Big buy just now

[jothan]

The priced topped at 6.75, leaving a noticeable .60 btc hole in the offer/demand curves.

What now ?

[byronbb]

140k bullet. This is the goatse of spreads....

[cypherdoc]

duking it out.

[jothan]

140k bullet. This is the goatse of spreads....

It certainly was quite a show on Mtgoxlive, in more ways than one.

[incraft3817]

[jothan]

Thanks, but my guitar is already tuned pretty nicely.

[bittenbob]

This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly.

[jothan]

This is classic bitcoinca. Whenever the price moves too much in one direction bitcoinica executes large buys or sells as positions get liquidated. Its really a snowball effect and how we got up here so quickly.

I almost zhoutonged myself too, I'm long and I had to do an emergency deposit.

[jothan]

Sheesh, another one.  

[bittenbob]

all I know is little old organic me could harvest $0.20 swings on laggy ass mtgox


MOAR!!!

I feel no need to put myself at extra risk and give someone else more money at bitcoinca. I have only ever traded on mtgox.

[adamstgBit]

theory! we are being manipulated
 
what looks like big buys are actually big sells

notice the spike down



it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again.

[notme]

The upswings were much higher volume overall than the downswings.  I watched them all.

[notme]

I suspect there were multiple players in that

Clearly... there was significant volume on both sides, but the bulls won out through higher volume.  The price rise is legit IMHO.

[jothan]

it would appear the seller sells into the bid walls, and then buys 0.1 bitcoin on the ask side.... making it look like a big buy with high vol. when in fact it was a big sell with very little vol. shooting up the price again.

The buy came first. Watched it live.

I confirm, the buy nearly obliterated the asks up to 6.80.

[adamstgBit]

[zhoutong]

Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying.

I watched the whole thing live too, the sell simply came too quickly.

I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that?

[zhoutong]

I suspect there were multiple players in that

What I don't understand is this. The buy comes first, clearing out quite a bit of asks. Then, when there is no volume in that range, a large sell comes, most of it at prices lower than where the buy started. Does someone get off on losing money?

If it's done by a single person, then yes, the guy will lose money. So most likely it's accidental.

[notme]

That's just disagreement.  Low volume order book + disagreement = Giant candle with little final movement.

Your manipulation concern is valid at times in this market, but this is not one of those instances.

[jothan]

Again, it's pretty clear that someone left some "insufficient funds" sell orders while buying.

I watched the whole thing live too, the sell simply came too quickly.

I wonder why Mt. Gox left such orders open at all, did any real-world exchanges do that?

If that's what the guy did, he provided a lot of liquidity to himself.

[M4v3R]

The uptrend line was intact, we bounced from it perfectly. That means that short term we are bullish as never.