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prof7bit
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March 15, 2013, 02:19:23 PM |
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The graphs do look suspiciously like the $5 rate did just prior to the big crash way back then.
The graphs remind me of XAG/USD in 2010-2011, the way it suddenly started rising in a straight line for a few months (straight line on the semi log chart). Even the numbers match: It went to *almost* 50 and then crashed down into the 30's and stayed there (thats where the huge 1Million bid is sitting). Same type of Market forces at work? Edit: and it crashed on a Friday if I remember correctly (I even mentioned this possibility on one of these not-so-serious trading forums a few hours(!) before it happened, then shorted silver, called Tyler Durden from ZH an idiot, switched off my PC and the next day I looked at the chart it was crashed (the price, not my PC). |
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samson
Legendary
 Offline
Activity: 2097
Merit: 1068
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March 15, 2013, 02:20:59 PM |
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The graphs do look suspiciously like the $5 rate did just prior to the big crash way back then.
The graphs remind me of XAG/USD in 2010-2011, he way it suddenly started rising in a straight line (on the semi log chart). Even the numbers match: It went to *almost* 50 and then crashed down into the 30's (thats where the huge 1Million bid is sitting). Same type of Market forces at work? You never know, I've put an order in just in case  |
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ineededausername
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March 15, 2013, 04:12:51 PM |
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Remember back in June 2012 when it looked like it got stuck at $7 resistance? Well, we broke through that time and 30k BTC of walls got bought up.  |
(BFL)^2 < 0
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phelix
Legendary
Offline
Activity: 1708
Merit: 1019
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March 15, 2013, 04:31:48 PM |
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New 15 day version of the depth chart on blockchained.com:  (updated every 18mins or so) |
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DougTanner
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March 15, 2013, 04:38:48 PM |
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Am I reading this correctly? There are 8 Million USD in bids sitting on MtGox? And the price is just standing still?! Jesus, it's going up exponentially.  |
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ineededausername
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March 15, 2013, 04:40:23 PM |
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As those bids build up, we're going to see a bit more upward pressure soon...
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humanitee
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March 15, 2013, 04:42:04 PM |
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Am I reading this correctly? There are 8 Million USD in bids sitting on MtGox? And the price is just standing still?! Jesus, it's going up exponentially. Yeah, you're reading it right. A lot of 'em are further back near the 40's and 32. |
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siulynot
Legendary
Offline
Activity: 1274
Merit: 1000
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March 15, 2013, 04:44:59 PM |
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Am I reading this correctly? There are 8 Million USD in bids sitting on MtGox? And the price is just standing still?! Jesus, it's going up exponentially. Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... |
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bb113
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March 15, 2013, 04:47:10 PM |
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Some violin plots of the order book history would contain more information. I don't have the data or else I would try. |
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labestiol
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March 15, 2013, 04:49:51 PM |
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Yeah, you're reading it right. A lot of 'em are further back near the 40's and 32.
To put some figures on it, there's 2.5M$ above 40$, and 5.7M$ above 30$ |
1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
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mccorvic
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March 15, 2013, 04:52:21 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. |
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Piper67
Legendary
Offline
Activity: 1106
Merit: 1001
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March 15, 2013, 04:53:12 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. By then it would be too late, except for those who push the button first |
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mccorvic
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March 15, 2013, 04:57:41 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. By then it would be too late, except for those who push the button first That's why I would expect an explosion. All these buyers will be hitting at once  Then, after that we have a day or two of madness as these buyers try to do their silly day-trade thing. I, mean while, will be sitting in my lounge sipping brandy. I'll laugh softly to myself while watching the clarkmoody and say, "Dance puppets. Dance." |
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phelix
Legendary
Offline
Activity: 1708
Merit: 1019
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March 15, 2013, 04:58:01 PM |
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Ok I'll bite. Its too big to imagine a trader just fired and forgot. So its purpose is to communicate to the sellers... it is saying at a minimum "look, there's a whale on the buy side". What's the purpose of that? Well, if it was located at around 40 or above, I would imagine that its purpose would be to threaten any fake sell-side walls: "If you are not careful, I might just snap up your sell wall!" But so far off the money, at 30, I'm thinking it is trying to pull a serious whale seller lower... it is saying "I am here to buy your ask, just not at today's price". It also says bidding below 30 is pointless and might raise some depth volume. |
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siulynot
Legendary
Offline
Activity: 1274
Merit: 1000
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March 15, 2013, 05:03:07 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. Yeah, because it has a lot of sense to sell scared of a "flash crash" with no importance and then put a $2million bid lower, just to wait if someone buys a 10k btc wall??? So then you can buy higher because of a price explotion??? if i had $2million to buy btc and was a bull and knew that buying up that wall will cause an explotion ill buy that wall myself, and not "hope" to buy lower.... |
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Piper67
Legendary
Offline
Activity: 1106
Merit: 1001
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March 15, 2013, 05:06:09 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. Yeah, because it has a lot of sense to sell scared of a "flash crash" with no importance and then put a $2million bid lower, just to wait if someone buys a 10k btc wall??? So then you can buy higher because of a price explotion??? if i had $2million to buy btc and was a bull and knew that buying up that wall will cause an explotion ill buy that wall myself, and not "hope" to buy lower.... Maybe someone's still holding out a bit of hope for the weekend dip, and if it doesn't materialise by late Saturday, or early Sunday, the wall will start to creep up. |
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mccorvic
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March 15, 2013, 05:06:50 PM |
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Weird that bids are being placed but at lower prices... thats just not right... or they are waiting for a fall... My guess is that a majority of these high-volume low-priced buyers are people who dumped during the flash-crash but were unable to buy back in at a lower price point. Right now the price is holding steady at where they sold so they do not see an immediate need to buy back in. Instead, they are placing low buys hoping to get lucky one way or another. These buyers are keeping an eye on the price and are ready to buy back in as soon as the market shows any sustained upward pressure. tl;dr if we break the $48 wall these bids will become buys and we'll explode up. Yeah, because it has a lot of sense to sell scared of a "flash crash" with no importance and then put a $2million bid lower, just to wait if someone buys a 10k btc wall??? So then you can buy higher because of a price explotion??? if i had $2million to buy btc and was a bull and knew that buying up that wall will cause an explotion ill buy that wall myself, and not "hope" to buy lower.... I didn't say it was the smart thing to do. I find that day traders are a lot less smart than they think they are. But with the lag Mt.Gox experiences during crashes, a lot of time if your bids aren't in you're not going to get one in until it's all over. Usually big up-movements happen slower so you'll have time to adjust your bids. |
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justusranvier
Legendary
Offline
Activity: 1400
Merit: 1009
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March 15, 2013, 05:09:47 PM |
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if i had $2million to buy btc and was a bull I'd just set up a bot to buy 25 BTC every 10 minutes and let it run for a week or two. |
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prof7bit
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March 15, 2013, 05:29:53 PM |
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if i had $2million to buy btc and was a bull I'd just set up a bot to buy 25 BTC every 10 minutes and let it run for a week or two. An experienced trader who knows how price usually moves would just put his bid at $30 and wait. |
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