Wall Observer - MtGoxUSD wall movement tracker

[Krabby]

1 hour?

1 hour.
I'm starting to see the flaw in the bitcoin conformation time

[bitarrow]

1 hour?

1 hour.
I'm starting to see the flaw in the bitcoin conformation time

shhh, dont tell

[adamstgBit]

58 mins!

[thoughtfan]

To people wondering what is actually happening in this thread:

Suckers trying to convince other suckers to buy back in so that they can dump. The goal is to actually turn this around but they will settle for dumping.

I'm glad someone is here being the cynic assuming everybody's motivation for writing anything here is an attempt to manipulate the market for their own game because we all need reminding sometimes that there are always some who will play it sneaky.  However I'm also pleased it's others because although I may lose out from being naiive now and again it's a small price to pay for not going around thinking the worst of everyone all the time

[DougTanner]

1 hour?

Unless I'm mistaken 2:00 AM UCT is in two hours?

Is Gox going to allow people to place bids before opening trading or is it going to be a giant free-for-all?

[Kazu]

1 hour?

Unless I'm mistaken 2:00 AM UCT is in two hours?

Is Gox going to allow people to place bids before opening trading or is it going to be a giant free-for-all?

This is gox. The answer should be obvious.

[crazy_rabbit]

1 hour?

Unless I'm mistaken 2:00 AM UCT is in two hours?

Is Gox going to allow people to place bids before opening trading or is it going to be a giant free-for-all?

It's a fight to the death to own the last bit of cheap future. The NYtimes is reporting the Winklevoss twin bought up 1% of all Bitcoin. A Free-for-all would be an understatement. It's going to be the greatest gladiator death match of all internet time.

EDIT: Source: http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/?hp

[Adrian-x]

To people wondering what is actually happening in this thread:

Suckers trying to convince other suckers to buy back in so that they can dump. The goal is to actually turn this around but they will settle for dumping.

That is most other days; today It looks more like rabbit frozen in the headlights.

To paint a metaphor the charts you see are the grass on the side of the road and the rabbits just keeps running down the middle, looking for a break, not knowing whether to keep running or turn off to the right or the left.

I could be wrong.

[chrsjrcj]

1 hour?

Unless I'm mistaken 2:00 AM UCT is in two hours?

Is Gox going to allow people to place bids before opening trading or is it going to be a giant free-for-all?

This is gox. The answer should be obvious.

Just market sell/buy everything you can!

[thoughtfan]

What the hell is suddenly causing all the exchanges to rise?!

I totally missed it because btccharts was down for like 30 minutes before I noticed.

That there wasn't really a fundamental cause for the price to fall so far in the first place?

Seriously, people selling coins at $50 was a bit out there.

I concur. Once the idiots realized they were just being panicky idiots, they started buying again... only problem is, once you've sold at $50, it's a little too late   It'll be a while before they see gains again.

Please stop living in 1 hour timeframes, this is an obvious bull trap. When Gox opens we are going sub $50 for at least 3 days, give or take some wild volatility.

I'm not so sure, the price was going up from $120 before Gox pulled the plug. And the other exchanges are now recovering that the most-panic-y people have sold.

If the other exchanges are back to $120 when Gox opens, it's going up from there IMHO.

What does everyone else think?

I'd be reluctant to assume too much on that front.  $90 to $120 is by normal standards a massive jump to expect to happen in an hour and if it does happen it's not a very solid basis for a bull run.  I have to conclude I have no idea what is going to happen in the next few hours - but I have no plans of going to bed for some time (it being 1am in London)!!

[crazy_rabbit]

1 hour?

Unless I'm mistaken 2:00 AM UCT is in two hours?

Is Gox going to allow people to place bids before opening trading or is it going to be a giant free-for-all?

This is gox. The answer should be obvious.

Just market sell/buy everything you can!

That is wise advice. I don't care what GOX is saying, Aint no way their computers will be working this time around either.

[🏰 TradeFortress 🏰]

With everyone coming to place their orders at the same time.. I can't see how this can go well.

[marcher5877]

what happens in 50 min?

[adamstgBit]

What the hell is suddenly causing all the exchanges to rise?!

I totally missed it because btccharts was down for like 30 minutes before I noticed.

That there wasn't really a fundamental cause for the price to fall so far in the first place?

Seriously, people selling coins at $50 was a bit out there.

I concur. Once the idiots realized they were just being panicky idiots, they started buying again... only problem is, once you've sold at $50, it's a little too late   It'll be a while before they see gains again.

Please stop living in 1 hour timeframes, this is an obvious bull trap. When Gox opens we are going sub $50 for at least 3 days, give or take some wild volatility.

I'd be reluctant to assume too much on that front.  $90 to $120 is by normal standards a massive jump to expect to happen in an hour and if it does happen it's not a very solid basis for a bull run.  I have to conclude I have no idea what is going to happen in the next few hours - but I have no plans of going to bed for some time (it being 1am in London)!!

I'm not so sure, the price was going up from $120 before Gox pulled the plug. And the other exchanges are now recovering that the most-panic-y people have sold.

If the other exchanges are back to $120 when Gox opens, it's going up from there IMHO.

What does everyone else think?

i think we will see 50% swings all night long!

