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

[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?

[1715093869]

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[1715093869]

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[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.

[elux]

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

Bullish?

No. Very bearish. We crash now.

[/sargasm]

[Rampion]

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.

being a bear rocks. You just get cheaper coins on every dip. Just don't sell any coins, buy them.

Errrr... Maybe I got wrong the bear definition and in fact I'm a bull?  

[rpietila]

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.

+1

In theory, yes. But is there a seller willing to sell at these low levels, who already has sold to cash out $2M (which is 20k coins)? In my calculation, there are only about 40 people in the category.

It is possible that he is a buyer after all, no matter how unreasonable it is.

(When I was a newb about 6 weeks ago, I showed $130k wall in Bitstamp just for the lulz, and ended up buying at an average 6% higher than the point of showing the wall, I also drove the price from 2% discount to Mt.Gox to 2% premium. Now I am smarter and know how to play. Still I might do things just for the lulz, like the mindless crash of 14. Feb makers who wanted a red Valentine candle).

[fitty]

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.

China hype, Fiat Super Tuesday, why sell now?

We all know if we start the smallest of rallies you'll have 500 guys screaming "load the rocket fuel, to the moon! bull nation holla! get out of the way bears!".

Shit that happens without any news. People are so eager to jump on a rally it won't take much, whether the China news matters, whether Gox even processes the wires tomorrow, who really knows. But if someone with 200-300k starts buying Bitcoins you'll have the forum screaming rally fever. I don't see a big down swing, if you're paying attention and you want to sell, you see what happens and let them have their rally then coin dump. So even sellers are probably going to wait and see what happens.

Someone should just make a new forum name called "Xien Ping Chow" and say how you saw the report and you're now planning to accept Bitcoins at your restaurant in Beijing. People will go ape shit and we'll probably hit $200.  

[rpietila]

Ooh, bowl is tilted to the downside. Poll: should I send 2k to Gox to crash it (1k sell + 1k wall)?

Can I buy sub-100 back or no??  

[bangersdad]

Ooh, bowl is tilted to the downside. Poll: should I send 2k to Gox to crash it (1k sell + 1k wall)?

Can I buy sub-100 back or no??  

Vote for Yes....please 

[KillaMarci]

Does anybody know if the May 5th. value is accurate? It's showing up as 0.

[EuroTrash]

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

Bullish?

Growth has been heavily constrained also, as you’ve noticed if you’ve seen the “sorry we’ve reached the maximum number of buys for today” message.  Most days we’ve been reaching our maximum amount of buys within an hour or two.  Some fixes for that are in the works.

Suffice to say, awareness about bitcoin is growing quickly!

Depends.

If most days they have been "reaching the maximum amount of buys within an hour or two", and if "some fixes for that are in the works", why did they have the need to blog about how good they are doing - who they are trying to appeal to? Wouldn't that generate even more load that their systems aren't able to handle right now?

[ineededausername]

Does anybody know if the May 5th. value is accurate? It's showing up as 0.

As far as I can tell, the latest one is always 0.

[MickeyT2008]

Ooh, bowl is tilted to the downside. Poll: should I send 2k to Gox to crash it (1k sell + 1k wall)?

Can I buy sub-100 back or no??  

That would be doing me a favour, so long as it happens BEFORE I buy back in with my half a penny of course!!