Bid Walls Melting

[StewartJ]

Folks, just a couple thousand BTC to get to $6.20, but on the ask side, 18K to get to $7.20.

Draw your own conclusions.

[1715422229]

1715422229

[1715422229]

1715422229

[1715422229]

1715422229

[1715422229]

1715422229

[StewartJ]

Folks, just a couple thousand BTC to get to $6.20, but on the ask side, 18K to get to $7.20.

Draw your own conclusions.

Looks like we might hit $6.20 again. Are we trending down for the day?

[NamelessOne]

Yes, that is how these things go. The actual bid walls have been gone for a couple hours now since the initial sell off. It is in the zig zag area at the moment, probably a lot of panic sellers becoming panic buyers.

[Vandroiy]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

[NamelessOne]

Yes, it may indeed be the correction many have been expecting. How much it shall correct has yet to be determined.

[StewartJ]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

I agree.  We have gone from volume sustained rallies to middle of the night dumps.  

I think the market is self correcting, realizing we are NOT going to break $7.20, not for a while anyway.

[arepo]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

[NamelessOne]

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

I'm leaning towards this explanation myself.

[Luis_GT]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

I'm hoping this happens... just wished I hadn't fallen asleep 10 minutes before the dump... could have sold half my coins and bought back @ 6.

[sgbett]

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

I am a long term bull, but not a permabull. You saw what you wanted - the dailys were screaming overbought, the forums were full of irrational exuberance. Longer term nothing has changed but short term, these kind of rallies are surely unstable.

I sold a big chunk of my 'trading chips' at around 5. Gutted I missed the rally to 6 and then 7 so I made an emotional trade at $7 in a moment of weakness but fortunately got out before it went too sour. Who knows, I may still be wrong yet and we could hit $12 by the weekend!

My order book is loaded with bids right down to just over a dollar. I don't expect them all to be filled, but I do expect some of them to be. The only question is how many.

[BTConomist]

Yes, it may indeed be the correction many have been expecting...

Gotta' love the optimism -- yes, it's only a correction... let's just wait it out, and then BUY, BUY, BUY!  
It's just not true that Smart Money simply decided to take another stab at unsuspecting bitcoin speculators.

[StewartJ]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

I wish I could feel your bullish optimism, and that we could rally past $7.20.

But these middle of the night dump offs have me thinking this is more of a Pump and Dump scenario.

[NamelessOne]

Yes, it may indeed be the correction many have been expecting...

Gotta' love the optimism -- yes, it's only a correction... let's just wait it out, and then BUY, BUY, BUY!  
It's just not true that Smart Money simply decided to take another stab at unsuspecting bitcoin speculators.

I am optimistic as in the long run it appears that bitcoin will climb in price based on TA. Corrections and panic/manipulated sell offs come with the territory.

[StewartJ]

Yes, it may indeed be the correction many have been expecting...

Gotta' love the optimism -- yes, it's only a correction... let's just wait it out, and then BUY, BUY, BUY!  
It's just not true that Smart Money simply decided to take another stab at unsuspecting bitcoin speculators.

I am optimistic as in the long run it appears that bitcoin will climb in price based on TA. Corrections and panic/manipulated sell offs come with the territory.

I think small profit plays between $6.20 to $7.10 are the way to go for now. That's where we've been gyrating the last few days.

Of course if someone were to make a huge buy, guess we could ride the train pass the vaunted $7.20.

[BTConomist]

Yes, it may indeed be the correction many have been expecting...

Gotta' love the optimism -- yes, it's only a correction... let's just wait it out, and then BUY, BUY, BUY!  
It's just not true that Smart Money simply decided to take another stab at unsuspecting bitcoin speculators.

I am optimistic as in the long run it appears that bitcoin will climb in price based on TA. Corrections and panic/manipulated sell offs come with the territory.

Who is to say that TA was not concocted by the Smart Money as well?
It can be said that in a small market like BTCex, such tactic is a no-brainer.

[arepo]

I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.

We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.

this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.

