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

[michaelGedi]

I would be surprised by too much action on this weekend.

wondering if we'll see a similar scenario to last weekends low volume climb

[sohd]

Is this down?
http://bitcoin.clarkmoody.com

http://www.downforeveryoneorjustme.com/bitcoin.clarkmoody.com

[Richy_T]

This is what I was thinking aswell. I was actually thinking about doing a startup, a website where you can only buy Bitcoins. That's it, nothing else. Make it work INSTANTLY without any delays whatsoever, with common payment methods including Paypal (I think people can't put money in BTC's because Paypal is mostly unavailable, thats the problem I had when I first started) - Right now getting Bitcoins is a very long process that can take weeks if you take the Mt.Gox verification into account. On that website I could sell Bitcoins instantly, but maybe at a higher price than the current market situation [+5%] so I still make a profit.

I thought about maybe making a kickstarter for it or something similar but I don't know...

Likely you would have to charge much more than that as you will be flooded by chargeback scammers.

And then there are the idiots who will screw up their third-part bitcoin transaction, see they've no hope of doing anything through Bitcoin and so do a chargeback against you.

[ChartBuddy]

[jolonnar]

Leetbot back in action, trying to forestall the drop below 117.

[fitty]

lol that's what i'm seeing.. people selling below 118   and the ask price sticks to 118, so anyone has to buy them coins back more expensive

i want to buy in but i'd bring price over 120$ with  massive slippage..
put some asks up there people!..

Just in case you weren't trolling and because we have a lot of new people on the forum, I'll share some pro tips to deal with slippage on both sides.

For people who have no idea what he's talking about, lets say he has 100k USD he wants to use to buy Bitcoins. The price is at $118. If he puts in a market order for 100K, the order will end up buying coins at $118, $119, $120. So instead of getting in at $118, he's in at $119+. The ticker says $118 but he's forced to pay $119 to get back in. So that sorta sucks.

You only want to use market orders when you want to push the price up or down. Sometimes you'll pay the extra when buying (from slippage) because people will see a big purchase, more people might start buying, you move the market slightly higher, maybe start a rally, there's some built in short term protection for your BTC. When you market sell, you push the market a little lower and sometimes get panic sellers to join in. If you're not trying to move the market up or down you really shouldn't be using market orders.

But now you're thinking, I don't have all day to spend my 100K-500K USD on coins, I have shit to do. Fuck slippage, I want to get back in the game quickly. There's another option.

You want to place fairly big bid/ask walls near the edge. Preferably, right on the edge. The reason these walls get taken down so quickly is because the other side is also concerned about slippage. A 100k bid wall right on the edge, means people on the ask side can sell a bunch of coins with no slippage. Normally selling a bunch of coins you'd end up selling coins at $118, $117, $116 as you worked your way down to fill the order. By putting the wall right on the edge, you're letting everyone know they can buy/sell a fairly large amount and not have to deal with market orders (no slippage).

So if you're buying/selling a large amount, break it up into a few decent sized walls, put it right on the edge, they will get taken down (filled) very quickly. You can get in with your 100k USD right at $118, giving you a little lower price point. I see a lot of people getting impatient, forcing themselves in at a higher price when it's really not needed. You don't have to stick to limit orders $1-$2 below the ticker that can sometimes take hours to get filled. You don't need market orders. Go to the edge, get back in when you want to get back in, and go from there. You save time, get in more quickly, and sometimes the timing of when you get in is more important than the price.

In wonkytonky's case, a few bid walls right on the edge would have gotten filled extremely quickly, and slippage would never have come up. If anyone has different strategies they use to get in and out with large orders feel free to correct me. 

[just1nmc]

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

[jski]

lol that's what i'm seeing.. people selling below 118   and the ask price sticks to 118, so anyone has to buy them coins back more expensive

i want to buy in but i'd bring price over 120$ with  massive slippage..
put some asks up there people!..

Just in case you weren't trolling and because we have a lot of new people on the forum, I'll share some pro tips to deal with slippage on both sides.

