Bid Walls Melting

[S3052]

it's quite normal to see some corrections and they can start anytime, particularly when you saw a 350% rally in a matter of days or a couple of weeks like we saw from the bitcoin price low of 1.994 $ up to 7.22 $...

[rebuilder]

Traditional TA can be handy, but Bayesian analysis is actually useful.

Science is your friend.

Do you have any experimental data on that?

[sgbett]

it's quite normal to see some corrections and they can start anytime, particularly when you saw a 350% rally in a matter of days or a couple of weeks like we saw from the bitcoin price low of 1.994 $ up to 7.22 $...

That is *exactly* why nobody should be surprised at how deep this correction might go, a drop 1/10th the size of the rally puts us as $4.70 (which would still be 235% up from the lows). I rarely, if ever short, but I just could't let this one go.

I am annoyed that I shorted at 6.25 before the rally to 7.25, and then backed out for a loss. If I make that back I'll be happy, any more and I'll be ecstatic, whilst filling up (unleveraged) on the way back down!

[StewartJ]

Bid walls building, Ask walls melting.  17K BTC to $5.80, but only 3K to $6.50.  Looks like we are heading the other way.

[Dansker]

Up and down the prices go, I keep my coins, hoho-hoho!

[amazingrando]

Bid walls building, Ask walls melting.  17K BTC to $5.80, but only 3K to $6.50.  Looks like we are heading the other way.

How much can you really depend on the order book though?  It seems like most walls are not real - just ways to prime pricing in one direction or another.

[StewartJ]

Bid walls building, Ask walls melting.  17K BTC to $5.80, but only 3K to $6.50.  Looks like we are heading the other way.

How much can you really depend on the order book though?  It seems like most walls are not real - just ways to prime pricing in one direction or another.

If reflects trading momentum, and so far it's been a good indicator for me.

[SgtSpike]

Bid walls building, Ask walls melting.  17K BTC to $5.80, but only 3K to $6.50.  Looks like we are heading the other way.

How much can you really depend on the order book though?  It seems like most walls are not real - just ways to prime pricing in one direction or another.

If reflects sentiment, and so far it's been a good indicator of momentum for me.

It's a self-fulfilling prophecy if enough people use them as indicators...

[StewartJ]

Bid walls building, Ask walls melting.  17K BTC to $5.80, but only 3K to $6.50.  Looks like we are heading the other way.

How much can you really depend on the order book though?  It seems like most walls are not real - just ways to prime pricing in one direction or another.

If reflects sentiment, and so far it's been a good indicator of momentum for me.

It's a self-fulfilling prophecy if enough people use them as indicators...

As with any indicator.

[cypherdoc]

they are rebuilding and dwarfing the asks.