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

[yefi]

Watching BTCChina melting is pretty funny.

All of those smaller buys, 2-20BTC, they don´t even appear in the orderbook....

Ah, BTCChina's magical orderbook. 

[N12]

Wow, I just had a look at the (extremely shallow, much moreso than BTC-E) order book of BTCChina and the "volume" (supposed to be x10 that of BTC-E) that it has. It's clear that almost all of it is fake.

Seems like fonzie is right, someone's trying to induce "arbitrage" and buy at other exchanges.

[LFC_Bitcoin]

You guys are getting hysterical.
Literally NOTHING is happening to the price.

[grappa_barricata]

so, when will this bull run officially be relabeled a bull trap?

2h ago 

[btcney]

You guys are getting hysterical.
Literally NOTHING is happening to the price.

Are you blind?
We about to go down 

[grappa_barricata]

Wow, I just had a look at the (extremely shallow, much moreso than BTC-E) order book of BTCChina and the "volume" (supposed to be x10 that of BTC-E) that it has. It's clear that almost all of it is fake.

Seems like fonzie is right, someone's trying to induce "arbitrage" and buy at other exchanges.

It is called 'speculative arbitrage', but please do not consider volume 'fake' - if it has consequences to you it ain't fake

[ChartBuddy]

Explanation

[N12]

Wow, I just had a look at the (extremely shallow, much moreso than BTC-E) order book of BTCChina and the "volume" (supposed to be x10 that of BTC-E) that it has. It's clear that almost all of it is fake.

Seems like fonzie is right, someone's trying to induce "arbitrage" and buy at other exchanges.

It is called 'speculative arbitrage', but please do not consider volume 'fake' - if it has consequences to you it ain't fake

0% fee volume not backed up by the order book is fake volume. Or inflated volume. Whatever term you prefer.

[Tzupy]

4h MACD suggests sideways or slow up for the next 24h, after that will come an inflection point.

Is there any reason to use 4h, rather than some other timeframe?

Only that during the last couple of weeks it was a relatively reliable indicator (compared with other time frames).

The inflection point is here. Either start testing major support or form local double bottom and go up in the short term.

It looks like someone is taking advantage of the inflection point, where the market can be turned one way or another with minimum effort,
and using BTCChina to crash. Volume reported by bitcoincharts is greater than Bitstamp, Bitfinex and BTC-E together, so it could be fake.

[derpinheimer]

lmao @ BTCChina

Also LOL @ how the main 3 chinese exchanges are way up today on volume. Combined effort to look relevant?

[fonzie]

Can we have a Bobby Lee AMA on reddit?

[N12]

Can we have a Bobby Lee AMA on reddit?

Maybe he can give an interview from his future jail cell?

[Wandererfromthenorth]

Damn BTCChina what the hell.

[fonzie]

Posted this a few months ago:

https://bitcointalk.org/index.php?topic=752432

Let´s keep it simple. BTCChina were the only chinese exchange that had NO fees for a few months, look at the the picture. A few weeks ago they decided to go back to no fees. Can anyone see a difference?
I´m not talking aobut "faking" volume, i´m taking about "real and relevant" volume, there´s a difference. BTCChina could be the volume market leader without having more than 1-2kBTC on their exchange, why would you follow such an exchange? Huobi and OKcoin always had no fees btw.

[grappa_barricata]

Wow, I just had a look at the (extremely shallow, much moreso than BTC-E) order book of BTCChina and the "volume" (supposed to be x10 that of BTC-E) that it has. It's clear that almost all of it is fake.

Seems like fonzie is right, someone's trying to induce "arbitrage" and buy at other exchanges.

It is called 'speculative arbitrage', but please do not consider volume 'fake' - if it has consequences to you it ain't fake

0% fee volume not backed up by the order book is fake volume. Or inflated volume. Whatever term you prefer.

Their book is razor thin but their volume is crazy (0-fee yes, but still real). When you see market orders in the trade history but not in the book it is because those offers in the book lasted for less than a second. What they are doing now is probably this:
- place huge ask at BTChina
- buy every asks that appear under the wall, buy from everybody that panic there
- transfer those coins to other exchanges and dump them
- price became lower overall

What if somebody shows up at BTChina and try to resist this? Simple. Our trading hero has a lot more on reserve, for defensive purposes, and if the need arise he'll show them the muscles.

[Dotto]

 Mtgox didn't loose all those BTC, they were bought with a fake injection of USD from the people who control the paper money system. reality hurts i know.

Bold statements need bold evidences

[N12]

Thanks fonzie, awesome graphic. Great to see with actual historical data what the effect of 0 fees on volume is (inflated aka fake volume).

[manfred]

I can assure my trades are not fake and im not a bot. There have been days i had greater volume by myself than some of the smaller exchanges total. Does not mean i make a ton of money, sure beats a day at the horses and get ripped of by a bookie.

[N12]

With 0% fees, you can self-trade (market fill your limit order before others do) and the cost will be 0. If you want to trade with others, the cost will be only the (naturally low) spread. That's why I call it fake.

[skivrmt]

Explanation

You'd think this would be a tidal wave about to crash over for a nice run up...but...as usual, I'm sure a few walls will pop up to block the wave...