DavidBAL
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May 11, 2013, 09:05:47 PM |
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I don't know... since yesterday I've witnessed sellers cashing out slowly. Every time there's enough bids (~ 30 btc) upward of a round number... *sell*. Also: BTC prices don't care about walls. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) This dosen't quite make sense to me... I dont know what you mean by the 30 btc comment. Any of the large sells could have been executed at any time, there is 40k+ depth to 100, in past 24 hours we've seen about 10,000 btcs worth of market sells, compared with about 2k market orders or so... though limit orders have been building nicely. I realize individual walls don't mean much as they can get pulled in a second, but the arb trader in me basically only cares about depth.. price is irrelevant (well maybe not irrelevant ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) ) and the fact the walls are not being pulled means this is organic btc demand, not day trading bulls hoping to manipulate with ghost walls
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Jaques
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May 11, 2013, 09:07:12 PM |
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lol
not all sales are manipulations ...
every day there is at least one sr-dealer or similar cashing out who does not care to much I reckon
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DavidBAL
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May 11, 2013, 09:09:53 PM |
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lol
not all sales are manipulations ...
every day there is at least one sr-dealer or similar cashing out who does not care to much I reckon
Exactly, I couldn't be more bullish.. but I'm selling some btc soon to make a down payment on a house. That's just real life..
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Rampion
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May 11, 2013, 09:10:43 PM |
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$500k just disappeared from the order book, all at once.
Somebody preparing for a dump? On a weekend? Or just too scared of a bearapocalypse on Monday?
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MAbtc
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May 11, 2013, 09:11:05 PM Last edit: May 11, 2013, 09:27:45 PM by MAbtc |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FInfbIbf.png&t=665&c=9kW8VmIt7csmiA) No volume to confirm, could be a false break. But maybe cheap coins in near future.
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Frozenlock
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May 11, 2013, 09:11:16 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly.
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Odalv
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May 11, 2013, 09:13:55 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly. When I'll be cashing out then first step will PUMP the price.
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Frozenlock
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May 11, 2013, 09:16:42 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly. When I'll be cashing out then first step will PUMP the price. How? Walls are closing in, it's less easy to manipulate (on the cheap). Unless you wait for the mother of all consolidation triangle and try to make an upward breakout. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Odalv
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May 11, 2013, 09:19:07 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly. When I'll be cashing out then first step will PUMP the price. How? Walls are closing in, it's less easy to manipulate (on the cheap). Unless you wait for the mother of all consolidation triangle and try to make an upward breakout. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I will not cash out at the bottom ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) . (add few digits)
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DavidBAL
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May 11, 2013, 09:19:21 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly. Oh word I hear ya, based on the trading we've seen though, basically ~90%+ of 24hr volume has come in two 30 minute candles, which to me means we've seen two major sells (~400k, and ~1m) rather than broad based selling... the other volume that has happened is so small to mean nothing. large percentage is probably just bot noise.
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Frozenlock
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May 11, 2013, 09:19:43 PM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FInfbIbf.png&t=665&c=9kW8VmIt7csmiA) No volume to confirm, could be a false break. But maybe cheap coins in near future. In log scale: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FVC8ULoH.png&t=665&c=fsMWBHnuKhPZAQ)
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Jaques
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May 11, 2013, 09:22:16 PM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FInfbIbf.png&t=665&c=9kW8VmIt7csmiA) No volume to confirm, could be a false break. But maybe cheap coins in near future. at last, the pic ... no, no volume in this neither next week really should get interesting
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muyuu
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May 11, 2013, 09:24:13 PM |
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I dont know what you mean by the 30 btc comment.
Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell. Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115. Obviously it works as well for buying. All I'm saying is that I've witnessed someone(s) cashing out slowly. Can't you make futures in ICBIT and sell them? I haven't tried that but it looks like the way to go in these situations. As for big buys, they can be agreed off-exchange, as TangibleCryptograhy offers for American buyers. Under spot, even.
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Frozenlock
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May 11, 2013, 09:39:01 PM |
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Perhaps.
But I didn't say 10k BTC. For some it just simpler to use an exchange (MtGox).
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ChartBuddy
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May 11, 2013, 10:02:28 PM |
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old_engineer
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May 11, 2013, 10:39:33 PM |
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I don't know... since yesterday I've witnessed sellers cashing out slowly. Every time there's enough bids (~ 30 btc) upward of a round number... *sell*.
I saw that, too, but those small sales stopped when the price hit $115. I was also seeing the same kind of behavior when the price was below $110, with small buys happening regularly until the price was back up to $110. I think there's a sly market maker at work gently enforcing their desired exchange rate. All the bears hoping for <$110, and the bulls hoping for >$120, are likely to be disappointed unless their limit orders can be hit by big movements. Prepare for a boring time the next few weeks.
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oda.krell
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May 11, 2013, 10:44:21 PM |
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I'm not buying the doom and gloom ("106/107", "80-90").
Bullshit, I say.
Maybe we're not going to see a major upward breakout over the weekend, but I don't see any real chance for a downward breakout approaching 100 at the moment. Not with an order book filled to the brim, money flow continuing to be positive and 3 different oscillators saying we're oversold.
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UltimateReaper
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May 11, 2013, 10:50:51 PM |
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I'm not buying the doom and gloom ("106/107", "80-90").
Bullshit, I say.
Maybe we're not going to see a major upward breakout over the weekend, but I don't see any real chance for a downward breakout approaching 100 at the moment. Not with an order book filled to the brim, money flow continuing to be positive and 3 different oscillators saying we're oversold.
We hit 50. I don't see how doom in gloom is 80+
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Frozenlock
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May 11, 2013, 10:55:08 PM |
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Maybe we're not going to see a major upward breakout over the weekend, but I don't see any real chance for a downward breakout approaching 100 at the moment. Not with an order book filled to the brim, money flow continuing to be positive and 3 different oscillators saying we're oversold.
One can remain oversold/overbought for a looooong time. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FcmwtI2r.png&t=665&c=Df2DF0BO-hJ9NA)
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ChartBuddy
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May 11, 2013, 11:02:40 PM |
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