For people who have no idea what he's talking about, lets say he has 100k USD he wants to use to buy Bitcoins. The price is at $118. If he puts in a market order for 100K, the order will end up buying coins at $118, $119, $120. So instead of getting in at $118, he's in at $119+. The ticker says $118 but he's forced to pay $119 to get back in. So that sorta sucks.

You only want to use market orders when you want to push the price up or down. Sometimes you'll pay the extra when buying (from slippage) because people will see a big purchase, more people might start buying, you move the market slightly higher, maybe start a rally, there's some built in short term protection for your BTC. When you market sell, you push the market a little lower and sometimes get panic sellers to join in. If you're not trying to move the market up or down you really shouldn't be using market orders.

But now you're thinking, I don't have all day to spend my 100K-500K USD on coins, I have shit to do. Fuck slippage, I want to get back in the game quickly. There's another option.

You want to place fairly big bid/ask walls near the edge. Preferably, right on the edge. The reason these walls get taken down so quickly is because the other side is also concerned about slippage. A 100k bid wall right on the edge, means people on the ask side can sell a bunch of coins with no slippage. Normally selling a bunch of coins you'd end up selling coins at $118, $117, $116 as you worked your way down to fill the order. By putting the wall right on the edge, you're letting everyone know they can buy/sell a fairly large amount and not have to deal with market orders (no slippage).

So if you're buying/selling a large amount, break it up into a few decent sized walls, put it right on the edge, they will get taken down (filled) very quickly. You can get in with your 100k USD right at $118, giving you a little lower price point. I see a lot of people getting impatient, forcing themselves in at a higher price when it's really not needed. You don't have to stick to limit orders $1-$2 below the ticker that can sometimes take hours to get filled. You don't need market orders. Go to the edge, get back in when you want to get back in, and go from there. You save time, get in more quickly, and sometimes the timing of when you get in is more important than the price.

In wonkytonky's case, a few bid walls right on the edge would have gotten filled extremely quickly, and slippage would never have come up. If anyone has different strategies they use to get in and out with large orders feel free to correct me. 

Thanks for the lesson Fitty cent now I understand what he meant.

[ChartBuddy]

[adamstgBit]

lol that's what i'm seeing.. people selling below 118   and the ask price sticks to 118, so anyone has to buy them coins back more expensive

i want to buy in but i'd bring price over 120$ with  massive slippage..
put some asks up there people!..

Just in case you weren't trolling and because we have a lot of new people on the forum, I'll share some pro tips to deal with slippage on both sides.

For people who have no idea what he's talking about, lets say he has 100k USD he wants to use to buy Bitcoins. The price is at $118. If he puts in a market order for 100K, the order will end up buying coins at $118, $119, $120. So instead of getting in at $118, he's in at $119+. The ticker says $118 but he's forced to pay $119 to get back in. So that sorta sucks.

You only want to use market orders when you want to push the price up or down. Sometimes you'll pay the extra when buying (from slippage) because people will see a big purchase, more people might start buying, you move the market slightly higher, maybe start a rally, there's some built in short term protection for your BTC. When you market sell, you push the market a little lower and sometimes get panic sellers to join in. If you're not trying to move the market up or down you really shouldn't be using market orders.

But now you're thinking, I don't have all day to spend my 100K-500K USD on coins, I have shit to do. Fuck slippage, I want to get back in the game quickly. There's another option.

You want to place fairly big bid/ask walls near the edge. Preferably, right on the edge. The reason these walls get taken down so quickly is because the other side is also concerned about slippage. A 100k bid wall right on the edge, means people on the ask side can sell a bunch of coins with no slippage. Normally selling a bunch of coins you'd end up selling coins at $118, $117, $116 as you worked your way down to fill the order. By putting the wall right on the edge, you're letting everyone know they can buy/sell a fairly large amount and not have to deal with market orders (no slippage).

