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

[ChartBuddy]

[JimboToronto]

A tsunami of buying pressure and a record number of transactions yesterday:
https://blockchain.info/charts/n-transactions

Bitcoin looking to maintain its 4-year trend in spectacular style...

Great for hoarded coins, but not so good for those trying to get in.

Damn, I'm pissed off at Virtex for changing their deposit policies. Two months ago if I made an anonymous deposit at some bank by 5:00pm local time, I'd be trading by not much later than 6:00pm. Now it takes banking days, and anonymity is questionable.

Screw exchanges. It's time to go to Satoshi Square or use Local BTC. No fees, no banks,  no BS governmental interference. Just decency and honesty.

Luckily, most of my coins are cold-storage hoarded.

[adamstgBit]

Damn, I'm pissed off at Virtex for changing their deposit policies. Two months ago if I made an anonymous deposit at some bank by 5:00pm local time, I'd be trading by not much later than 6:00pm. Now it takes banking days, and anonymity is questionable.

Ya, not sure why they did that... i guess its for AML, but bitcoin is free of that kind of regulation in canada.

Screw exchanges. It's time to go to Satoshi Square or use Local BTC. No fees, no banks,  no BS governmental interference. Just decency and honesty.

this would be cool.

[NamelessOne]

There seems to be a bit of falling wedge pattern happening. It doesn't look too strong from what I'm looking at, but could be something. It would break upwards soon... if it does break upwards... which seems likely.  

[ChartBuddy]

[bitcryptonit]

Great for hoarded coins, but not so good for those trying to get in.

they had plenty of time to get in.

[ChartBuddy]

[ChartBuddy]

[ChartBuddy]

[ShroomsKit]

A tsunami of buying pressure and a record number of transactions yesterday:
https://blockchain.info/charts/n-transactions

Bitcoin looking to maintain its 4-year trend in spectacular style...

Great for hoarded coins, but not so good for those trying to get in.

Shall we keep the price down another 4 years then? 8 years maybe?

[joesmoe2012]

Damn, I'm pissed off at Virtex for changing their deposit policies. Two months ago if I made an anonymous deposit at some bank by 5:00pm local time, I'd be trading by not much later than 6:00pm. Now it takes banking days, and anonymity is questionable.

Ya, not sure why they did that... i guess its for AML, but bitcoin is free of that kind of regulation in canada.

Screw exchanges. It's time to go to Satoshi Square or use Local BTC. No fees, no banks,  no BS governmental interference. Just decency and honesty.

this would be cool.

The SEC was at satoshi square a week or two ago weren't they?

[Kupsi]

The buy side of the chart is starting to look like a Tsunami is building....

is it just me or is it getting bigger

It is. Next week will be fun 

[ChartBuddy]

[Traktion]

This is hilarious. Look at the book.

We don't need an 11k whale buy and 2k wall (like what took us from 94 to triple digits). Half that will do.

We're primed for a major surge up. The whale buyers have been quiet for a couple of days. They have very strong motivation to put the push on soon.

While a 6k injection of fiat would be sufficient, a 10k buy and a 3k bidwall (same outlay as the move from 94) would really smarten up the market and secure previous acquisitions for those who pushed us past 88, 95, 100, 110, etc.

Yee-haw, pass the popcorn.

Look at the books elsewhere and the picture is completely different.

Bitstamp is pretty even, with the asks having the edge... at $10/btc cheaper.

MtGox has issues and people want to get their fiat out of there. Whether they just buy and hold BTC or sell them elsewhere (such as Bitstamp) is debatable, but there is an unusually large demand for coins, well above the rate offered elsewhere.

In short, I'd be careful what you read into MtGox's price/order book. There is more than a whiff of panic there, IMO.

[S3052]

http://bitcoin-analytics.com/

on this site there is the option to see the all USD consolidated order book: go to depth and select allUSD (just for info. I do not have any relationship with this website)

My point is that, to assess the entire bitcoin price direction using order depth, it may be best to look at the entire consolidated order book.

[gog1]

http://bitcoin-analytics.com/

on this site there is the option to see the all USD consolidated order book: go to depth and select allUSD (just for info. I do not have any relationship with this website)

My point is that, to assess the entire bitcoin price direction using order depth, it may be best to look at the entire consolidated order book.

I think this is still skewed somewhat as mtgox has most of the $ / BTC from years of operations which allow them to have a big order book - especially from the USD side.  A more telling picture would be the order book of mtgox vs all others excl. mtgox.  Pretty sure you see huge asks but lower amount of bids (relative) on the other exchanges.

While other exchanges still follow gox price to some extent, in general, the gap in absolute $ and percentage term seems to be expanding.

[S3052]

http://bitcoin-analytics.com/

on this site there is the option to see the all USD consolidated order book: go to depth and select allUSD (just for info. I do not have any relationship with this website)

My point is that, to assess the entire bitcoin price direction using order depth, it may be best to look at the entire consolidated order book.

Thanks for the link.... nice site
I agree that a look at the entire order book is best, but I think this site would be more useful if it removed the price gaps between the exchanges when consolidating the orders. That way we would have a more true indication of the 'walls'.
ie consolidate them around the average price for example. It does make an implicit assumption that the gap remains constant, but when looking at a static chart this is effectively the case.
That way we don't get this overlap, which is confusing and difficult to interpret, and say instead 'if all exchanges move together, x coins would move us y dollars (all else remaining equal)'. Taking the 'arbitrage gaps' out of the consolidation would give a clearer view IMO.

Agree with you 100%.

FWIW is it just me or has the BitStamp buy side filled in considerably over the last day or so ? It almost looks balanced over there for the first time in a long while

yes, this is true. I think initially bitstamp was 80% a funnel to withdraw BTC for users who cannot withdraw from MtGox.
Once they moved BTC to bitstamp and once they saw strong BTC price development, they started to use bitstamp as their exchange

[ChartBuddy]

[Tzupy]

I suspect there was some arbitrage going on between Bitstamp and MtGox, possibly through JPY.
Maybe some people did a half-arbitrage, like me: bought at 97.7 on Bitstamp, sold at 114.5 on MtGox.  

[S3052]

@ S3052 Yeh, it seems money moved there and stayed there, and perhaps new money is coming in too.

BTW I sent feedback about the site with my recommendation. Check out my edit ... different colours under the line for each exchange ... that would be REALLY cool and give the truest picture.

perfect. thanks a lot