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

[smoothie]

Situation looks very similar to April 7th from that graph, volume numbers are also similar. Main difference is though that total bid sum (and ask sum too) is way higher.

Yes really quite remarkable. April 7th set us back almost exactly 2 weeks. We won't be truly out of the woods until the ask sum roughly halves.

My preference (as if I what I fancy has any influence at all ) is that the total ask remained high so that people don't get the 'out of the woods' feeling resulting in another bonkers spending spree and its inevitable consequence!

I like loads of bitcoins on the order book as a constant reminder that people will sell if the price is right and could easily sell loads - so don't get carried away with the buying!

Keep in mind fiat paper = infinite money supply
Bitcoin = 11 million coins to date

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[Kazu]

Situation looks very similar to April 7th from that graph, volume numbers are also similar. Main difference is though that total bid sum (and ask sum too) is way higher.

Yes really quite remarkable. April 7th set us back almost exactly 2 weeks. We won't be truly out of the woods until the ask sum roughly halves.

My preference (as if I what I fancy has any influence at all ) is that the total ask remained high so that people don't get the 'out of the woods' feeling resulting in another bonkers spending spree and its inevitable consequence!

I like loads of bitcoins on the order book as a constant reminder that people will sell if the price is right and could easily sell loads - so don't get carried away with the buying!

Well, there's ~25k of that orderbook just to $150.

[seleme]

150 certainly looks like a bad mofo at the moment. Then 130 did too at some point. It might happen the 120's again, few days of trying to break 150.

[smoothie]

150 certainly looks like a bad mofo at the moment. Then 130 did too at some point. It might happen the 120's again, few days of trying to break 150.

Wouldnt be surprised if the wall at 150 is composed of mostly fake orders that will be moved.

[thoughtfan]

Situation looks very similar to April 7th from that graph, volume numbers are also similar. Main difference is though that total bid sum (and ask sum too) is way higher.

Yes really quite remarkable. April 7th set us back almost exactly 2 weeks. We won't be truly out of the woods until the ask sum roughly halves.

My preference (as if I what I fancy has any influence at all ) is that the total ask remained high so that people don't get the 'out of the woods' feeling resulting in another bonkers spending spree and its inevitable consequence!

I like loads of bitcoins on the order book as a constant reminder that people will sell if the price is right and could easily sell loads - so don't get carried away with the buying!

Keep in mind fiat paper = infinite money supply
Bitcoin = 11 million coins to date

I am well aware - and overall as you know although I'm not one to shout it from the rooftops I veer towards super-bullish.  It's just that phrases like 'out of the woods' make me a little nervous - not for the long-term future of bitcoin but for the sake of those who get caught in the crossfire of extreme market fluctuations.

I kinda like the idea of us learning to live with high bid and ask pressure as 'the norm'.  Opening up the steam locomotive up too quickly will release a lot of the steam pressure and the wheels will turn impressively fast but they are just spinning and are hardly pulling the train at all.  Opening up a little less quickly maintains a head of steam whilst effectively transferring the energy to the wheels so that the whole train slowly gains momentum until you've got something pretty heavy hurtling along the tracks at some rate!

[Richy_T]

Very much like a month ago. We just need a government to do something stupid in 5... 4... 3...

[solex]

What's amazing me is the way the bid side keeps so steady or builds, even after large volumes of buys at the $130 and $140 mark. pre-$140 we were 40k+13k down to $120/$130, and now we're 40k+15k, and that's after all the $140 buying. We were 67k down to $100 and 31k up to $150 , and now we are 67k + 24k, so the bid side really is doing a great job, considering the buying at $130 and $140

Once we break $150 i wouldn't be surprised to see us go up to $200 quite quickly as the panic buying starts and supply drops

This might be heretical in a wall-observer thread, but people are wasting too much time reading the chicken entrails of wall movements.

For every buyer there is also a seller, for every dollar in there is a dollar out of Bitcoin. The only reason the price goes up is sentiment.

When sentiment changes then floods of sell orders will appear from nowhere. I bet there was a monster wall at $230 when the price hit $266, but it didn't do any good. If the price suddenly shot to $1000 then there would soon be a tidal wave of sellers taking profits until it hit the last level where sentiment had a consensus ($125, or even $95).

