Rally!!!!!

[Bjork]

One big sell off and this will trace back to 7.50-8.00 if not lower

let me just quote myself about 5 hours ago

edit: where is proudhon so I can give him a big bear hug

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[Dargo]

A pullback was to be expected, but dropping nearly $2 in 15 mins was f-ed up. The rally on the daily chart is still intact, but looks like we will put in a pretty ugly candle today.

It wasn't too effed up.  It took half as many BTC to push the price up to $9.69 as it did to drop it to $7.50.  It was a great idea to take advantage and pull a profit.

I agree that for people actively trading it was very smart to take profits into that rally since it was obviously unsustainable (and likewise dumb to buy into it). But it still added up to pretty ugly action for the day. A more orderly pullback would have been better for the bulls. And higher volume on the pullback isn't good for the bulls either. One day doesn't make a trend though so what matters is how things go from here.  

[ElectricMucus]

And higher volume on the pullback isn't good for the bulls either. One day doesn't make a trend though so what matters is how things go from here.  

But it isn't. PVT is still up.

It isn't a reliable indicator though.

[kentrolla]

the pressure is there. remember this key concept: "WALLS ARE FOR MARKET MANIPULATION ONLY"  the agenda behind putting up a wall is never to buy or sell coins but to keep the price high/low before a set time to make a switch (ie. this weekend). the reason they want to keep the price low till the weekend is they don't want to have as much competition for cheap coins. All the REAL trades are done in "the trenches." When people actually want to buy or sell coins they will do it "in the trenches" discreetly selling/buying a couple hundred coins at a time.

So essentially what i'm saying may sound counter-intuitive but here's what i think of "walls" :   A large ask wall thats up all day friday is a BULLISH sign. Assuming that they make the switch to the Bid side when the banks close. also a large bid wall thats up all day sunday is a BEARISH sign, because they plan on switching to the ask side when banks open.

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.  this is because the bid side is full of "real" traders. People who actually want to buy coins. any time the price changes up or down the bid side is always buying "in the trenches"

Right now, in my opinion, the people that are selling "in the trenches" are being manipulated by that ask wall.

Wow I actually learned something important here. Thanks!

this is why you should ignore walls. in fact, you should almost see them as an indicator of a switch

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.

What about manipulators creating this "organic" line shape at the bid side (maybe via some script)?

then they would have to be selling/buying in the trenches because they would have no wall to manipulate people into undercutting (which protects their wall, so they would have no protection). so their agenda would be to actually sell/buy coins. so this is what manipulators do AFTER a switch, or if they are predicting another manipulator's switch by essentially "calling their bluff".

bottom line is: no matter if its a bot or a bunch real traders, Linear diagonal lines are signs that they actually want to buy/sell. Walls are signs that they don't.

this explains why that counter-argument doesn't make sense.  

PLZ STOP GETTING MANIPULATED BY WALLS!! WE CAN FIX THIS OBVIOUS MANIPULATION IF YOU UNDERSTAND HOW IT WORKS

[finkleshnorts]

Today I learned not to be manipulated by walls.

Wait, wrong thread.

[Dargo]

And higher volume on the pullback isn't good for the bulls either. One day doesn't make a trend though so what matters is how things go from here.  

But it isn't. PVT is still up.

It isn't a reliable indicator though.

Yes PVT is still up, my point is just that it's generally bullish to see higher volume up than down. By itself this isn't a great indicator, but it is one indicator. Not sure, but I don't think we disagree.

[Mageant]

WTF? I wake up and BTC was already at 9.50$ overnight? Crazy.

[TraderTimm]

I think its amazing we stayed north of 8.00 even after the wicked volatility after the high of 9.00+.

That's what happens folks, especially in a thin order book with a monster on either side.

[unclescrooge]

does anybody else really hope this slows down asap?

+1

Too high too fast :/

[arklan]

i think i have whiplash from that ride today...

[molecular]

One big sell off and this will trace back to 7.50-8.00 if not lower

let me just quote myself about 5 hours ago

edit: where is proudhon so I can give him a big bear hug

This made me lol. I'd like to see the gray and brown bear dancing together in happy unity.

[proudhon]

I really want to say that Pirate is behind a lot of the chaos today.

You weren't on IRC last night were you?

[Technomage]

I think Pirate is the one trying to stop the chaos, he is not necessarily behind it. There is more than one major player fighting for dominance right now. That is what makes the situation especially interesting.

Mt. Gox 24h volume is over 250k BTC and over 2 million dollars. Wow.

[RodeoX]

It's Déjà vu! I remember this from last year. All you noobies are about to be accused of being unfair early adopters. Congrats.

[Narydu]

To silly to think it was just a human error???
I learned the hard way (2k BTC) that sometimes MTGOX sell page activates the sell at market price option. Perhaps, only perhaps, this stupid manipulator guy just forgot to unmark the option and while he was setting a new 20/30k wall it just sell off inmediatelly at market prices down the slope.

Lets see if a new 20k or 30k wall stands up in the days to come, if not... this might be the real reason.

He used to use the wall, not to sell or buy but just to manipulate prices.

Or perhaps not... ;-)

[Spekulatius]

Lets see if a new 20k or 30k wall stands up in the days to come,
Or perhaps not... ;-)

Look at 7$ hombre!

[TraderTimm]

Judging by a simple upward trendline drawn from the July 5th bar, we could retrace to 7.80's without breaching the upward channel. Long 'whiskers' on a candlestick aren't usually used when aligning a trendline - but it is interesting that the highly volatile lower price below 7.40 was rejected quite soundly.

Heck of a trading session.

[thezerg]

Lets see if a new 20k or 30k wall stands up in the days to come,
Or perhaps not... ;-)

Look at 7$ hombre!

This is like a nuclear standoff... everybody showing their sh*t nobody wants to fire 'em off.

[Narydu]

Lets see if a new 20k or 30k wall stands up in the days to come,
Or perhaps not... ;-)

Look at 7$ hombre!

This is like a nuclear standoff... everybody showing their sh*t nobody wants to fire 'em off.

Spekulatius:

7$ wall is a buying wall, If it has been an error, the seller would absolutelly need to buy low... all I say is that if my (unprobable) presumption is ok, we wont see any 20k wall in sell price...

If I had $200k and 20k BTC y could make both walls, but if I accidentally really sold my BTC, then I could only set buy (verry low -under 7,45?- intending to dump prices a bit before I rebuy).

I know this is unprobable but human errors occur, it did to me, hombre!

Besides strangely Pirate40 appeared talking about the selloff... he never didn´t atributed him self any before I think...

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Thezerg, I didn´t get your point, sorry.

[thezerg]

My point is that buy wall is so far off the money its just there to warn someone trying to push the price down with a sell wall.