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

[Hawker]

Walls are looking pretty healthy. $4M+ of coin or dollars required for a 15% movement in either direction.

Side Note: What the odds the big cats are completely trolling us with this "stability" before they start effing shit up again?  

Way too healthy. The amount of asks (fairly spread out which leads me to believe there's not a lot of fake walls) is extremely high for a $6 span from $114-$120.

Last drop to $98 I noticed as we ran back up to $105+ that the asks between 110-120 where filling up extremely fast. It seems like a lot of day traders bought up the last mini crash and tossed the coins right back up for sale $5-$8-$10 higher. Which to me explains why there hasn't been much panic selling or coin dumping, the traders are happy to wait for the bulls to pay them off.

The problem with that is people are buying, but they aren't holding. They're turning around trying to sell it at a small markup. And it seems the amount of people doing this in the last mini-crash has put up a huge chunk of legitamite asks that make it very slow going if we're going up.

The majority of large coin purchases are done against limited ask resistance. Which makes sense, you blow 500k on coins you want the price to move. Your coins are worth more, you might start a rally, and hopefully the price stays at the higher point. Spending 500k and the price going up $1 isn't going to entice a lot of people. Unless 10k of those ask coins get dumped or someone drops 1M on coins, we're not going to move very much. Everyone between $100-$120 is pretty patient at the moment.

Very interesting post - it describes my position perfectly.  After a week of buying selling several times a day, I've been left on the sidelines waiting for movement before jumping back in.

How long would you expect this "stability" to last?  

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[rpietila]

im buying silver to get out of some of this silly fiat, im looking to start buying more at 21, but if we get near 18, awesome

Take a look of Silvervault. You can buy silver that is stored securely in a bank vault (controlled by me) in Estonia. Estonia features no VAT on silver, and it is a stable parliamentary republic (in Estonian: "Eesti Vabariik" = the Free Country of the Estonians).

There is no spread in the silver that you buy. No minimums and no maximums. You can take delivery of it or sell it. Very low fees on buying, selling and storage. If you are not a national or resident of the U.S., Canada or Japan, and have no bank account and no business there, you are eligible to join the free world and be a customer of Silvervault!

I mean for diversification, this is a good way to corner a chunk of the world's physical investment silver with no sweat

[dexX7]

I guess people love Bitstamp to cash out.



But I can confirm: Bitstamp follows Mt.Gox everytime, despite wallsize and anything else.

[Frozenlock]

It's happening?!

[wonkytonky]

Walls are looking pretty healthy. $4M+ of coin or dollars required for a 15% movement in either direction.

Side Note: What the odds the big cats are completely trolling us with this "stability" before they start effing shit up again?  

The problem with that is people are buying, but they aren't holding. They're turning around trying to sell it at a small markup. And it seems the amount of people doing this in the last mini-crash has put up a huge chunk of legitamite asks that make it very slow going if we're going up.
.

wait until uptrend is there again traders will hold .. it has been down trend for a while..(medium scope)  it doesn't make sense to keep btc as a trader.. wanting to make a quick  profit.. in down trend.

this is my tactic in uptrend:
buy coins... they will increase in value after a week.
lend equal amount of coins .. they will increase in value after a week

when a "little" correction happens.. sell the borrowd coins and short if possible.. .. and get the fiat profit.   at the bottom of the correction.. buy new coins with the fiat profit.

this way I have double profit on the coins I started with.


with downtrend.. I just do the opposite..
so basically it does not matter which way it goes there's always an opportunity.

at this point i'm putting some bid offers at lower price you never know to get lucky to have some cheaper coins..in the weekend dip.

i'm not expecting for new big selloffs to happen so i'm getting my bull hat ready for the coming weeks..  it might take some time but ..  imho.. up is the way to go after consolidation.

