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

[Its About Sharing]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Normally you only see this bid/ask pattern during panic sell offs with large volumes, the ask side looks very thin then because it doesn't have time to build up during a panic sell off. This also creates the big bounces up from the bottom because once people start buying again there's little resistance upwards. The weird thing is that now we've been sitting long enough around this price for the ask side to be building up, but it stays very thin which I find very suspicious. I don't know what to make of it.

Thanks for the information. Something (obvious) that just came to me is of course we aren't seeing the orders go in live at the current price or there abouts. The Market depth is just placed bid asks, and doesn't really reflect (fully) what people are doing in that moment (e.g. market orders). So, we still can have a huge sell off if sellers come in, and vice versa if the pattern were reversed and we had enough buyers...

IAS

[rpietila]

Technically, we could as well:
- stay around $0.1 for any time up till months
- retest 0.078
- go to any lower number if a downtrend commences.


Fundamentally, going to "any lower number" is impossible (people use bitcoins, and usage is up, so price cannot go down for long).
In the links of my sig, I have developed 2 interesting concepts, feel free to look!

[rdsc]

Super weird. I snagged 5 BTC at 95.19 on Bitstamp this morning - when the price doesn't appear to have dipped that low?  Anyone ever seen this?
http://s11.postimg.org/nky1h48hv/Bitbuy2.jpg

Great - I'm in before the Bitcoin Apocalypse

[Miz4r]

Super weird. I snagged 5 BTC at 95.19 on Bitstamp this morning - when the price doesn't appear to have dipped that low?  Anyone ever seen this?


Great - I'm in before the Bitcoin Apocalypse

It dropped to 95 very shortly on Bitstamp about 12 hours ago. Consider yourself lucky.

[rdsc]

Super weird. I snagged 5 BTC at 95.19 on Bitstamp this morning - when the price doesn't appear to have dipped that low?  Anyone ever seen this?
http://s11.postimg.org/nky1h48hv/Bitbuy2.jpg

Great - I'm in before the Bitcoin Apocalypse

It dropped to 95 very shortly on Bitstamp about 12 hours ago. Consider yourself lucky.

Cheers - wasn't sure about the date stamp.

[ChartBuddy]

[KS]

bitcoincharts.com out? down

[Pzi4nk]

The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.

The current difference is <1%.

This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.

[4mherewego]

The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.

The current difference is <1%.

This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.

It takes time to rotate cash, Bitcoins on the other hand...

One week ago the difference was >$4 for several hours. I bought ~50BTC $104 at Bitstamp when it was $108@Mtgox.

But I guess these opportunities will get fewer as the arbitrators learns their lessons...

[Rampion]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Bids are piling up, but price is slowly goes down, which means that more bids are sold into that asks bought. What buyers are doing is slowly moving their bids lower and lower while sellers sell.

There's no rush to buy.

[ChartBuddy]

[Miz4r]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Bids are piling up, but price is slowly goes down, which means that more bids are sold into that asks bought. What buyers are doing is slowly moving their bids lower and lower while sellers sell.

There's no rush to buy.

There's no telling when the buying panic will start but it's getting nicely coiled up.

[samson]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Bids are piling up, but price is slowly goes down, which means that more bids are sold into that asks bought. What buyers are doing is slowly moving their bids lower and lower while sellers sell.

There's no rush to buy.

There's no telling when the buying panic will start but it's getting nicely coiled up.

I think people will buy when they think it's cheap.

[Miz4r]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Bids are piling up, but price is slowly goes down, which means that more bids are sold into that asks bought. What buyers are doing is slowly moving their bids lower and lower while sellers sell.

There's no rush to buy.

There's no telling when the buying panic will start but it's getting nicely coiled up.

I think people will buy when they think it's cheap.

No they will buy when they think they will have no more chance at buying cheaper.

[Pzi4nk]

The market rate has been steadily narrowing between MtGox and BitStamp over the past few weeks.

The current difference is <1%.

This seems to indicate there's not much movement of capital between the two exchanges as it costs at least 2% to rotate capital between these two exchanges.

It takes time to rotate cash, Bitcoins on the other hand...

One week ago the difference was >$4 for several hours. I bought ~50BTC $104 at Bitstamp when it was $108@Mtgox.

But I guess these opportunities will get fewer as the arbitrators learns their lessons...

Yes, it's free to transfer BTC from Bitstamp to MtGox and you can buy low and sell high, but that's just a one-time event unless you rotate fiat back to Bitstamp to purchase BTC again.

That whole process incurs transaction fees and hence why there's a difference between MtGox and Bitstamp.

When the difference is less than the transaction fees though it indicates people are not rotating capital.

[KS]

Can someone explain the large Bid Ask imbalance - I mean it is easy to see but with so many bids (support?) right below the price and so few sells above the current price, shouldn't we be going up?
I've noticed it slowly had been building the last 2 or 3 days (as we went down.)

IAS

Bids are piling up, but price is slowly goes down, which means that more bids are sold into that asks bought. What buyers are doing is slowly moving their bids lower and lower while sellers sell.

There's no rush to buy.

There's no telling when the buying panic will start but it's getting nicely coiled up.

I think people will buy when they think it's cheap.

No they will buy when they think they will have no more chance at buying cheaper.

Both and more. They'll buy when they think it's the time to buy, for whatever reason/motive that drives them.

[Manna]

Wow, the ask side of mt.gox is very thin, bid valley is very deep, a good sign ?

[TheKoziTwo]

Bids are piling up.... could it be all bears have sold and placed their bid now.... ready for rally time?

[source]

[ChartBuddy]

[StarenseN]

It's time to convert your fiat guys.