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Author Topic: Walls crumbling under buying pressure for hours on end  (Read 5079 times)
ineededausername
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July 06, 2012, 07:29:27 PM
 #1

It's been what, 72 hours since the first wall went up?  Since the huge 20k BTC sell, we've seen nothing but buys.  There have been stretches of 6 hours with 500 BTC of selling activity vs. thousands in buys.  Today's volume is 3600 in sells vs 21000 in buys.  It seems like no matter how many askwalls are put up, endless buying pressure continues to erode them.

Update: 7/7 volumes: Sell 4k, buy 8.5k.

I've also been tracking the ask depth to $7.  It shot up to 60k, but large buys pushed that down to 25k.  It shot up to 70k in asks yesterday after more walls were put up, but the erosion has pushed it down to under 50k.  In fact, the depth to $7 has failed to maintain a level of more than 50k for more than 24 hours at a time for the last month, and usually erodes to 25k before a selloff.

Update: 7/7: depth to $7 is now 40k exactly.
Update: 7/7: prepare for takeoff, 25k to $7 again.

Eventually, it's going to hit 25k one last time, and instead of more walls, we'll get a breakout.  At least that's what happened to $5.5, which has since been left in the dust Smiley <-- it's happening!

Walls that went down
30k BTC total in 10k walls at 6.45, 6.5, 6.55.
20k BTC total in 5k walls at 6.6, 6.65, 6.7, 6.75.
Most other walls have been taken down

Remaining walls to $7
5k at 6.7 aaaaaaaaand it's gone!
7.5k 12.5k at 6.75 -- reinforced as of 7/7 back to 7.5k at 6.75 GONE
10k 5k at 6.8
7k 3k at 6.85
5k at 7

(BFL)^2 < 0
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cypherdoc
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July 06, 2012, 07:38:17 PM
 #2

inau's secret rocket!
proudhon
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July 06, 2012, 07:49:14 PM
 #3

And then we can watch as all those bought bitcoins are put up for sale at $7.20.
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July 06, 2012, 08:11:26 PM
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And then we can watch as all those bought bitcoins are put up for sale at $7.20.

I doubt it. The resistance at $7.2, is what we're seeing now (resistance usually strongest before the prior absolute high/low). If broken, walls will go back up higher than $8 (think in log scale), to the resistance near $10.

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July 07, 2012, 04:30:49 AM
 #5

I have made note of this as well. Though the underlying indicators say down, the overwhelming buying pressure just keeps pushing ahead. I'm beginning to think one more small consolidation before the walls are gone. One last weekend dip anybody? 

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July 07, 2012, 04:33:48 AM
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ah, no dips for jooo this weekend.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
RyNinDaCleM
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July 07, 2012, 05:00:07 AM
 #7

ah, no dips for jooo this weekend.

I'll come back and comment on this when we pass $7.22.  Wink

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July 07, 2012, 06:10:32 AM
 #8

And then we can watch as all those bought bitcoins are put up for sale at $7.20.

8+ maybe even 10

this is the year of bitcoin, and next year you can expect a hole new generation of nubs

properly marketed bitcoin is a billion dollar idea

i need 3 bitcoin cards!

http://www.youtube.com/watch?v=lPNL88e7RA8

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July 07, 2012, 12:53:45 PM
 #9

@ inau: I think you missed the first resistance at 7.00$ coming down to somwhere in the 30k-40k BTC area, before being reinforced.

2. Why dont you post your facts in the Wall Observer thread?
https://bitcointalk.org/index.php?topic=85687.0
Bigpiggy01
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July 07, 2012, 02:16:24 PM
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Data from btcchina fully supports what op is saying.

14sales @ pidly volumes over the last 100+ transactions


ineededausername
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July 07, 2012, 06:11:28 PM
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@ inau: I think you missed the first resistance at 7.00$ coming down to somwhere in the 30k-40k BTC area, before being reinforced.

Probably happened overnight, wasn't aware.  I think the resistance at $6.75 went up by 5k.  Will update...

Quote
2. Why dont you post your facts in the Wall Observer thread?
https://bitcointalk.org/index.php?topic=85687.0

I thought the large buy/sell volume disparity was worth noting, and that part didn't really belong in that thread. 

(BFL)^2 < 0
mystery2048
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July 07, 2012, 06:32:22 PM
 #12

I dont see BTC going anywhere but down, but perhaps very slowly... those walls were massive...

Important: https://bitcointalk.org/index.php?topic=92424.0;all

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July 07, 2012, 06:52:30 PM
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The current situation is very bullish. It's the weekend and there is low volume, yet still the price seems to be inching up. I think big things are going to happen next week.

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July 07, 2012, 06:58:20 PM
 #14

hold on to your seats!

ineededausername
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July 07, 2012, 06:58:35 PM
 #15

holy shit...

(BFL)^2 < 0
Raoul Duke
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July 07, 2012, 07:07:02 PM
 #16

MtGox predictinator predicts $6.85 as the next target


ineededausername
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July 07, 2012, 07:36:56 PM
 #17

$7 today?!

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adamstgBit
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July 07, 2012, 07:47:19 PM
 #18

$7 today?!
how about

6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
 Cheesy

BIGMERVE
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July 07, 2012, 08:17:34 PM
 #19

$7 today?!
how about

6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
 Cheesy


Sounds good to me.

mb300sd
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July 07, 2012, 08:45:49 PM
 #20

$7 today?!
how about

6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
 Cheesy


Sounds good to me.

$100 by december Grin

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