Wall Observer - MtGoxUSD wall movement tracker

[thoughtfan]

If this is about to take off again I may be late in thinking of another reason I like the price hanging around this 'low' for a while:

The businesses who are currently offering their services for bitcoin and who are not converting it all to fiat they have probably taken in around twice the bitcoin per dollar value sale in recent days.  When (if) it does go back to those levels it will give those businesses a nicely deserved boost - for both offering the btc payment option and for having enough confidence to keep some of the sales value in btc.  Nice

[SlipperySlope]

2153 ask wall at 98 holding back new deposits at the moment - the battle for $100 rages on. New deposits are now skeptical?

[zarl]

2153 ask wall at 98 holding back new deposits at the moment - the battle for $100 rages on. New deposits are now skeptical?

i not see this at bitcoinity. where is the better precice place to look
ahh ok, i see now   at 98.5

[just1nmc]

2153 ask wall at 98 holding back new deposits at the moment - the battle for $100 rages on. New deposits are now skeptical?

i not see this at bitcoinity. where is the better precice place to look
ahh ok, i see now   at 98.5

The depth chart can be slow to update on bitcoinity sometimes.

You can see the order book in real time on http://bitcoin.clarkmoody.com

[zarl]

The depth chart can be slow to update on bitcoinity sometimes.
You can see the order book in real time on http://bitcoin.clarkmoody.com

Thanks

[just1nmc]

BTC2k wall at $99 was bought.

[SlipperySlope]

And look there is another relatively large ask wall 1673.7778@ 99.5. 

[Krabby]

Guys wait for me, I need to deposit my 30k so that it can lose half it's value in a panic sell!

[ManBearPig]

Morning all!


Edited: hotlinking on imageshack not working.

Happy to see nothing crazy happened during the night (though I could have bought at $87 if I'd had bigger balls).

Time for Bitcoin United to pull itself out of the relegation zone I reckon

[just1nmc]

And look there is another relatively large ask wall 1673.7778@ 99.5. 

Yeah, still plenty of bitcoins looking to be cashed out it seems. 

[SlipperySlope]

Is it just me, or does it seem like the powerful bids from 7 and 14 days ago are absent? Maybe later in the day they will show up.

[ManBearPig]

Um, something's not right with the fancy new Bitcoinity hover thingy.

I work that out at $1.94 per coin!

[just1nmc]

Um, something's not right with the fancy new Bitcoinity hover thingy.

I work that out at $1.94 per coin!

Haha even better

[ManBearPig]

Um, something's not right with the fancy new Bitcoinity hover thingy.

I work that out at $1.94 per coin!

Haha even better

Haha! Needs some tweaking methinks!

[hobbes]

Sun will follow the rain 

[solex]

And look there is another relatively large ask wall 1673.7778@ 99.5. 

Yeah, still plenty of bitcoins looking to be cashed out it seems. 

1673 vaporized.  BTC headed up!

[zarl]

Hope its ok i ask many questions, im still learning

Why somebody put that big wall at 99.5 ?
If somebody want sell so many coins.
Wouldent it be better to let the new monday money flow in.
Hoping for a small monday rally getting the price up.
And then sell little by little for higher price ?

Is it some kind of strategy i miss.

[Hermel]

Why somebody put that big wall at 99.5 ?

Imagine you want to get rid of 1'000 coins at the best price possible. You know that when prices move up, the movments will likely stop at a wall. So your best bet is to set the limit to just below the highest wall you think won't be crossed. So in this case, the seller believes that Bitcoin won't raise above 100 USD anytime soon, but also thinks that it will touch 100 USD. In that case, you can be pretty sure to sell everything at 99.5 while still getting a good price.

As a corollary: if someone sells at 100.5 USD, the intention is likely a manipulation: here, the seller does not want to actually sell, but rather scare potential buyers by making the sell wall appear big -- that can pay off when doing large OTC transactions that take MtGox as reference.

[zarl]

Why somebody put that big wall at 99.5 ?

Imagine you want to get rid of 1'000 coins at the best price possible. You know that when prices move up, the movments will likely stop at a wall. So your best bet is to set the limit to just below the highest wall you think won't be crossed. So in this case, the seller believes that Bitcoin won't raise above 100 USD anytime soon, but also thinks that it will touch 100 USD. In that case, you can be pretty sure to sell everything at 99.5 while still getting a good price.

As a corollary: if someone sells at 100.5 USD, the intention is likely a manipulation: here, the seller does not want to actually sell, but rather scare potential buyers by making the sell wall appear big -- that can pay off when doing large OTC transactions that take MtGox as reference.

ok, thank you for explaning

[hannesnaude]

Hope its ok i ask many questions, im still learning

Why somebody put that big wall at 99.5 ?
If somebody want sell so many coins.
Wouldent it be better to let the new monday money flow in.
Hoping for a small monday rally getting the price up.
And then sell little by little for higher price ?

Is it some kind of strategy i miss.

It's fine to ask many questions. Just don't expect any authoritative answers. The only person who knows the logic behind the wall is the one who put it up. That person is unlikely to be present on this board, and even if  he/she was here, is unlikely to  tell  you the truth until after the trade is  complete. You will hear lots of theories here, but the fact of the matter is: nobody knows.