bid depth vs 5.14.2011 - why I'm bullish at $10 on 8.14.2011

[bitcoinBull]

My original point, though, is that you don't need to be a market analyst to know this looks bearish:

And today:


Looks bullish to me (but then again, IANAMA).

[Kermee]

Just hit $10.25 USD/BTC... Pulled back a little...

The small wall @ $10.00 USD/BTC was relatively 'easy' to nuke though.

Cheers,
Kermee

[GeniuSxBoY]

I'm really surprised it hasn't hit $12. There are a lot of people wanting to buy but I don't know what they're waiting for? I think they are waiting to miss their chance to buy relatively cheap coins compared to the future. It's building and building and building until it's going to pop.

It's like the coin push game




Someone is going to drop one quarter in the right spot and push a shitload of btc over the edge.

[geek-trader]

I'm really surprised it hasn't hit $12. There are a lot of people wanting to buy but I don't know what they're waiting for? I think they are waiting to miss their chance to buy relatively cheap coins compared to the future. It's building and building and building until it's going to pop.

It's like the coin push game
...
Someone is going to drop one quarter in the right spot and push a shitload of btc over the edge.

Are you becoming an optimist in the run up to BitCon, or am I still supposed to do the opposite of whatever you say?  *so confused*

 

[GeniuSxBoY]

I thought for sure it was a done deal back when it hit $5.50.


I don't know where the hell it's headed or who is in control of how many or what bitcoins. I can't tell how many millionaires are playing in the game. It appears to be 5 or 6 millionares

[Oldminer]

I'm really surprised it hasn't hit $12. There are a lot of people wanting to buy but I don't know what they're waiting for? I think they are waiting to miss their chance to buy relatively cheap coins compared to the future. It's building and building and building until it's going to pop.

It's like the coin push game
...
Someone is going to drop one quarter in the right spot and push a shitload of btc over the edge.

Are you becoming an optimist in the run up to BitCon, or am I still supposed to do the opposite of whatever you say?  *so confused*

 

When GeniuSxBoY's buying its time to get out 

[GeniuSxBoY]

I bought back a while ago on the hush hush

[julz]

I don't know where the hell it's headed or who is in control of how many or what bitcoins.

Anyone who thinks they know what's going on is either delusional, or simply hasn't yet come to the end of a run of chance correlations between their pet theories and the price.

That's my pet theory.

[YoYa]

 

Sufferin Succotash!!!

80 THOUSAND BTC ON THE BID SIDE!!!! WTF!!!

This is a tsunami of demand, I haven't seen anything like this since I started watching BTC. If this manifest's itself to be a rally, this is going to be fuckin

Epic!!!                   Epic!!!                Epic!!!                    Epic!!!                   Epic!!!                Epic!!!                    Epic!!!                   Epic!!!                Epic!!!                    Epic!!!                   Epic!!!                Epic!!!                    Epic!!!                   Epic!!!                Epic!!!          

So now is the time to:

                BUY!                   BUY!               BUY!                  BUY!                  BUY!               BUY!                  BUY!                  BUY!               BUY!                  BUY!                  BUY!               BUY!                  BUY!                  BUY!               BUY!          

[GoWest]

Looks like a tsunami of cash is about to hit Bitcoin beach!

[Edward50]

I have not looked at bitcoin for the last few days, then I saw this bidside. I never saw anything like this. I do not know what to really say about it. What surprises me is that the price has not skyrocketed much higher, this leads me to believe it is all fake or there are a group of insiders doing major manipulation.

But with this bitcoin conference coming up I am sure the price will rise a bit in anticipation.

Anyone here going to say that this is not manipulation, and that out of the blue, 20x more people decided to place bids?

[RodeoX]

Think how many times bitcoin has been pronounced dead and survived. That will attract investor type peers.

[OgNasty]

I just sold all out at $10.50.  Now will someone please crash the market so I can get back in at $8?

[YoYa]

I just sold all out at $10.50.  Now will someone please crash the market so I can get back in at $8?

Sure...no probs, just one second....

[bitcoinBull]

I have not looked at bitcoin for the last few days, then I saw this bidside. I never saw anything like this. I do not know what to really say about it. What surprises me is that the price has not skyrocketed much higher, this leads me to believe it is all fake or there are a group of insiders doing major manipulation.

But with this bitcoin conference coming up I am sure the price will rise a bit in anticipation.

Anyone here going to say that this is not manipulation, and that out of the blue, 20x more people decided to place bids?

I guess this is just how the bid depth looks in a bear or buyers' market.  When sellers are aggressive and desperate, the ask depth spears into the bids and gets very thin (which is why price can snap back up after a sell-off). 

When buyers get desperate during a bull run and start panic-buying, its the bid side which gets thin and spears into the asks (sellers' market).

Right after May 14, price did drop from $8-$9 (to $6), as one would expect from that shallow bid depth.  But it was only two weeks later that it pushed through $10.  So while bids can get too thin and overextended (usually followed by a correction), counterintuitively, spear-like bids seem to be the norm in a bull market.

Conversely, spear-like asks are the norm in a bear market.  I don't see manipulation here, just oversold bears.

[TTBit]

meh. When market makers are super long and don't want any more coins with the price at $10.75, they will put out a bid for $10.50 for 1000 coins, but have their finger on the cancel button.

I want higher prices, but pointing out an angle.

[the joint]

meh. When market makers are super long and don't want any more coins with the price at $10.75, they will put out a bid for $10.50 for 1000 coins, but have their finger on the cancel button.

I want higher prices, but pointing out an angle.

Have you been watching me?

I want higher prices too but...don't count your dicks before they snatch.

[tacotime]

They're pretty crazy almost everywhere right now, I think we'll have to see the price rise by 0.50-1.00$ by the end of the day if so much is being bought up.

I thought for sure it was a done deal back when it hit $5.50.


I don't know where the hell it's headed or who is in control of how many or what bitcoins. I can't tell how many millionaires are playing in the game. It appears to be 5 or 6 millionares

Me too, that it has gone up probably points to people actually using it for what it is intended to, which is as a currency.  What it really needs to be at is hundreds on thousands on each side before it becomes a suitable currency (able to absorb small price fluctuations), and we're seeing this increase in buyer/seller volume over the past two or so weeks.

[Oldminer]

My original point, though, is that you don't need to be a market analyst to know this looks bearish:

And today:


Looks bullish to me (but then again, IANAMA).

Thats nuts.

Im wondering if perhaps a few people new to Bitcoin just got wind of the upcoming convention and are looking to get in before the stampede?

[tacotime]

No, this is nuts


( mtgox, present time )

looks like if you buy in now and sell progressively in 6-10 hours you might make 5-8%