[TomRado]

From recollection there was an ask sum of around $16 million USD just prior to the collapse.  Despite this the heavy volume of trading didn't kick in until it first looked like the dip was bottoming out so I'm going to hazard a guess that much of that ask depth (well as much as could be managed given MtGox technical limitations) was removed as the price was plummeting therefore it didn't need much panic or speculative selling to drive the price down pretty low.  There was then an immense amount of buying at the first mini recovery until it became obvious for whatever reasons the bears weren't done yet so once again buyers stepped back and withdrew to watch and see how low it was going to go.  With MtGox as (to date) the main price driver out of action there was no need to rush, no need to be afraid to miss the boat on buying back in and also it probably took some time to reassess how they judge the current market, many for the first time looking at prices over multiple exchanges prior to deciding how to play it.

What do you do if you want to sell more coins than the market can take at any one time? You put each dollar you got from selling a batch in as a lower bid to let things look solid
If you checked the Volume before the crash it was almost a straight line, linear rise of bid depth with price going lower. Almost to perfect a line for a human to draw.

We see similar things happening at bitcoin24 right now. People putting 100 coin bids in 5 bucks below the price, bids fill in above and once a few coins are sold at the now higher price the wall disappears. Put your tin foil hats on and be prepared, ugly action ahead.

[adamstgBit]

what happens in 50 min?

49mins

[crazy_rabbit]

What the hell is suddenly causing all the exchanges to rise?!

I totally missed it because btccharts was down for like 30 minutes before I noticed.

That there wasn't really a fundamental cause for the price to fall so far in the first place?

Seriously, people selling coins at $50 was a bit out there.

I concur. Once the idiots realized they were just being panicky idiots, they started buying again... only problem is, once you've sold at $50, it's a little too late   It'll be a while before they see gains again.

Please stop living in 1 hour timeframes, this is an obvious bull trap. When Gox opens we are going sub $50 for at least 3 days, give or take some wild volatility.

I'd be reluctant to assume too much on that front.  $90 to $120 is by normal standards a massive jump to expect to happen in an hour and if it does happen it's not a very solid basis for a bull run.  I have to conclude I have no idea what is going to happen in the next few hours - but I have no plans of going to bed for some time (it being 1am in London)!!

I'm not so sure, the price was going up from $120 before Gox pulled the plug. And the other exchanges are now recovering that the most-panic-y people have sold.

If the other exchanges are back to $120 when Gox opens, it's going up from there IMHO.

What does everyone else think?

The truth is people panicked because there are a lot of new users who were in for a quick profit and don't think of the long run. The rest of us sold because we thought "Oh crap, it goes down and I will buy in more!".

I went out for beers with $50 buy orders and I come home to find they have been filled. Weak hands to strong hands indeed.

[crazy_rabbit]

I am leaving some extra cash around just incase we really do go sub $50. To buy more. :-)

[thoughtfan]

What the hell is suddenly causing all the exchanges to rise?!

I totally missed it because btccharts was down for like 30 minutes before I noticed.

That there wasn't really a fundamental cause for the price to fall so far in the first place?

Seriously, people selling coins at $50 was a bit out there.

I concur. Once the idiots realized they were just being panicky idiots, they started buying again... only problem is, once you've sold at $50, it's a little too late   It'll be a while before they see gains again.

Please stop living in 1 hour timeframes, this is an obvious bull trap. When Gox opens we are going sub $50 for at least 3 days, give or take some wild volatility.

I'm not so sure, the price was going up from $120 before Gox pulled the plug. And the other exchanges are now recovering that the most-panic-y people have sold.

If the other exchanges are back to $120 when Gox opens, it's going up from there IMHO.

What does everyone else think?

I'd be reluctant to assume too much on that front.  $90 to $120 is by normal standards a massive jump to expect to happen in an hour and if it does happen it's not a very solid basis for a bull run.  I have to conclude I have no idea what is going to happen in the next few hours - but I have no plans of going to bed for some time (it being 1am in London)!!

i think we will see 50% swings all night long!

Add into the mix that the whole time this has been going on I'm guessing the newly expanded MtGox verification team will have been beavering away processing loads and that 2 am utc is 11 am in Japan so we'll have Friday's new fiat hitting the exchange too...

[DougTanner]

What the hell is suddenly causing all the exchanges to rise?!

I totally missed it because btccharts was down for like 30 minutes before I noticed.

That there wasn't really a fundamental cause for the price to fall so far in the first place?

Seriously, people selling coins at $50 was a bit out there.

I concur. Once the idiots realized they were just being panicky idiots, they started buying again... only problem is, once you've sold at $50, it's a little too late   It'll be a while before they see gains again.

Please stop living in 1 hour timeframes, this is an obvious bull trap. When Gox opens we are going sub $50 for at least 3 days, give or take some wild volatility.

I'd be reluctant to assume too much on that front.  $90 to $120 is by normal standards a massive jump to expect to happen in an hour and if it does happen it's not a very solid basis for a bull run.  I have to conclude I have no idea what is going to happen in the next few hours - but I have no plans of going to bed for some time (it being 1am in London)!!

I'm not so sure, the price was going up from $120 before Gox pulled the plug. And the other exchanges are now recovering that the most-panic-y people have sold.

If the other exchanges are back to $120 when Gox opens, it's going up from there IMHO.

What does everyone else think?

The truth is people panicked because there are a lot of new users who were in for a quick profit and don't think of the long run. The rest of us sold because we thought "Oh crap, it goes down and I will buy in more!".

I went out for beers with $50 buy orders and I come home to find they have been filled. Weak hands to strong hands indeed.

Yeah, I sold at $225/$170. Just filled a $50 buy order myself on Bitstamp earlier.

I was expecting to wait a few months for it to get to that level.