I think the 4-year logarithmic trendline is the best indicator of sentiment, based on fundamentals, and this points to a stable price at $200 and eventually $1000 in the future, but not because of all the wall-dances along the way.

[ineededausername]

What's amazing me is the way the bid side keeps so steady or builds, even after large volumes of buys at the $130 and $140 mark. pre-$140 we were 40k+13k down to $120/$130, and now we're 40k+15k, and that's after all the $140 buying. We were 67k down to $100 and 31k up to $150 , and now we are 67k + 24k, so the bid side really is doing a great job, considering the buying at $130 and $140

Once we break $150 i wouldn't be surprised to see us go up to $200 quite quickly as the panic buying starts and supply drops

This might be heretical in a wall-observer thread, but people are wasting too much time reading the chicken entrails of wall movements.

For every buyer there is also a seller, for every dollar in there is a dollar out of Bitcoin. The only reason the price goes up is sentiment.

When sentiment changes then floods of sell orders will appear from nowhere. I bet there was a monster wall at $230 when the price hit $266, but it didn't do any good. If the price suddenly shot to $1000 then there would soon be a tidal wave of sellers taking profits until it hit the last level where sentiment had a consensus ($125, or even $95).

I think the 4-year logarithmic trendline is the best indicator of sentiment, based on fundamentals, and this points to a stable price at $200 and eventually $1000 in the future, but not because of all the wall-dances along the way.

I watched the move to $266 live, the bid side got weaker and weaker and total bids plummeted before the crash.  At one point I believe the depth down to $100 dropped to ~30-40k BTC.
Depth does matter.

[DougTanner]

$145 just fell.

[loanexpress]

$145 just fell.

https://i.imgur.com/k8NH3Is.jpg

Bring it on $150!!! Sitting there all smug and wall-like.

[adamstgBit]

$145 just fell.

Bring it on $150!!! Sitting there all smug and wall-like.

150 looks all cool and shit on the outside, but on the inside hes all panicky and ready to bounce any moment.

[smoothie]

$145 just fell.

Bring it on $150!!! Sitting there all smug and wall-like.

150 looks all cool and shit on the outside, but on the inside hes all panicky and ready to bounce any moment.

+1. I guarantee that wall is fake.

Buy into it and owner will remove it.

What a loser lol 

[d5000]

There is not enough bid volume (see blockchained.com) to pass 150.

Let's stabilize in the 140s a couple of hours and then we will attack the great wall

[humanitee]

There is not enough bid volume (see blockchained.info) to pass 150.

Let's stabilize in the 140s a couple of hours and then we will attack the great wall

Yeah dude, ATH territory is definitely not enough. /s

[oakpacific]

There is not enough bid volume (see blockchained.info) to pass 150.

Let's stabilize in the 140s a couple of hours and then we will attack the great wall

Simple, if all the buy orders higher than ....$132 on the bid side can stop sit and shit, and come down to attack the wall, it will be gone.

[ElectricMucus]

There is not enough bid volume (see blockchained.info) to pass 150.

Let's stabilize in the 140s a couple of hours and then we will attack the great wall

Simple, if all the buy orders higher than ....$132 on the bid side can stop sit and shit, and come down to attack the wall, it will be gone.

Actually most of it is coming from under 50. if you take a look at bitcoinity

[smoothie]

There is not enough bid volume (see blockchained.info) to pass 150.

Let's stabilize in the 140s a couple of hours and then we will attack the great wall

Simple, if all the buy orders higher than ....$132 on the bid side can stop sit and shit, and come down to attack the wall, it will be gone.

Actually most of it is coming from under 50. if you take a look at bitcoinity

People thought they could buy lower but now realize that will never happen. I bet most are buying back at A loss

Agreed, all this bubble talk was BS.

If it truly were a bubble there wouldn't be tons of fiat chasing bitcoins right now...ON and OFF exchanges.

[sunblaster]

[marcus_of_augustus]

What if the whole crash was the mid-May'11 phase of the bubble (for those of you who were there back then)?

What if it all ends, not at $266, but at $1000? 

I was here for the 2011 bubble, I would enjoy this scenario greatly! 

Thousands of bitcoiners are going to retire soon!

Several hundred already did methinks ...

[Bowjob]

What happened to this thread supposedly "Hardcore" without silly pictures or text? If it's gonna be like the first one, you might as well do a 51% on the old one and stop this thread fork.