I'm a bull in general though..  I like the price to become high enough so the "mainstream" traders with millions at their hands can join the ride.. now the orderbooks are way to thin.
also I just have a "gut feeling" it will go uptrend again , have been right most of the time (90%) it's still a gamble though haha  "this is Bitcoin"
Regards

wonky tonky

[ronaldlee0917]

someone is getting impatient and bought 2k of coins

[notme]

It's happening?!

nope

[wonkytonky]

I guess people love Bitstamp to cash out.



But I can confirm: Bitstamp follows Mt.Gox everytime, despite wallsize and anything else.

 orderbook to thin on bitstamp.. this is not a real representation .. just watch gox..

the reason why bitstamp follows gox is simple.;  bitfinex is connected to bitstamp.. this means instant arbitrage on bitstamp.

[wonkytonky]

It's happening?!

nope

people buying this amount are thinking longer term..  them expect the price to go up in the future. so it's a bullish indicator ... unless it's lended money(and would be a stupid move to make right now).. then it will come down again if price doesn't move up much

[notme]

It's happening?!

nope

people buying this amount are thinking longer term..  them expect the price to go up in the future. so it's a bullish indicator ... unless it's lended money(and would be a stupid move to make right now).. then it will come down again if price doesn't move up much

one trader being long term bullish does not mean the market can move through the current resistance in the short term

[ChartBuddy]

[fitty]

This is called market making and is very healthy/quite useful. From what I hear, mature markets all have this type of behavior in very large volumes.

For bitcoin, it allows entities like bitpay, coinbase, etc to operate with limited slippage.

For Bitcoin I agree it's a good thing. I personally prefer volatility, bloodshed, panic, despair, exuberance and then of course exhaustion. I guess the roller coaster has to slow down at some point, at least for awhile.

[notme]

This is called market making and is very healthy/quite useful. From what I hear, mature markets all have this type of behavior in very large volumes.

For bitcoin, it allows entities like bitpay, coinbase, etc to operate with limited slippage.

For Bitcoin I agree it's a good thing. I personally prefer volatility, bloodshed, panic, despair, exuberance and then of course exhaustion. I guess the roller coaster has to slow down at some point, at least for awhile.

Just wait... any market makers that have too tight a clamp on the market will get washed out as soon as we break out decisively.

[UltimateReaper]

I return to my uneternal slumber...

where will we be when the sun rises? More nowhere perhaps. I'm expecting the downtrend to continue though.

[fitty]

Very interesting post - it describes my position perfectly.  After a week of buying selling several times a day, I've been left on the sidelines waiting for movement before jumping back in.

How long would you expect this "stability" to last?  

I have a feeling there are a lot of people waiting.

$103-$104 will scare a few people into selling, others might sell into the drop hoping to push it even lower letting them get back in. It should shake up the ask resistance at a minimum.

$118-$119 will lure some people in who are hungry for a rally. It also causes some asks to pull the order, wait to see how far the mini rally goes, then sell.

But we're talking a lot of coins down, a lot of fiat up. Those ask/bids are extremely staggered. You can watch them jostle for position trying to get in front to be the first bid buying or the first ask selling. It's actually pretty funny watching them shift around. Which leads me to believe there's not many fake walls on either side at least in the 5% up/down range.

[Rampion]

There will be a bloodshed very soon, and I see bears in a world of pain.

Good luck to the ones shorting with 4:1 leverage

[rezurect]

Moses could walk trough that.

[fitty]

There will be a bloodshed very soon, and I see bears in a world of pain.

Good luck to the ones shorting with 4:1 leverage

The bids are pushing forward, much newer orders.

Median order date for the asks <= 122 is Wed, May 8th 15:18:25 GMT.
Median order date for the bids >= 102 is Thu, May 9th 01:42:53 GMT.

That means half the asks from 114-122 were made before Wed, May 8th 15:18:25 GMT. That close to the edge, that's a lot of orders that are in no hurry to sell and haven't changed for days.
The bids are much more recent and pilling up faster. When it gets pushed, it's likely to be pushed up. How far depends on how many people join in.

[Ares]

Wow, props to Rampion on that timing

[fitty]

500k of Bitcoins to start your day. Someone was hungry. And we barely moved.