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Author Topic: Great Bidwall  (Read 2186 times)
wobber
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October 18, 2011, 07:59:54 AM
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Someone set a ~$39,000 bidwall. Could be even larger, I counted only what's at 2.5. What impact can this have?

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October 18, 2011, 08:02:14 AM
 #2

What impact can this have?
BUY BUY BUY, SELL SELL SELL!

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October 18, 2011, 08:03:07 AM
 #3

http://imagebin.org/179615

Someone set a ~$39,000 bidwall. Could be even larger, I counted only what's at 2.5. What impact can this have?

None.  It's purely psychological.  Try firing a few hundred bitcoins into it and watch it crumble.  Someone is trying to say 'look, bitcoin won't fall below $2.50'.  Trouble is, they did exactly the same thing at $3.50, $4, $4.50, etc.  Look where that got us.

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October 18, 2011, 08:08:53 AM
 #4

http://imagebin.org/179615

Someone set a ~$39,000 bidwall. Could be even larger, I counted only what's at 2.5. What impact can this have?

None.  It's purely psychological.  Try firing a few hundred bitcoins into it and watch it crumble.  Someone is trying to say 'look, bitcoin won't fall below $2.50'.  Trouble is, they did exactly the same thing at $3.50, $4, $4.50, etc.  Look where that got us.

I remember those times. But this one is a bit larger. Also you'd need about 4000 coins to touch the big vertical line.

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zby
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October 18, 2011, 08:21:20 AM
 #5

It makes me nervous when I see a move like this - so I sold now (that little bit I bought yesterday).
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October 18, 2011, 08:48:25 AM
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Yeah, previous bidwalls have been a bit like the knight from Monty Python: "NONE SHALL PASS!", even when his legs have been cut off.
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October 18, 2011, 01:59:51 PM
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Yeah, previous bidwalls have been a bit like the knight from Monty Python: "NONE SHALL PASS!", even when his legs have been cut off.


Yeah, over the past 4 months those large walls have been fantastic sell indicators.  But, hey, maybe that guy really wants to buy ~15,000BTC, and I'm sure somebody will gladly hand them over on the way down to $1 and below.
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October 18, 2011, 02:03:21 PM
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Oh, and look at that, another one popped up at $2.53.  The sell signal just doubled in strength.
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October 18, 2011, 02:40:59 PM
 #9

I wonder how many of the gloom-doomers are gettin nervous that they missed their potential buying op down at 2.25?

Time will tell

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proudhon
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October 18, 2011, 03:09:48 PM
 #10

I wonder how many of the gloom-doomers are gettin nervous that they missed their potential buying op down at 2.25?

Time will tell

 Grin

I'm not nervous.
johnj
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October 18, 2011, 03:23:58 PM
 #11

I wonder how many of the gloom-doomers are gettin nervous that they missed their potential buying op down at 2.25?

Time will tell

 Grin

I'm not nervous.

Well, from 2.25->2.80, that's (roughly) a .50c increase, which is (roughly) a +25% increase over 24 hours.  Definitely a missed opportunity.

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proudhon
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October 18, 2011, 04:01:07 PM
 #12

Mr Big Wall gave up quicker than I thought.
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October 18, 2011, 04:17:45 PM
 #13

it means there is plenty of purchasing power to reverse direction at any moment =)
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October 18, 2011, 04:26:10 PM
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it means there is plenty of purchasing power to reverse direction at any moment =)

Now you should think out a reason to buy
Edward50
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October 18, 2011, 04:35:15 PM
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Does anyone know what happened to this massive 15K bidwall at $2.50? Did it get removed or did someone sell into it?

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October 18, 2011, 04:52:07 PM
 #16

Removed, I believe

Edit: Just wen't back up, at 2.30.

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October 18, 2011, 04:56:17 PM
 #17

I suspect this is someone who is trying to sell = unload a lot of coins, trying to hold the market up so that he can complete his selling

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Edward50
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October 18, 2011, 05:11:52 PM
 #18

Yeah it is back up at 2.30 now.

These bidwalls seem to be great selling opportunities for holders or large number of bitcoins. I have noticed that man of these bidwalls to get sold right into. If you think about it, someone with large holdings of bitcoins, like early adapters, could onload like 10-15K of bitcoins and only drop the price .05 cents. They can unload a shit load of bitcoins and not drop the price much at all.

These people placing these bidwalls must have lost lots of money on the way down, they never seemed to have a chance to unload any of the ones they bought.

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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October 18, 2011, 05:20:34 PM
 #19

perhaps this is some institution trying to crash bitcoin prices to a level where many turn away from it.. and we see the media already jumping on this bandwagon and declaring its dead.

so far they are very successful

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proudhon
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October 18, 2011, 05:22:22 PM
 #20

perhaps this is some institution trying to crash bitcoin prices to a level where many turn away from it.. and we see the media already jumping on this bandwagon and declaring its dead.

so far they are very successful


It's been hitting levels where many people turn away from it for months.
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