Wall Observer - MtGoxUSD wall movement tracker

[pennywise]

Minding the walls.

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[rpietila]

Pretty good sell off the past 5 minutes. $91.00

I also like that "a good selloff" takes us to $91, lol

[Rothgar]

Minding the walls.

Hey, stay on topic!!!   

[dmiceman]

Coma.

[stereotype]

Coma.

Bitcoin is dead! Wheres the defib?

[narousberg]

bitcoin ok, but price is bad

[samson]

bitcoin ok, but price is bad

There's very little for sale near the lowest ask but it looks like things might be starting to move.

[laughingbear]

Dear guy with the 2k sell wall @ 93.5,

                                                    Everyone hates you.

     
                                                                                   Bear

[Rothgar]

Take a look at the big scheme of things. The price is well within the realms of fantastic growth.

Bear in mind: it's Easter and $100 is a BIG psychological hurdle.

Those lines are pretty!!! $1 probably was an even bigger psychological hurdle. 

I think it's silly to draw lines on such a chart and expect that to convey something about the future. 

[ManBearPig]

I think it's silly to draw lines on such a chart and expect that to convey something about the future. 

Is all technical analysis a waste of time then? Or just this rather optimistic log projection?

Surely it's worthwhile looking where we headed until we inevitably change course?

[Rothgar]

Is all technical analysis a waste of time then?

Yes

[Rothgar]

Predicting the change of course is MUCH more valuable and interesting.  If there is a "change in course" then your lines convey nothing about the future, and it is silly to think they convey something about the future.

[ManBearPig]

Is all technical analysis a waste of time then?

Yes

Then you have to concede that the price could go to $0 or to $1M in the next day. In fact the next second. If you use charts before you buy and sell, you are doing technical analysis.

[narousberg]

Psyhology more important on this market

[Beta-coiner1]

Dear guy with the 2k sell wall @ 93.5,

                                                    Everyone hates you.

     
                                                                                   Bear

Heh,Yeah I think we'd be over 94.5 by now just like Bitstamp.I guess someone is trying to buy the cheaper coins first before the anticipated price increase due to Cyprus banks.

[Rothgar]

Then you have to concede that the price could go to $0 or to $1M in the next day. In fact the next second. If you use charts before you buy and sell, you are doing technical analysis.

I like your user name by the way.

Of course the price could go to $0 or $1M in the next second.  The chances are slim, but of course this is possible.  A chart tells me what the price was in the past I don't know what's so technical about that.  

I think it is more likely that the BTC price will go above the green line and then below the red line before April 2014.  Does your picture suggest this?  No.  That is my analysis, do you think it's technical?    

[befuddled]

Dear guy with the 2k sell wall @ 93.5,

                                                    Everyone hates you.

     
                                                                                   Bear

ha ha +1

But it's not always the whole story. Those who actually want to buy are glad to see a wall anywhere they can find it because it lowers the cost at which their market order for a fixed number of BC gets filled. I don't doubt the idea that the motive behind sell walls is to push sellers to sell at a price more favorable for someone who is trying to buy. I bought a sell wall on Bitfloor (when that sell wall was lower than the last price on Gox, at around $10/coin). Not so large as 2K, but large for Bitfloor. So it doesn't always work out for them if that is indeed the intention behind it. Sell walls help the liquidity of the market. Among other things, they also make possible arbitrage bots, which can force the prices at different exchanges to be the same.

[Zomdifros]

Is all technical analysis a waste of time then?

Yes

This is very much true, especially considering Bitcoin.

Technical Analysis is based on the assumption that all information regarding a certain asset is available in the market. The price of the asset is the optimal outcome of supply and demand and therefore all the information is reflected in the current and past price and things like volume traded.

In case of Bitcoin there is a huge asymmetry of information. If today everybody in the world who would at any time consider participating in this market knew not only of it's existence, but also profoundly understood the concept and all it's details, Bitcoin would trade for at least $100k right now. That is why it is considered impossible to consistently beat the market, unless you have a very long lucky streak.

Fortunately, information isn't always spread evenly so opportunities to make money do exist, think for example of insider trading, or investing as a venture capitalist in startups. All of us here are extremely lucky to have been presented the opportunity of knowing and understanding Bitcoin before the rest of the world finds out, because Bitcoin is probably going to be the most important startup in the history of capitalism. Investing in Bitcoin truly is the trade of the century.

[solex]

Is all technical analysis a waste of time then?

Yes

This is very much true, especially considering Bitcoin.

Technical Analysis is based on the assumption that all information regarding a certain asset is available in the market. The price of the asset is the optimal outcome of supply and demand and therefore all the information is reflected in the current and past price and things like volume traded.

In case of Bitcoin there is a huge asymmetry of information. If today everybody in the world who would at any time consider participating in this market knew not only of it's existence, but also profoundly understood the concept and all it's details, Bitcoin would trade for at least $100k right now. That is why it is considered impossible to consistently beat the market, unless you have a very long lucky streak.

Fortunately, information isn't always spread evenly so opportunities to make money do exist, think for example of insider trading, or investing as a venture capitalist in startups. All of us here are extremely lucky to have been presented the opportunity of knowing and understanding Bitcoin before the rest of the world finds out, because Bitcoin is probably going to be the most important startup in the history of capitalism. Investing in Bitcoin truly is the trade of the century.

Guys. This graphic best describes the situation. TA is great for short-term trading, FA is needed for long-term analysis. The future of Bitcoin 2 years out must be based upon projection of fundamentals (if you can even guess them all).

[phatsphere]

What happens on Easter Sunday night on Bitstamp, stays on Bitstamp. Right, Mr. Manipulator?