs chasing the technology bubble you just heard about, throwing down a big bid at $235 while you still don't know what you're getting into, very strongly consider selling as you watch it go to $268 because you know it feels like it's about to pop... you can just feel it... but wait... a bit ... longer.

Then everything crashes including Gox, (and Bitstamp for that matter, though no one talked about it for some reason?) and you have to go out for your birthday dinner with your family and watch a movie afterwards to be polite while you wonder what's happened to all your money.

Get home, sell out at a 40% loss, resolve to be smart and buy back in at the right time because you've learnt enough to believe in BTC. THEN, wait for it, buy back in at $65 on Bitstamp, arbitrage - Bitcoin-24. Sell at €55 BITCOIN-24 GOES DOWN AND ALL YOUR MONEY IS NEVER TO BE SEEN AGAIN.

Then buy back in at $77 and hope it goes up not down shortly before reading lucif's TA on the downward future.


Sorry, just had to get that off my chest

I'm actually quite enjoying it, but that's only cos I'm breaking even at this valuation.


PS - so much for the "hardcore" wall observer thread

[michaelGedi]

[seleme]

one of the most boring bitcoin nights in last few months... volume is like it's nvc, not btc

[seleme]

one of the most boring bitcoin nights in last few months... volume is like it's nvc, not btc

Can't have insanity every day now, can we?

I lost 20$ on last trade, want something to happen to recover that, lol

[keewee]

one of the most boring bitcoin nights in last few months... volume is like it's nvc, not btc

We've had days with extremely low volume (a few 10's of 000's) in the last few weeks. The current volume isn't so low at over 200,000. It's probably just a case of burnout, coinciding with the weekend  

[BTCdude007]

one of the most boring bitcoin nights in last few months... volume is like it's nvc, not btc

Can't have insanity every day now, can we?

It's good to have some peace and quiet once in a while!