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

[arklan]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

[JimboToronto]

Gotta love this. It corrects down by $1.3k and bounces right back up by $1.15k all within a few short hours.

Less than a year ago we were only dreaming of reaching 4 figures. Now  a grand is a couple of hours' swing.

A year ago, $50 was a "leg up". Now it's the spread between a high bid and a low ask.

It's a whole new ball game. Pity the luddites and dinosaurs who are stuck in 2013 thinking and TA. They're just wallowing deeper into the tar pits.

Keep  up or get left behind.  

Youre right that now $50 is the slippage on Bitstamp. But one year ago we were already at 4 figures. Actually we reached 4 figures 4 years ago.

Of course. I should have said "dreaming of reaching 4 figures again.

A lot has changed in 4 years. Both the 2011 and the autumn 2013  bubble pops (and the spring 2013 to some degree) were directly attributable to MtGox.

In 2011 and early 2013 Gox was the only show in town. Other exchanges were starting to be felt by late 2013 but it was still primarily the Karpeles/Willybot show. Now there are dozens (hundreds?) of exchanges including multiple local exchanges in many countries. Localbitcoins is a major force worldwide, and BTC ATMs are popping up everywhere. According to Coinatmradar, there are 106 in Toronto alone.

The times they are a-changin'.

[TERA2]

Such spirit. Such joy. So many ATHs. Such buy support. Such walls. Such an empty sell book. Bitcoin will never crash again.

https://www.youtube.com/watch?v=CFPTWG1R9BM

[xhomerx10]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

 Again,  we shoul be careful about dealing in absolutes.   At the current price,  $50 is 0.4% which depending on the exchange you use could be eaten up in trading fees.   

[JimboToronto]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

Someone's probably working on it right now.

Intra-mural arbitrage?  

[Bitcoinaire]

Another day, another ATH. What a boring year. 

What do you mean by source like I'm befuddled would you be able to let me know in spread words that I can get a thought regarding the source which you have specified in your post then we can undoubtedly help you on the grounds that on the off chance that you are having data then we can give you numerous data and profound detail so yes mercifully affirm me as you heard what sort of source.

Its probably a bot.

[JimboToronto]

Such spirit. Such joy. So many ATHs. Such buy support. Such walls. Such an empty sell book. Bitcoin will never crash again.

https://www.youtube.com/watch?v=CFPTWG1R9BM

Never say never.

Edit:

I just watched the video. Thanx for posting.

I remember seeing a similar time-lapse set-to-music video of the epic "man-bear-whale" battle in 2014 where a 30k askwall was eaten. It was also right around the $200 mark.

I wonder if it's still available.

Reedit: It was actually around $300.

[explorer]

Another day, another ATH. What a boring year. 

What do you mean by source like I'm befuddled would you be able to let me know in spread words that I can get a thought regarding the source which you have specified in your post then we can undoubtedly help you on the grounds that on the off chance that you are having data then we can give you numerous data and profound detail so yes mercifully affirm me as you heard what sort of source.

Its probably a bot.

Yep another hacked old account.  Was coherent in 2013.

[arklan]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

Someone's probably working on it right now.

Intra-mural arbitrage?  

I actually found an open source not yesterday, gecko or something? Haven't tried setting it up, had a nasty headache all day, but looked promising. Lots of ways to test the trading goals you set up against actual market data.

Needless to say, I am intrigued.

[JimboToronto]

I remember seeing a similar time-lapse set-to-music video of the epic "man-bear-whale" battle in 2014 where a 30k askwall was eaten. It was also right around the $200 mark.

I wonder if it's still available.

Reedit: It was actually around $300.

Found it.

https://www.youtube.com/watch?v=-uX_bB_4VJk

[Elwar]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

My gf does localbitcoins in Thailand. The price is higher in India for some reason. She gets people from India who come here, take out baht from the ATM, buy bitcoins from her and immediately sell it on the Indian exchange to get rupees, which they can then withdraw again from the ATM. The limiting factor one guy says is the daily withdraw rate on his ATM.

