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

[lucas.sev]

Bid depths have exploded overnight. On gox, about $2M bid depth was just added between $165 and $175.  On btcchina, about ¥2M have been added. Bitstamp added another $100K. Last time this happened, we took off from $110.

does it have any significance if a 4k dump takes us down 10USD? It's an honest question, just wondering if I put 500k USD at 90USD/BTC will it mean anything

[samson]

I'm waiting for a big correction down to much lower levels.

[Rampion]

Gox is slowly running out of coins

Plenty of fiat though, I guess it's about time to get some popcorn

[thezerg]

Bid depths have exploded overnight. On gox, about $2M bid depth was just added between $165 and $175.  On btcchina, about ¥2M have been added. Bitstamp added another $100K. Last time this happened, we took off from $110.

does it have any significance if a 4k dump takes us down 10USD? It's an honest question, just wondering if I put 500k USD at 90USD/BTC will it mean anything

90 not so much esp. on gox but 165 to 175 could be a buyer hoping for a dump.  but if s/he sees momentum building this b8d could become a mkt order...

[lucas.sev]

Bid depths have exploded overnight. On gox, about $2M bid depth was just added between $165 and $175.  On btcchina, about ¥2M have been added. Bitstamp added another $100K. Last time this happened, we took off from $110.

does it have any significance if a 4k dump takes us down 10USD? It's an honest question, just wondering if I put 500k USD at 90USD/BTC will it mean anything

90 not so much esp. on gox but 165 to 175 could be a buyer hoping for a dump.  but if s/he sees momentum building this b8d could become a mkt order...

So if I want to prop the price up all I need to do is to add TONS of bids at low prices that won't be reached and people will start screaming about bid ask ratio?

[TERA]

I'm waiting for a big correction down to much lower levels.

It would appear that China isn't letting that happen right now.  Everything has been distorted by China and I don't know how to the read the charts anymore. I used to be a bear and then around 125 I turned bull as soon as I saw the Chinese exchange volume growth.

[Rampion]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

[samson]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

Remembering of course that 'millions of dollars' were flowing into Gox on a daily basis at the end of March / beginning of April.

I really doubt there's much USD flowing in right now.

I'm firmly in USD at the moment.

[hyphymikey]

Is it possible to have a bid sum/ask sum chart for the top exchanges combined?

If Gox's liquidity problem is "skewing" the charts because nobody wants GoxUSD then wouldn't sellers just put their coins on other exchanges?

[TERA]

A healthy ask sum has been restored on the other exchanges, where sellers actually have a reason to sell their coins (other than buying back lower).

Bitstamp had gotten down to 9K and how it is back to 16K.

Btcchina had gotten down to almost nothing and now it is back to 6K.

Millions of Yuan are flowing into btcchina.

If someone can prove that China is somehow a fake pump then I will rest my case.

[ChartBuddy]

[thezerg]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

Remembering of course that 'millions of dollars' were flowing into Gox on a daily basis at the end of March / beginning of April.

I really doubt there's much USD flowing in right now.

I'm firmly in USD at the moment.

so sorry 4 u.  gox is not btc.  usa is not btc.  broaden your horizons and take adv. of any dip you see.

[imrer]

Mtgox is holding some users but it won't last forever under current circumstances. I should learn chinese...

[samson]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

Remembering of course that 'millions of dollars' were flowing into Gox on a daily basis at the end of March / beginning of April.

I really doubt there's much USD flowing in right now.

I'm firmly in USD at the moment.

so sorry 4 u.  gox is not btc.  usa is not btc.  broaden your horizons and take adv. of any dip you see.

That's what I'm doing now - waiting for the next big dip as someone cashes in.

[Walsoraj]

If someone can prove that China is somehow a fake pump then I will rest my case.

High volume = easy pump. No trading fees = lots of fake volume. Main China exchange = no trading fees.

You do the math, dummy.

[elux]

Millions of Yuan are flowing into btcchina.

If someone can prove that China is somehow a fake pump then I will rest my case.

Very recent (Post SR bust) Bitcoin special from chinese TV, interview with the btcchina guys and everything...

http://l.smgbb.cn/live.aspx?channel=wypd&start=1382188500&end=1382191200

I'm more inclined to "blame" the chinese rally on this, rather than the Baidu (Jiasule) fake news coverage.

[thezerg]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

Remembering of course that 'millions of dollars' were flowing into Gox on a daily basis at the end of March / beginning of April.

I really doubt there's much USD flowing in right now.

I'm firmly in USD at the moment.

so sorry 4 u.  gox is not btc.  usa is not btc.  broaden your horizons and take adv. of any dip you see.

That's what I'm doing now - waiting for the next big dip as someone cashes in.

Good luck with that.  Maybe you'll be able to catch the dip around CNY 1500... 

[samson]

A longer timeframe below, we're steadily approaching all time low in asks and on the amount of bids is very high.

This could mean btc is about to explode (again) if it wasn't that the bid/ask ratio at Gox is distorted by their now quite obvious liquidity problem. Nevertheless, apart from Gox financial situation everything looks bullish

Remembering of course that 'millions of dollars' were flowing into Gox on a daily basis at the end of March / beginning of April.

I really doubt there's much USD flowing in right now.

I'm firmly in USD at the moment.

so sorry 4 u.  gox is not btc.  usa is not btc.  broaden your horizons and take adv. of any dip you see.

That's what I'm doing now - waiting for the next big dip as someone cashes in.

Good luck with that.  Maybe you'll be able to catch the dip around CNY 1500... 

It doesn't matter - when it crashes hard I will buy if there's lots of asks and bids at the time.

If there's not enough depth in each direction then I'll just sit and wait. I'm no no rush whatsoever.

[TERA]

If someone can prove that China is somehow a fake pump then I will rest my case.

High volume = easy pump. No trading fees = lots of fake volume. Main China exchange = no trading fees.

You do the math, dummy.

I understand and that's why I'm not 100% in anymore and keeping some fiat just in case. But that's not PROOF. If someone can PROVE to me that most of this Chinese volume is fake then I will turn bear again.

[BitAddict]

I'm more inclined to "blame" the chinese rally on this, rather than the Baidu (Jiasule) fake news coverage.

So, Baidu (Jiasule) was all fake? Any link for that?

Or is just what your think about it?