oh joy

[Kluge]

its not one person. 

You sure about that?  Time to make some side bets?

one person wouldn't separate their bids by only $0.01.  they'd set up wider bid points like $0.25 or $0.50 apart.

the $4.61 bid wall is likely someone who wants to cut in front of the person at $4.60

Oh then let me fix that.  Sorry, I didnt know the trading etiquette.

[cypherdoc]

got more ppl cutting in front.

[N12]

[adamstgBit]

the ask wall just looks pathetic now... did it get smaller? or is it just me

[Crypt_Current]

the ask wall just looks pathetic now... did it get smaller? or is it just me

It flattened out quite a bit within the last 24 hours.

[Crypt_Current]

anyone see this wall being tested yet?


i mean if the price drops to the wall and the wall holds that would be ... a first

It'd be fun, but perhaps not a first... I'm pretty sure I've seen large walls get eaten alive by huge selloffs before.  Maybe I was hallucinating though.  The walls probably weren't as large as this one though.

[bbit]

what does this all mean        is price going up/down/around/under .....

[Crypt_Current]

humpf, flacid so soon??

[Crypt_Current]

what does this all mean        is price going up/down/around/under .....

Yes!

[cypherdoc]

one of them may be starting to hit the asks right now.

[Xmufa23X]

I never understood the meaning of the line on the far left (orange), and far right (blue). The middle green one is pretty straight forward. Anyone care to explain to an economics noob what I am looking at here?

LOL  sure!


orange is people trying to buy coins, hover your mouse on this line and you will see how many coins is required to bring the price down

blue is people trying to sell their coins, hover your mouse on this line and you will see how many dollars is required to move the price up


right now we see someone is trying to buy a fuck load of coins really close to last price.... when we first see this, we are filled with joy  , but then we think, well may someone is just flashing their money trying to bring the price up  

Thanks, I understand it a little better now. But I don't understand how to factor in the graphs with the lines. On orange, you can buy 80,000BTC at $4.20?

[Hunterbunter]

anyone see this wall being tested yet?


i mean if the price drops to the wall and the wall holds that would be ... a first

It'd be fun, but perhaps not a first... I'm pretty sure I've seen large walls get eaten alive by huge selloffs before.  Maybe I was hallucinating though.  The walls probably weren't as large as this one though.

Yeah I've only ever seen 10-15k walls get eaten alive by actual sales...was an awesome sight.

[bbit]

what does this all mean        is price going up/down/around/under .....

Yes!

^^ I KNEW IT! ^^   

[evoorhees]

Thanks, I understand it a little better now. But I don't understand how to factor in the graphs with the lines. On orange, you can buy 80,000BTC at $4.20?

It means if you sold 80,000 right now at market price, it will push the price down to $4.20, because you'd "eat up" all the orders of people offering to buy.

[adamstgBit]

k so here's what i'm thinking

these bids walls are for real.. someone i making a statement "i want to buy XXXXX coins at 4.6"

the market will respond in 1 of two ways

1) fill the order
2) make a counter offer

since 4.6 is a really low price i think #2 is more likely
we'll see a nice big fat ask wall form around 4.8
at which point we will be in stand by of take off mode, just like 2 weeks ago when we went from 4.8 to 5.4

edit:

secret option #3
order  will not be filled
counter offer will not appear
which means up up up  

[cypherdoc]

Thanks, I understand it a little better now. But I don't understand how to factor in the graphs with the lines. On orange, you can buy 80,000BTC at $4.20?

It means if you sold 80,000 right now at market price, it will push the price down to $4.20, because you'd "eat up" all the orders of people offering to buy.

another way to say it is that if you go from the right end of the orange line up the mountain to the left, you are cumulatively stacking the number of btc's to be bought at a certain price on top of the btc's to be bought from the previous prices.

[cypherdoc]

the longer this wall stays in place the more buying pressure sellers will feel.  shorts will start to get nervous and we've already seen some short covering i'm sure.  the price should slowly rise; or even faster if the buyers forming the bid wall get impatient and decide to start hitting the ask prices.

[proudhon]

Just got home from work.  I've seen this before.  Don't care.  Price will probably be lower in the morning.  Good night.

[cypherdoc]

Just got home from work.  I've seen this before.  Don't care.  Price will probably be lower in the morning.  Good night.

don't forget to "cover" up before you go to sleep.

[Crypt_Current]

Just got home from work.  I've seen this before.  Don't care.  Price will probably be lower in the morning.  Good night.

Good to see you're still dancing with the bear