Wall Observer - MtGoxUSD wall movement tracker

[mccorvic]

Just yesterday I've seen a bunch of canceled buy orders transformed into market orders. If this trend continues we will see drying up support pretty soon, right now people can still compensate by canceling sell orders so the overall order list looks the same.
Either way that are definitely the first signs of exhaustion.

I disagree with your conclusion. While buy orders may become market orders the graphs show no dramatic drop outside of the immediate buy events and have increased in general AND remain extraordinarily high.  Today had the highest buy order depth EVER and even right now is equal to the high of yesterday.

[josiahgarber]

This is Bitcoin in my eyes right now:

In my eyes.

I agree.  This makes much more sense.

[ElectricMucus]

Just yesterday I've seen a bunch of canceled buy orders transformed into market orders. If this trend continues we will see drying up support pretty soon, right now people can still compensate by canceling sell orders so the overall order list looks the same.
Either way that are definitely the first signs of exhaustion.

I disagree with your conclusion. While buy orders may become market orders the graphs show no dramatic drop outside of the immediate buy events and have increased in general AND remain extraordinarily high.  Today had the highest buy order depth EVER and even right now is equal to the high of yesterday.

Sadly I don't know of any chart which graphs the slope of the orderbook over time. This concerns the upper half of the buy orders and is reversed for the lower half. So while the size of the orderbook is increasing at the same immediate liquidity dries up.

[Adrian-x]

anecdotal evidence + ambiguous time frame + assumption based on anecdotal evidence = crash!

Just watch http://bitcoinity.org/markets from time to time and see for yourself.

I called bubble @ the 3rd ever run up to $15, I was so relieved to have cashed out 2/3's of all my coins before then.
I still think it's a bubble but hell I thought $2.60 per coin was risky too. Use the knowledge you have and learn from mistakes. If Bitcoin is going to be a big thing this growth is a little slow.

[The-Real-Link]

Re: valuation, I can only throw out Cell Phones and Internet as being the closest thing to 4 years ago.

Both of them once "out of the bag" have for the most part steadily grown and every day more of the population connects to the Internet.

Doesn't necessarily mean coins will go up forever, but I feel there are strong enough fundamentals to this that whatever "stable" price we reach at will be much higher than now.

Price looks outrageous to barely even 2-3 months ago sure, but then again people certainly don't mind paying $400-700 range for the most successful companies' stocks in the world.  Not quite apples to apples but to me, everything is continuing to show up up up.

[ElectricMucus]

To get somewhat back to the discussion a wall pic..



See that buy wall just over 50? Just 1-2 weeks ago you would see these kind of walls much higher in relation to the market price.

[BitcoinTate]

Only the bears seem to be ignoring/not understanding the fundamentals, which is why I guess only the bears have been seeing a bubble since the 20s

I'd say I've seen a couple of small bubbles. The thing is that a bubble deflating in the face of an underlying increase can still lead to a positive gradient.

And don't forget, there can be negative bubbles too. Less likely with fedgov running the presses until they glow red hot but nonetheless...

The thing is, there certainly are the right conditions for a bubble. Too much cash with nowhere to go. OTOH BTC is undervalued right now so cash may not be inflating a bubble, just inflating a ball to the right pressure.

This is Bitcoin in my eyes right now:

Agreed!

[The-Real-Link]

Has Bitcoinity been stalled for anyone today?  Normally it refreshes pretty often but seems to be broken atm.

[Richy_T]

I agree.  This makes much more sense.

I don't understand. Must be a cultural thing.

[molecular]

Only the bears seem to be ignoring/not understanding the fundamentals, which is why I guess only the bears have been seeing a bubble since the 20s

I'd say I've seen a couple of small bubbles. The thing is that a bubble deflating in the face of an underlying increase can still lead to a positive gradient.

And don't forget, there can be negative bubbles too. Less likely with fedgov running the presses until they glow red hot but nonetheless...

The thing is, there certainly are the right conditions for a bubble. Too much cash with nowhere to go. OTOH BTC is undervalued right now so cash may not be inflating a bubble, just inflating a ball to the right pressure.

This is Bitcoin in my eyes right now:

nah, more like a slime mold:

[ElectricMucus]

Only the bears seem to be ignoring/not understanding the fundamentals, which is why I guess only the bears have been seeing a bubble since the 20s

I'd say I've seen a couple of small bubbles. The thing is that a bubble deflating in the face of an underlying increase can still lead to a positive gradient.

And don't forget, there can be negative bubbles too. Less likely with fedgov running the presses until they glow red hot but nonetheless...

The thing is, there certainly are the right conditions for a bubble. Too much cash with nowhere to go. OTOH BTC is undervalued right now so cash may not be inflating a bubble, just inflating a ball to the right pressure.

This is Bitcoin in my eyes right now:

nah, more like a slime mold:

I think it's more like a can of slurm.

[ineededausername]

Wall report: ~3k BTC left below $90

[keewee]

Wall report: ~3k BTC left below $90

And no major walls in sight...

[ineededausername]

Depth warning: <20k BTC to $100.

LAST CHANCE TO BUY IN DOUBLE DIGITS!

[moocowpong1]

Depth warning: <44k BTC to $1 trillion.

LAST CHANCE TO BUY UNDER THIRTEEN DIGITS!

[smoothie]

Depth warning: <44k BTC to $1 trillion.

LAST CHANCE TO BUY UNDER THIRTEEN DIGITS!

 

[The-Real-Link]

Oh yeah

[ineededausername]

Depth warning: <44k BTC to $1 trillion.

LAST CHANCE TO BUY UNDER THIRTEEN DIGITS!

 

It is pretty interesting that there's only <44k BTC left on the entire ask side...

[The-Real-Link]

$89 down.  1.5K to $90!

[01BTC10]