no bid depth

[TERA]

The bid depth on the major exchanges has dropped dramatically in the past 12 hours. Here are some required dumps of bitcoins to reach certain levels on each exchange:

btcchina:
- 2k to 1000CNY
- 11.8k to clear out the entire book.
- Down from 11.2M cny to 8.79M cny

bitstamp:
- 1k to 168
- 10k to 100
- 20k to 1.
- Down from $2.6M to $2.3M

gox:
- 1k to 190
- 8k to 173
- 20k to 150
- 40k to 120
- The staggered bids are gone
- Down from $16.1M to $14.3M

btce:
- 100 bitcoins to 170, and I cant see any lower
- Before the breakout there were 500-1000btc bidwalls

How do you trade like this? You are relying on consistent buying pressure to hold the price up and also trusting that not a single holder of a medium sized position decides to sell. How do you sleep? Is it normally like this during a rally? Was it like this when we were rallying past $25? Or is this a bad sign?

[Tzupy]

Whales have withdrawn some of their buy orders, at least above 180$.
IMO after yesterday's 197$ peak the 'normal' behavior would have been a drop to about 185$ and then
after 2 days a push to 200$ and possibly above. But the players following the Chinese craze have broken
my combo. So I placed a low buy order, just in case. The tension in the price is high, it can be
dissipated by a large buy, or by a large sell IMO, and the latter seems more probable to me.

[CryptoMinter]

Based on the price movement we're seeing, people may be suspecting a crash and thus are pulling their bids to prevent becoming bagholders (that guy that bought at $266 or 180 or 100 for that matter and missed on cheaper coins) especially with the threat of volume spikes making it impossible to remove bids (getting goxed). It almost creates a self-fulfilling prophecy.

Anyway the question is how do you trust what you see on these books anyway? It's like asking everyone to show their hands at a poker table, to some extent, when bots can snipe bids in there no problem.

[TERA]

Based on the price movement we're seeing, people may be suspecting a crash and thus are pulling their bids to prevent becoming bagholders (that guy that bought at $266 or 180 or 100 for that matter and missed on cheaper coins) especially with the threat of volume spikes making it impossible to remove bids (getting goxed). It almost creates a self-fulfilling prophecy.

Anyway the question is how do you trust what you see on these books anyway? It's like asking everyone to show their hands at a poker table, to some extent, when bots can snipe bids in there no problem.

- When there is bid depth at least I know that some small player cant cause a huge swing in the price and cause all of the bots in the whole market to panic.
- The bid depth tends to be at least somewhat correlated to the amount of support (but not all the time).  X visible support plus Y nonvisible support tends to be better than just Y nonvisible support.
- It can represent to me a lack of fiat injected into the exchange, or that distribution has occured and all the bots and traders are now long.
- I feel like I'm wasting my time buying or holding at a higher price when I might get filled at a lower price.

[Tzupy]

The btcnCNY market should reach it's local peak in about 3 - 4 hours.
After that, if it crashes, it will be interesting the see the influence on Gox.

[smoothie]

The bid depth on the major exchanges has dropped dramatically in the past 12 hours. Here are some required dumps of bitcoins to reach certain levels on each exchange:

btcchina:
- 2k to 1000CNY
- 11.8k to clear out the entire book.
- Down from 11.2M cny to 8.79M cny

bitstamp:
- 1k to 168
- 10k to 100
- 20k to 1.
- Down from $2.6M to $2.3M

gox:
- 1k to 190
- 8k to 173
- 20k to 150
- 40k to 120
- The staggered bids are gone
- Down from $16.1M to $14.3M

btce:
- 100 bitcoins to 170, and I cant see any lower
- Before the breakout there were 500-1000btc bidwalls

How do you trade like this? You are relying on consistent buying pressure to hold the price up and also trusting that not a single holder of a medium sized position decides to sell. How do you sleep? Is it normally like this during a rally? Was it like this when we were rallying past $25? Or is this a bad sign?

Usually doesnt mean anything in the longer term picture.

A bid or wall or set of walls can be added or removed on a whim.

[Nemo1024]

At this point this whole rally makes me nervous.
For now,  I sold at 184 (up from 164) and will not be jumping back in until this craze either levels off for a while or pops down. After that I think I'll just go Vladimir route. Trading over the past couple of weeks made me more coins|dollars than if I just held, but not that much, especially taken time and nerves into account.

[Tzupy]

The btcnCNY market should reach it's local peak in about 3 - 4 hours.
After that, if it crashes, it will be interesting the see the influence on Gox.

It did crash, but this is IMO just the first phase. If support will be strong, then some
upward movement is still possible, but to me it seems btcnCNY ran out of steam.

[TERA]

The btcnCNY market should reach it's local peak in about 3 - 4 hours.
After that, if it crashes, it will be interesting the see the influence on Gox.

It did crash, but this is IMO just the first phase. If support will be strong, then some
upward movement is still possible, but to me it seems btcnCNY ran out of steam.

Well if nothing else at least there is 50K volume. I think that is a new record.  Now bitstamp, gox, and btcchina have 122,000K volume combined. That is like a good old big gox day during the spring rally.

[b!z]

Well, I hope to be able to buy some cheaper Bitcoins soon if there is a correction. It is likely to. Happen.

[zby]

It looks like on Bitstamp there are hidden bids - when there is a sudden drop there are quickly new bids that dumpen it. It might be some big player with a bot - or maybe it is bitfinex.