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

[ChartBuddy]

[ChartBuddy]

[bito]

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

[Rampion]

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

BTW, I don't consider 660BTC that huge amount of coins. You can make a market order for that quantity and the slippage is minimum. If we speak about +1,500BTC... Well, that's another story.

[ChartBuddy]

[stereotype]

http://www.youtube.com/watch?v=nYzXNhk3Vjw

Amir.
Amir...
Amir!
STOP!
Amir!
Amir!
Amir!
STOP!


 

OMG, Amir removed his Mohawk... That must be a bearish signal...

Nice guy in the flesh, but why am i on edge, when he is on screen?

[ChartBuddy]

[Zephir]

Is bitstamp down right now? 

[samson]

Is bitstamp down right now? 

No

[icekiss]

I get "Website currently unavailable", and the API doesn't respond either.
So I'd say yes, bitstamp is currently down.

Oh well, not like there was much happening anyway... 

[Rockford]

up for me, gentlemen

[bito]

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

BTW, I don't consider 660BTC that huge amount of coins. You can make a market order for that quantity and the slippage is minimum. If we speak about +1,500BTC... Well, that's another story.

I'm new to BTC and a bit naive about trading, so my understanding could be wrong. But I get the feeling that 660 BTC is a bigger amount with the relatively smaller volumes this week.

I am interested in any other theories why someone would buy 660 coins into that wall. My theory was that it's a day trader who saw an easy way to enter a position. Maybe it could be a newbie who doesn't know better?

In any case I wish I'd bought some too at $123!

[Miz4r]

Another attempt to break silently through $125?

[samson]

Another attempt to break silently through $125?

It looks like people are waking up and deciding that today is the day to buy.

[Rampion]

Well, if you are bullish, a wall like that means you don't get much price slippage when you buy.

Many people have given this same slippage explaination over and over again since I joined this forum.

The reason I don't believe it is that I've always found it quite odd that someone would sometimes wait for the price to increase by as much as a dollar or two per Bitcoin until we hit a wall only to then buy it all to avoid slippage  

My post was to suggest a possible reason for a big chunk of the 1000 BTC ask wall at 123 being eaten. If the wall was further away from the strike price then I think I'd agree with you. IIRC it was just under 123 with very thin asks in between.

IMHO a bullish buyer saw an opportunity to quickly pick up a lot of coins (660) at a fixed price. Wouldn't you prefer to get all your coins at a fixed price and let others lose on slippage as they push the price up?

Note that "quicky" means not having to sit for hours on Gox buying small amounts of coin at a time, or risk pushing the price up by setting a large bid, and finding all the speculators seeing this as a signal to push the price up.

BTW, I don't consider 660BTC that huge amount of coins. You can make a market order for that quantity and the slippage is minimum. If we speak about +1,500BTC... Well, that's another story.

I'm new to BTC and a bit naive about trading, so my understanding could be wrong. But I get the feeling that 660 BTC is a bigger amount with the relatively smaller volumes this week.

I am interested in any other theories why someone would buy 660 coins into that wall. My theory was that it's a day trader who saw an easy way to enter a position. Maybe it could be a newbie who doesn't know better?

In any case I wish I'd bought some too at $123!

Well, you just have witnessed a +BTC700 market buy less than 20 minutes ago, and the boost in price was just $0.5, which means a tiny 0.4% slippage.

Of course daytraders will want to avoid that 0.4% slippage, but 99% of Bitcoin investors simply don't care about a 0.4%.

Volume may be low, but market depth is strong.

[ChartBuddy]

[fitty]

A little short on insight and analysis but sums up why Bitcoin is going to make waves one way or another.

The Napster Effect: why Bitcoin really matters

[ManBearPig]

Any TA I post is strictly for fun (blah blah pseudo-science etc). However I do think it is interesting 

I think you really do need to log at it in log scale at these timescales.

I also don't think referring to just the lows is TOO meaningful as you are also incorporating a very bullish phase in your trend there.

If you've seen my charts, your 1.4% figure is lower but close to my 1.862% average daily growth that was the dominant trend so far of 2013 in the run-up to the spike.

We've definitely broken that trend though and I don't think bridging the whole of 2013 into a single trend works at all any more as we've had: stability, sustainable growth, irrational exuberance, panic-selling, recovery and now stability again long enough to be seen as trends all within 6 months.

[ChartBuddy]

[FNG]

Battle for 125 begins again

311 takes us through it.
531 to get below 124.5

EDIT: That was quick