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

[wachtwoord]

i just had to make a meme



 

Hahaha, nice one

[gandhibt]

Sometimes the ChartBuddy speaks to me.  

Now it says, "Just sayin' bro."

what have you been smokin?

[windjc]

So, this makes ALL THE SENSE IN THE WORLD.  BtcChina has $0 new dollars coming into its exchange. But STILL it goes up. Yeah, that makes total sense. Its like every BtcChina trader has agreed not to sell their coins (they can't even arbitrage now) and just have those that are left spend their remaining fiat on BTC to drive the price higher, one 5btc buy at a time.

Meanwhile, the fully functional, fully liquid exchanges just wait to see what China does.

Yeah, that makes perfect sense.

In Bitcoin World.

[adamstgBit]

So, this makes ALL THE SENSE IN THE WORLD.  BtcChina has $0 new dollars coming into its exchange. But STILL it goes up. Yeah, that makes total sense. Its like every BtcChina trader has agreed not to sell their coins (they can't even arbitrage now) and just have those that are left spend their remaining fiat on BTC to drive the price higher, one 5btc buy at a time.

Meanwhile, the fully functional, fully liquid exchanges just wait to see what China does.

Yeah, that makes perfect sense.

In Bitcoin World.

trader dont hodl coins holders hodl coins

[mb300sd]

PANIC HODL!

[stan.distortion]

[SheHadMANHands]

Bitcoin: Today's bubble is tomorrow's bear trap.

[TERA]

btcchina needs only to move in a direction, no matter what volume - it could be a 2 btc purchase - and the other exchanges will immediately follow with a collective 1000btc of volume. This does not make any sense to me. Something is seriously defunct with this market.  All of the volume is just traders and bots following btcchina. There is hardly any real volume. Can someone explain their rationale of being comfortable being a part of this?

[aminorex]

Can someone explain their rationale of being comfortable being a part of this?

More coins.

[windjc]

btcchina needs only to move in a direction, no matter what volume - it could be a 2 btc purchase - and the other exchanges will immediately follow with a collective 1000btc of volume. This does not make any sense to me. Something is seriously defunct with this market.  All of the volume is just traders and bots following btcchina. There is hardly any real volume. Can someone explain their rationale of being comfortable being a part of this?

It is almost as if all the traders have decided not to sell until fresh fiat comes in.

Literally, they are all hodling.

[TERA]

I mean, being long. How can you be long knowing that all it takes is for a low volume dying exchange to do something and then the entire market follows it with massive volume.  If btcchina decides to go down, every exchange will follow it down, drilling through every buy wall.

[adamstgBit]

Bitcoin: Today's bubble is tomorrow's bear trap.

i like the sound of that, rings true

[DaRude]

So, this makes ALL THE SENSE IN THE WORLD.  BtcChina has $0 new dollars coming into its exchange. But STILL it goes up. Yeah, that makes total sense. Its like every BtcChina trader has agreed not to sell their coins (they can't even arbitrage now) and just have those that are left spend their remaining fiat on BTC to drive the price higher, one 5btc buy at a time.

Meanwhile, the fully functional, fully liquid exchanges just wait to see what China does.

Yeah, that makes perfect sense.

In Bitcoin World.

Think of what happened to gox with their goxbucks. Assuming most traders at btcchina were not from china and were there to trade on 0fees. Now the only way to get out of there is by buying up BTC and transferring it out

[ChartBuddy]

[TERA]

And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.

[aminorex]

there will always be enough dumpers for every wall.

Not possible.  Not enough coins. There is always more fiat.  There are often no more coins.

[TERA]

And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.

China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.

I've been watching all of the order books and charts for days and every movement of btcchina is immediately followed by the same movement in other exchanges.

[aminorex]

i disagree about btcchina leading.

for example, from 20:25 to 21:00 there was a ramp up which started on gox, and the volume of btcchina was low, but it followed gox.  stamp followed later with high volume.

[TERA]

And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.

China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.

I've been watching all of the order books and charts for days and every movement of btcchina is immediately followed by the same movement in other exchanges.

Gox led that up slope at 1.28 GMT, China didn't pick up on it until 1.42 GMT.

Before gox's upward slope, it all started with a 300btc buy order that popped on btcchina to stop the downfall.

[windjc]

And at least 9/10 of these buy walls are not real investors but bots and traders playing the game 'follow the market leader and make profits' - it is all completely liquid and changes when btcchina moves - there will always be enough dumpers for every wall.

China's not leading, it's empty. Its looks more like bots correcting to match other exchanges than any trading going on.

I've been watching all of the order books and charts for days and every movement of btcchina is immediately followed by the same movement in other exchanges.

TERA is right. When BtcChina moves, the other exchanges move with it. When it stays still, the other exchange keep going in the direction of momentum.

I bought back 100% BTC. But this feels like a complete house of cards to me. Unless this can sustain until new fiat can come into the market. That is the only thing that can save the bitcoin price at this time.

There is now over 10 million in margin trading on Bitfinex, with the average loan rate of over 200%!  How long can these traders afford to pay that premium on their money?  It looks absolutely insane right now.