I wish I could feel your bullish optimism, and that we could rally past $7.20.

But these middle of the night dump offs have me thinking this is more of a Pump and Dump scenario.

maybe the giant leap to $7 was smart money manipulating the market for a pump and dump scheme, but what happened to all the talk about CES on Tuesday and the word 'Bitcoin' on people's TV when that show airs? stop being so moody the only thing that happened between today and last night was one giant dump. the market seems to be rebounding alright... the dump took us lower than $6 and the market absorbed it back into a healthy $6-$7 range, with 10k to $6 and almost 25k to $5.80. a correction was overdue anyway.

[StewartJ]

maybe the giant leap to $7 was smart money manipulating the market for a pump and dump scheme, but what happened to all the talk about CES on Tuesday and the word 'Bitcoin' on people's TV when that show airs? stop being so moody the only thing that happened between today and last night was one giant dump. the market seems to be rebounding alright... the dump took us lower than $6 and the market absorbed it back into a healthy $6-$7 range, with 10k to $6 and almost 25k to $5.80. a correction was overdue anyway.

The BTC market price is resilient I will give you that. After every major dump off, we have spiked back up fairly strong.  Be interesting to see if we go back up past $7 again today.

[amazingrando]

The BTC market price is resilient I will give you that. After every major dump off, we have spiked back up fairly strong.  Be interesting to see if we go back up past $7 again today.

I really hope this is the case.  I've been trying to carefully accumulate, but I have to admit my purchases had an emotional element of "I don't want to miss out," and that drove me to leverage more than I should have.  This morning's drop down to $6.12 brought me very close to maintenance minimums and scared the crap out of me.  Hard reminder that I really need to be cautious.  This is still a very small and volatile market.

[sgbett]

I remember carefully accumulating gold on the dips in september, using leverage. By october, i'd lost more money than i care to remember, because hey its gold it can't possibly go down any further than this, opportunity of lifetime to load up cheap....

Day after day, I watched in disbelief as it made new low, after new low. I backed off and at the end of september the price looked like it had stabilised. I "knew" it was going back up, I loaded up again - too much leverage and as october unfolded, I started taking losses again. Who could this be... this is GOLD and the market is in turmoil, why isn't this unfathomable safe haven not outperforming in this market???

I sat out for a few weeks in november, I needed to recover. I was hurt badly, as december approached, everything was telling me this was a new base. So December I opened up long again... right into a downspike that took us right back down to 1500's again it was september all over again.

I figure this is it, the double bottom, just a retest of september.... but I'm low on funds I can't afford to take another hit so I sit it out. Wow, I made (was forced to!) make the right decision, even lower lows end of december.

The last 4 months have been the most harrowing, most hurtful, but probably the most useful months of my life. I've read all the stories about how the market can keep being irrational for longer than you think, but you never know just how hot the plate is until you touch it for yourself!

I'm still long on gold (unleveraged) for the long term, and that's how I am playing bitcoin. Trading on leverage on BTC is insane (for sure I am still gonna do it with my play money heh) but at least now I feel like I am ready for whatever it decides to do!

[amazingrando]

That's a very familiar story.  This is actually my third attempt at trying to accumulate a nice long term position.  Twice now I've been in that same boat of thinking that it just can't go any lower, or thinking that there can't be a downward spike when someone puts in a huge sell order.  I'm still quite new to technical analysis, but I've seen several times where it looked like things were lining up well and it was time to accumulate, only to see the patterns disintegrate and go a completely different direction.

With my current position, I'm slowly reducing the leverage, bringing in more and more bitcoins to back it.  Leverage isn't necessarily a bad thing, but you really have to understand what you're doing.  You have to know what you're willing to lose (potentially everything) and at what price(s) you're going to be in trouble.  For me, and probably many others, the only way to truly learn those lessons is through the pain of loss.  No matter how much you read and analyze, you won't have that deep emotional drive to be cautious until you've lost hard.

Cheers to those to have lost and have the courage (and/or stupidity) to dust themselves off and give it another try!