Wall Observer - MtGoxUSD wall movement tracker

[keewee]

Bought back my "panic" trade coins at a loss. 
I honestly thought the incident would give quite some negativity which in combination with the already elevated bitcoins prices would knock off a serious bit of the price.  Either it is taking quite some time to digest the incident, or it just shows how much power the bitcoin rocket has going on.  I still think it can go either way, but getting more bullish by the hour.

I think your timing is going to prove to be excellent

[mccorvic]

Boys, prepare the troops! Tonight we take $48!

[humanitee]

Boys, prepare the troops! Tonight we take $48!

 

[ineededausername]

Here comes $50

[Spaceman_Spiff]

Bought back my "panic" trade coins at a loss. 
I honestly thought the incident would give quite some negativity which in combination with the already elevated bitcoins prices would knock off a serious bit of the price.  Either it is taking quite some time to digest the incident, or it just shows how much power the bitcoin rocket has going on.  I still think it can go either way, but getting more bullish by the hour.

I think your timing is going to prove to be excellent

Looks that way 

[oddity]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

[dancingnancy]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

Essentially, yes, you are correct.  That doesn't mean that the wall cannot be "moved" or bought into.  It's usually 50/50 around here I would say.  But you are correct, a large market order selling would have a greater impact on the price than a large market order buying right now.

[mccorvic]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

Typically, your right.

But the a lot of times those walls will vanish as the price approaches them.  This happens for a number of reasons.  One possibility being that the creator of the "wall" sees that they could potentially sell for more and decides to move to a higher price.

Buyers lately haven't seemed to be so keen as to place buy orders, but rather just buying at market prices straight out.  This prevents the price from going down despite there not being a lot of buy orders on the left.

[solex]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

Superficially, you are right. Based upon inspection of wall charts it would seem that the price is more likely to drop than increase.
For every buyer there is a seller at the same price, so for every dollar which buys bitcoin another dollar flees it. What drives prices is sentiment. The sentiment for Bitcoin has been unrelentingly bullish since 2011. Yes, there are dips when the market gets ahead of itself, or when there is a bad news event (this week), but the main trend is intact. The wall at $20 looked formidable, but it was cut like a blowtorch through butter.

[humanitee]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

For starters, you ignore the walls. This entire thread is a massive distraction.

Welcome to the dumpster lounge, located in the landfill known as "Speculation."

[oakpacific]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

For starters, you ignore the walls. This entire thread is a massive distraction.

Welcome to the dumpster lounge, located in the landfill known as "Speculation."

I am a pumpster, ca I join?

[humanitee]

I am a pumpster, ca I join?

Nope, only classic dumpstars, like adam. 

[cypherdoc]

[adamstgBit]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

the walls are showing all the bids and asks, for a given price range

study that chart with this in mind and you should be able to see it.

anyway, the chart is misleading.
allot of people dont place bids and just BUY, same is true for asks.

[keewee]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

the walls are showing all the bids and asks, for a given price range

study that chart with this in mind and you should be able to see it.

anyway, the chart is misleading.
allot of people dont place bids and just BUY, same is true for asks.

I think another aspect of this is that some people with bids at a lower price may see the price start to rise, change their mind, and buy straight back in, or vice versa. Just ask Spaceman_Spiff 

[molecular]

As a trading newbie i dont understand at all!
Looking at the wall image a couple of posts back, it seems like there is a vertical line to the right... that suggests to me that it would be hard for the price to move up.
The line to the left is way less steep... doesn't that mean it is easier for the price to drop?

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

"eating a wall" is not a bad profit opportunity: all the small traders are holding back, because they think: "wow, a huge wall. we're going to be stuck here for a while. maybe I'll trade the rage for a bit". They either sell a little bit right below the wall or wait. Now a big fish can come along and just gulp the whole wall. What might quite likely happen is all the small fish will be thinking: "wuuut! That wall got pulverized like it was nothing and now the path is clear to the upside, buy buy buy". So the price will shoot abover the point where the wall was quite a bit. The big fish can then start to take profit.

[GeoRW]

good thng is that due to the nature of the bug, Gox was forced to close bitcoin deposits, therefore not many bitcoins were sold in panic. Now hopefully new users will not get scared by bitcoin problems and will continue buying at >  50 

Meh... there were tons of coins already sitting in Gox accounts. It's only a small fraction of the coins that appear in the order book. There would have been enough coins to go around for everyone... the massive dump and crash just didn't materialise.

heh, how do you know? I keep in Gox acount just very little (coins i want to sell in near future), rest is in my wallet and cold storage. I don't think many people trust Gox so much that they keep coins there. Gox account can be fed with BTC very quickly (usually just a little over an hour), no need to wait couple of days like for fiat transfer. But maybe you have some crystal ball and you see those huge piles of bitcoins sitting in Gox accounts 

[Jaques]

more than $8M bids versus BTC105k ask ... 
(http://bitcoin-analytics.com/)

[Chaz]

more than $8M bids versus BTC105k ask ...  
(http://bitcoin-analytics.com/)

Was wondering why the bids spiked so much: 1 million dollar bid  

$1,088,970 @ 30.00

[phatsphere]

How are you supposed to read these images?? Why do you all think the price is about to go up? What are you looking at??

what you can also look at is the sum of both sides, i.e. many here post the last picture from here:
http://www.bitcoinx.com/charts/
hint: the blue line at the bottom chart goes up-up-up!

also, you can do partial sums ob bids and asks in both directions around the current gap. the gribble bot calls this "obip" (order book implied price)