barrymac
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June 16, 2012, 12:08:51 PM |
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12:57 16.06.2012 ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fi45.tinypic.com%2F14idgg0.png&t=665&c=mYxHO_4vUnUXOA)
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kaurdump
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June 16, 2012, 12:18:54 PM |
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what a wall!
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Roger_Murdock
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June 16, 2012, 12:45:01 PM |
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Ok, confession of ignorance here. I don't have any financial trading experience, and I don't know how to read charts like this, nor do I really understand what's meant by terms like "wall" and how people are always saying that various price points are going to be "tested." Is there a quick primer someone could point me to that would enable me to at least fake some knowledge in this area?
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kaurdump
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June 16, 2012, 12:50:25 PM |
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Ok, confession of ignorance here. I don't have any financial trading experience, and I don't know how to read charts like this, nor do I really understand what's meant by terms like "wall" and how people are always saying that various price points are going to be "tested." Is there a quick primer someone could point me to that would enable me to at least fake some knowledge in this area?
a wall is a huge bid at a single price (look at that long vertical line at 6.5 in barrymac's post). the gold line is the current bids and the blue line is the current asks (within the range shown). green is the transaction history (24hr by default). hope this helped roger ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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thezerg
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June 16, 2012, 01:12:34 PM |
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@roger look at the graphs in the prior postings. See the huge vertical on the "bid" (buy) side? Looks a bit like a wall doesn't it :-). And it behaves like one... for the price to fall below the wall (6.50 in this case) 25000 BTC would have to be sold at 6.50. These lines indicate how many BTC are up for purchase (or sale) at or above (below) that price. So now follow the height of the wall to the right and see where the "sell" line hits 25000. About 7 in the graph, and the line is pretty linear. So to descend below the 6.5 wall, sellers would have to reduce their bids enough to give up $.25 per BTC (on average), or 6 grand (3.84%). So the buy wall is pretty strong, except that it is likely to be made of a single (or very few) buyers who could easily just decide to take the order off the table. Now imagine if the "sell" line only hit the top of the wall at 10USD. In this case sellers who chose to reduce their price to make the sale would be giving up on average $1.75 or $43000 (25%). So not only is the wall important but also whether the whole graph makes a gorge, valley, or even essentially flat on the other side. And whether the wall is made from a single brick (trader) or a lot of them.
Since there likely aren't too many > 100000USD players on mt gox, I'll bet that 5.7 wall we saw yesterday has been moved forward... a painful penalty for trailing a rising market. Of course that buyer might have also been putting in smaller market orders but if so, why put up the wall and set seller expectation?
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beckspace
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June 16, 2012, 01:17:16 PM |
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Ok, confession of ignorance here. I don't have any financial trading experience, and I don't know how to read charts like this, nor do I really understand what's meant by terms like "wall" and how people are always saying that various price points are going to be "tested." Is there a quick primer someone could point me to that would enable me to at least fake some knowledge in this area?
by ineededausername: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FdZQGb.png&t=665&c=NdxQZNxN2bHC1Q)
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TTBit
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June 16, 2012, 01:20:05 PM |
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what a wall!
25k so close to the market (<5 cents) tells me it someone is ready to pull the trigger at much higher prices. A 25k bid 50 cents off the market is probably some guy trying to goose the market because he's long. I would be careful putting any sell size under $7 at the moment.
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good judgment comes from experience, and experience comes from bad judgment
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Roger_Murdock
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June 16, 2012, 01:36:27 PM |
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Thanks beckspace! That was extremely helpful! ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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bzzard
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June 16, 2012, 05:37:16 PM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FyBVhY.jpg&t=665&c=Je71UnU5xpGnUA) quite selling pressure - 38% and growing (more and more blood on the right side ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) )
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GeniuSxBoY
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June 16, 2012, 05:38:46 PM |
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Gorbachev... TEAR DOWN THAT WALL!
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Be humble!
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hazek
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June 16, 2012, 05:49:41 PM |
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Gorbachev... TEAR DOWN THAT WALL!
Yep it just got halved. EDIT: more like two thirds got torn down, just like that EDIT2: and it's gone. ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif)
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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teflone
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June 16, 2012, 05:58:25 PM |
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Gorbachev... TEAR DOWN THAT WALL!
Yep it just got halved. EDIT: more like two thirds got torn down, just like that EDIT2: and it's gone. ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif) That was cool to watch.. That is opposite of a vapor wall... ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Fully sold into.. whew! fun times
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hazek
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June 16, 2012, 06:00:38 PM |
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Nah around 10k BTC was removed if I saw that right..
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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arklan
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June 16, 2012, 06:23:13 PM |
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while i (think) i totally understand how to read these charts and find it fascinating to watch, i really wish i had some idea what was motivating all this movement. it's wild. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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i don't post much, but this space for rent.
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hazek
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June 16, 2012, 06:34:58 PM |
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i really wish i had some idea what was motivating all this movement. it's wild. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) People wanting to buy and people wanting to sell various quantities of bitcoins at various exchange rates.
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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arklan
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June 16, 2012, 06:36:47 PM |
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i really wish i had some idea what was motivating all this movement. it's wild. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) People wanting to buy and people wanting to sell various quantities of bitcoins at various exchange rates. well i knew THAT. but i mean, what's driving them? why did we suddenly launch over 5.50 by leaps and bounds?
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i don't post much, but this space for rent.
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hazek
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June 16, 2012, 06:39:17 PM |
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![Grin](https://bitcointalk.org/Smileys/default/grin.gif) there was less bitcoins for sale then there was demand to buy ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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arklan
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June 16, 2012, 06:40:31 PM |
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![Grin](https://bitcointalk.org/Smileys/default/grin.gif) there was less bitcoins for sale then there was demand to buy ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) ...well, yea... but... oh forget it. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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i don't post much, but this space for rent.
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waveaddict
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June 16, 2012, 06:42:26 PM |
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while i (think) i totally understand how to read these charts and find it fascinating to watch, i really wish i had some idea what was motivating all this movement. it's wild. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) They're called social waves and can be used to predict the future price using Elliott Wave Theorem alongside all other forms of technical analysis.
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