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

[spooderman]

destroying the 10k wall after we broke $266 was amazing. It got eaten alive!

[fonzie]

Bitfinex will literally explode if we should break through 530$, their askside is paperthin, there are only about 1500BTC between 530$ and 580$ right now.

[illyiller]

if the walls were to market sell, the price would barely go down $10 lol , not exactly scary.

It's not the initial price drop that is scary. What is scary is what comes after. We are in a tight range, and once a market maker chooses the direction, the traders will follow.

i very much doubt the price would drop much, and it would take very little to buy it back up. Bitfinex ,for example, has more than enough bid depth to deal with it.

Those are some pretty weak assumptions. Depth means nothing. Market makers have been using the order books to manipulate traders forever. If you are a trader, you know that trading based on order book is a very dangerous practice.

Do you have any technical reasons why price can't drop much? Generally, once be break out of a trading range and do not immediately reenter it, orders fill in the gap. This means that if after an initial selloff, we could not retake the 500-505 level, and form a base there, that asks will fill in below.

[adamstgBit]

you guys watching this manipulation?

how far down you think he can take us?

[derpinheimer]

Honestly, with the fall on BFX not getting eaten or removed.. I'm more inclined to believe this is real. It still makes no sense though, as to why the bidwall is following the askwall down..

[ChartBuddy]

Explanation

[adamstgBit]

no time to explain'

buy Buy BUY!!!!!!!!!

 

[JayJuanGee]

I think, Mr. JayJuanGee, that you are not a very careful reader.  I am not a perfect poster, but I am not guilty of the heinous crimes you accuse me of.  You should reread this discussion more attentively.

There you go again... giving assignments...   

At this point, I am of the sense that I have adequately read and/or researched in order to substantiate any points that I made in this post and in prior posts.

Thank you for replying with meaningful support for your position, instead of just snarky sarcasm  

No problem.  That's the least I can do.

[JorgeStolfi]

BTC is very undervalued.

Well, that is the bullish view of course. The other version is that the Bitcoin Network is very oversized.

Free market theory implies that the network should adjust itself so that mining is moderately profitable (in dollar terms).  It can easily become unprofitable after a price drop.

However, I suppose that even if mining is slightly unprofitabe, a large miner with several employees, equipment depreciation, and other fixed expenses may find that his losses will be smaller if he keeps mining.  He may also save the coins hoping for a price spike in the near future. (To tell whether mining is profitable or not, one should consider the price when the coins are sold, not when they are mined.)

Moreover, there may be miners who are not mining for profit, but are being subsidized by investors who aim to control the network or whatever.   In partiular, there are miners who get their equipment subsidized by "involuntary investors": namely, certain equipment makers who collected pre-order payments from thousands of clients, but instead of delivering the machines they used them in their own mining farms, "testing" it until it became obsolete.  You all know the names, right?

I have not seen any hint that the Chinese government objects to bitcoin mining or the manufacturers of mining equipment.  They have banned the internet sale of mining equipment inside China, but they must love those industries since coins and machines are mostly sold abroad, making China richer.

I suppose that the Coinsman trip report to a Chinese mining farm is perfectly legitimate, but for some reason it reminded me of another report that circulated on the internet in pre-historical times, maybe in the 1980s, about "the only remaining legal brothel in Texas".  The author described his visit in a couple of pages, all quite credible and matter-of-fact, with plenty of details --- including how to get there (off some highway, so many miles after somewhere).  I can imagine an endless stream of cars driving up and down that highway and asking for directions.  

[ChartBuddy]

Explanation

[spooderman]

[adamstgBit]

just so we are clear, when the bid wall moves down, your job is to look at the masives ask wall, sell all your coins, and move price down for Mr Manipulator



never mind there is more bids piling up then asks, in front of these wall , just look at the walls and capitulate

[bzzard]

[Sandia]

Bitfinex will literally explode if we should break through 530$, their askside is paperthin, there are only about 1500BTC between 530$ and 580$ right now.

Exactly.  Creating the walls took too many coins out of higher asks.
Break the wall and we cruise to upper 500's.
I took a small bite at 510, but no one followed.  At this point (505), if someone buys 250 coins to get the ball rolling, I am sure the wall will either will run or get eaten.  505 feels very cheap.

[damnek]

Bitfinex will literally explode if we should break through 530$, their askside is paperthin, there are only about 1500BTC between 530$ and 580$ right now.

Exactly.  Creating the walls took too many coins out of higher asks.
Break the wall and we cruise to upper 500's.
I took a small bite at 510, but no one followed.  At this point (505), if someone buys 250 coins to get the ball rolling, I am sure the wall will either will run or get eaten.  505 feels very cheap.

It does. It's just that noone seems to be interested in buying anymore, which makes me nervous.

[ChartBuddy]

Explanation

[dropt]

It does. It's just that noone seems to be interested in buying anymore, which makes me nervous.

Psychology.  What's the point of buying if there's just going to be another massive dump knocking it back.  There needs to be sustained buying, but no one is leading the charge and everyone else is too pussy whipped to follow if someone does.

[adamstgBit]

[thefunkybits]

This is honestly mind-boggling  

I don't think I've ever seen action like this in my BTC career

[Nightowlace]

Okay, okay. What do you guys want, Cheap coins or the price to rise? With my luck whatever my next move is the price will do the opposite. If I buy, price will drop. If I sell the price will rise. Lets take a poll Nightowlace should buy or sell?