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Author Topic: Walls crumbling under buying pressure for hours on end  (Read 5077 times)
notme
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July 10, 2012, 07:02:40 AM
 #41

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

are you saying their is no buying or selling pressure? because the market is to small

It's all just play money folks, no real business happening here Tongue.

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proudhon
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July 10, 2012, 11:51:30 AM
 #42

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

+1
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July 10, 2012, 02:54:05 PM
 #43

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

You're right that most of the effect is due to a few large players, but they are patient and mostly passive. Those "huge moves in unison" are reactions to external pressure, as a weather vane adjusts to the wind. Two signs of buying pressure: trading 60oz of gold for bitcoin, and complaints about delays clogging bitinstant phones.

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ineededausername
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July 11, 2012, 07:19:25 PM
 #44

I noticed something very ironic about the Bitcoin market.  Yesterday, when there was no depth, nothing happened.  Indeed, there were more sellers than buyers.  I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope.  Today, there are walls, and the market has gone into what I call "wall-eating mode" again.  In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten.  Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

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MoonShadow
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July 11, 2012, 07:28:31 PM
 #45


Perhaps it's better to have walls.

Indeed, it is.  The walls are evidence that there is an active trading group, thus the price is a current consensus.  The lack of walls implies that speculators might have been scared away as much as it implies that the  price is moving. 

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July 11, 2012, 07:30:15 PM
 #46

I felt similar and was quite suprised by the slow movement equally. But not so much, because larger buys need eqally large sells on the other side. No one wants to buy with a huge slippage to cover. Secondly, the current wall was placed and removed many times unpredictably, thus unsettling traders: Do you want to buy at 7.2$ when you fear that an ASK wall will be placed any minute pushing you and your coins back to 7$?
I am quite certain that once we covered some ground this rally will also pick up pace.
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July 11, 2012, 07:42:11 PM
 #47

I noticed something very ironic about the Bitcoin market.  Yesterday, when there was no depth, nothing happened.  Indeed, there were more sellers than buyers.  I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope.  Today, there are walls, and the market has gone into what I call "wall-eating mode" again.  In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten.  Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

I think it is just that anyone paying attention knows there was 20-40k that kept popping on and off, but does actually sell some. When the price broke through we didn't know if those coins would pop up at 7.50 or 7.00 or even lower so there was hesitancy. Now we know (for now). And 7.10 isn't a bad price since we did hit 7.25 so it gets a good amount of action.

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Chaz
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July 11, 2012, 07:42:42 PM
 #48

7.1 wall steadily getting eaten.


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thezerg
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July 11, 2012, 07:54:10 PM
 #49

I noticed something very ironic about the Bitcoin market.  Yesterday, when there was no depth, nothing happened.  Indeed, there were more sellers than buyers.  I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope.  Today, there are walls, and the market has gone into what I call "wall-eating mode" again.  In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten.  Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller.  Do you mean what's on the order book?  Or are you discriminating between who posted the "wall" (limit order) verses who met it?

ineededausername
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July 11, 2012, 08:03:40 PM
 #50

I noticed something very ironic about the Bitcoin market.  Yesterday, when there was no depth, nothing happened.  Indeed, there were more sellers than buyers.  I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope.  Today, there are walls, and the market has gone into what I call "wall-eating mode" again.  In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten.  Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller.  Do you mean what's on the order book?  Or are you discriminating between who posted the "wall" (limit order) verses who met it?



Buy = limit order matching a standing ask
Sell = limit order matching a standing bid

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notme
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July 11, 2012, 08:19:49 PM
 #51

Nothing ironic here.  Walls = liquidity.  Without liquidity the big boys don't want to play because slippage kills and gaps get filled.

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adamstgBit
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July 11, 2012, 08:31:46 PM
 #52

I noticed something very ironic about the Bitcoin market.  Yesterday, when there was no depth, nothing happened.  Indeed, there were more sellers than buyers.  I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope.  Today, there are walls, and the market has gone into what I call "wall-eating mode" again.  In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten.  Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller.  Do you mean what's on the order book?  Or are you discriminating between who posted the "wall" (limit order) verses who met it?



I think he means 70% of bitcoin trades are executed by pressing the buy button


and as for the "wall eating mode", why buy 1000 bitcoin at an avg price of 7.20 when you can wait for a wall to show up at 7.10

ineededausername
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July 11, 2012, 09:07:24 PM
 #53

I guess the manipulator had enough of the wall being eaten... up we go!  I bet we're going to hit $7.3 this time Grin

That's right, no more walls.  BUY BUY BUY

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cypherdoc
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July 11, 2012, 09:21:22 PM
 #54

remember, the dam has already been breeched.
Spekulatius
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July 11, 2012, 09:26:41 PM
 #55

I guess the manipulator had enough of the wall being eaten... up we go!  I bet we're going to hit $7.3 this time Grin

That's right, no more walls.  BUY BUY BUY

I think we are going to 7.50 $, where the next wall will pop up. (just guessing)
proudhon
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July 11, 2012, 09:38:39 PM
 #56

remember, the dam has already been breeched.

I think it can still be repaired.  We need to avoid a flood.
ineededausername
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July 11, 2012, 09:42:50 PM
 #57

remember, the dam has already been breeched.

I think it can still be repaired.  We need to avoid a flood.

If it gets breached again you better remove that bear!

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cypherdoc
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July 11, 2012, 09:57:04 PM
 #58

remember, the dam has already been breeched.

I think it can still be repaired.  We need to avoid a flood.

i agree.  slow grinds are the best.
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July 11, 2012, 10:26:46 PM
 #59

remember, the dam has already been breeched.

I think it can still be repaired.  We need to avoid a flood.

i agree.  slow grinds are the best.

I think that's the intention of the walls. Market-maker trying to keep things under control.

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July 11, 2012, 10:45:49 PM
 #60

remember, the dam has already been breeched.

I think it can still be repaired.  We need to avoid a flood.

i agree.  slow grinds are the best.

I think that's the intention of the walls. Market-maker trying to keep things under control.

make sense a nice slow rise would be easier to stabilize near the top, allowing the manipulator to slowly sell off at a high price, then stop supporting the high price to let it slowly go down, only to buy back and do it all over again?

if you had 5 million dollars to put into bitcoin, what would you do?

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