But this is shortlived...over the past week the baht price has gone above the US rate and is evening out with India.

[cAPSLOCK]

What do you mean by source like I'm befuddled would you be able to let me know in spread words that I can get a thought regarding the source which you have specified in your post then we can undoubtedly help you on the grounds that on the off chance that you are having data then we can give you numerous data and profound detail so yes mercifully affirm me as you heard what sort of source.

I dissuade that the source is transparent and hostile in hoarding audibility that omniscient broadness unknown not more certainly disparage the air nonexistent unknowns and insipid undefined. But, no. Horrifically castigate nothingness.

I've never felt so mercifully affirmed.

[HairyMaclairy]

But we can probably expect some consolidation around moving averages before testing resistances.

Dammit the price is supposed to immediately explode after you say that. 

[designerusa]

Gotta love this. It corrects down by $1.3k and bounces right back up by $1.15k all within a few short hours.

Less than a year ago we were only dreaming of reaching 4 figures. Now  a grand is a couple of hours' swing.

A year ago, $50 was a "leg up". Now it's the spread between a high bid and a low ask.

It's a whole new ball game. Pity the luddites and dinosaurs who are stuck in 2013 thinking and TA. They're just wallowing deeper into the tar pits.

Keep  up or get left behind. 

Youre right that now $50 is the slippage on Bitstamp. But one year ago we were already at 4 figures. Actually we reached 4 figures 4 years ago.

Of course. I should have said "dreaming of reaching 4 figures again.

A lot has changed in 4 years. Both the 2011 and the autumn 2013  bubble pops (and the spring 2013 to some degree) were directly attributable to MtGox.

In 2011 and early 2013 Gox was the only show in town. Other exchanges were starting to be felt by late 2013 but it was still primarily the Karpeles/Willybot show. Now there are dozens (hundreds?) of exchanges including multiple local exchanges in many countries. Localbitcoins is a major force worldwide, and BTC ATMs are popping up everywhere. According to Coinatmradar, there are 106 in Toronto alone.

The times they are a-changin'.

So, does not the price on you scare you? 2013 like the probability of a fracture?

[HairyMaclairy]

So, does not the price on you scare you? 2013 like the probability of a fracture?

No.  In the last 5 days I have gotten 4 new people to buy bitcoin.  People who were never interested before are phoning me asking to get in. All of them say they know it’s too late but they want to have a go.  All of them are hoping for a price drop so they can buy agressively.   If my experience is at all common, then we are only beginning. 

[TERA2]

Thatll work if this keeps up. These are just tiny movements from small timers and day traders and the natural frothiness of being at this level. Just wait till the real players with 1,000 , 10,000 , or 100,000 coins start dumping, and everyone decides it isnt such a good idea anymore.

[HairyMaclairy]

We need some more colour. Maybe someone could draw some triangles or maybe even an alligator.

[savetherainforest]

Correct me if I'm wrong, by all means, but with a spread like 50 bucks, couldn't a bot just continuously buy and sell and clean up like mad?

My gf does localbitcoins in Thailand. The price is higher in India for some reason. She gets people from India who come here, take out baht from the ATM, buy bitcoins from her and immediately sell it on the Indian exchange to get rupees, which they can then withdraw again from the ATM. The limiting factor one guy says is the daily withdraw rate on his ATM.

But this is shortlived...over the past week the baht price has gone above the US rate and is evening out with India.

I know people that sell for 30-40% higher than the exchanges. And the people that buy, they pay just for the anonymity and the trouble of not dealing with exchanges. And they see their purchase as an investment.

[jbreher]

Adam Back weighs in on how Bitcoin can be used in commerce: https://www.youtube.com/watch?v=BGfPEZRkn6o

[HairyMaclairy]

Money badger is feeling peckish