So if you're buying/selling a large amount, break it up into a few decent sized walls, put it right on the edge, they will get taken down (filled) very quickly. You can get in with your 100k USD right at $118, giving you a little lower price point. I see a lot of people getting impatient, forcing themselves in at a higher price when it's really not needed. You don't have to stick to limit orders $1-$2 below the ticker that can sometimes take hours to get filled. You don't need market orders. Go to the edge, get back in when you want to get back in, and go from there. You save time, get in more quickly, and sometimes the timing of when you get in is more important than the price.

In wonkytonky's case, a few bid walls right on the edge would have gotten filled extremely quickly, and slippage would never have come up. If anyone has different strategies they use to get in and out with large orders feel free to correct me. 

also make damn sure not to place too big an order, as this might cause panic buying and your order will never be filled..

[Creenome]

lol that's what i'm seeing.. people selling below 118   and the ask price sticks to 118, so anyone has to buy them coins back more expensive

i want to buy in but i'd bring price over 120$ with  massive slippage..
put some asks up there people!..

Just in case you weren't trolling and because we have a lot of new people on the forum, I'll share some pro tips to deal with slippage on both sides.

For people who have no idea what he's talking about, lets say he has 100k USD he wants to use to buy Bitcoins. The price is at $118. If he puts in a market order for 100K, the order will end up buying coins at $118, $119, $120. So instead of getting in at $118, he's in at $119+. The ticker says $118 but he's forced to pay $119 to get back in. So that sorta sucks.

You only want to use market orders when you want to push the price up or down. Sometimes you'll pay the extra when buying (from slippage) because people will see a big purchase, more people might start buying, you move the market slightly higher, maybe start a rally, there's some built in short term protection for your BTC. When you market sell, you push the market a little lower and sometimes get panic sellers to join in. If you're not trying to move the market up or down you really shouldn't be using market orders.

But now you're thinking, I don't have all day to spend my 100K-500K USD on coins, I have shit to do. Fuck slippage, I want to get back in the game quickly. There's another option.

You want to place fairly big bid/ask walls near the edge. Preferably, right on the edge. The reason these walls get taken down so quickly is because the other side is also concerned about slippage. A 100k bid wall right on the edge, means people on the ask side can sell a bunch of coins with no slippage. Normally selling a bunch of coins you'd end up selling coins at $118, $117, $116 as you worked your way down to fill the order. By putting the wall right on the edge, you're letting everyone know they can buy/sell a fairly large amount and not have to deal with market orders (no slippage).

So if you're buying/selling a large amount, break it up into a few decent sized walls, put it right on the edge, they will get taken down (filled) very quickly. You can get in with your 100k USD right at $118, giving you a little lower price point. I see a lot of people getting impatient, forcing themselves in at a higher price when it's really not needed. You don't have to stick to limit orders $1-$2 below the ticker that can sometimes take hours to get filled. You don't need market orders. Go to the edge, get back in when you want to get back in, and go from there. You save time, get in more quickly, and sometimes the timing of when you get in is more important than the price.

In wonkytonky's case, a few bid walls right on the edge would have gotten filled extremely quickly, and slippage would never have come up. If anyone has different strategies they use to get in and out with large orders feel free to correct me. 

Very nice write-up. +1
 

[adamstgBit]

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

these gift cards only work in US

not canada right?

[Piper67]

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

these gift cards only work in US

not canada right?

Nope, no Canada.

[adamstgBit]

so did that volume spike happen or not?

[Frozenlock]

It didn't.

[solex]

Shows you need to double-check before major buy/sell decisions...

[adamstgBit]

weird. its still there, even using another browser its still appears

[jolonnar]

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

https://i.imgur.com/PxU8V2R.png

these gift cards only work in US

not canada right?

Nope, no Canada.

Hey, at least we save on the health care, right?

(Put my overnight order at 112ish, hope it fills)

[KillaMarci]

Nothing much happening, guess it's that pre-weekend vibe.




Good night everyone...

[adamstgBit]

Here's a graph for the Gyft android app downloads. You can guess when they started accepting bitcoins  

these gift cards only work in US

not canada right?

Nope, no Canada.

Hey, at least we save on the health care, right?

(Put my overnight order at 112ish, hope it fills)

you really should break it up and move some lower