damn, I need to implement an order book graph for my site
I just take screenshots a few times a day, but an animation of the change in And speaking of order books, the bid side on Mt.Gox has been getting significantly deeper the past 2-3 days, and is now at 118,000 btc for $2.53. Is this real demand, or is this The Manipulator getting more subtle manipulation by placing lots of smaller bids?
I've been doing the same thing with the depth charts on bitcoincharts (saving the chart image a few times a day). After a few weeks I hope to make a gif of all the images just to get a idea of how the order book ebs and flows. It'd be nice if there was a slick looking historic depth chart.
Yes, the bid volume is getting quite high. Down to $1.50 there are as many bitcoins demanded as there are up for sale on the whole ask side of the order book right now. This is stating the obvious, but soon either somebody is going to kickstart things by liquidating a large position, or somebody is going to induce a relatively large step up (possibly up to ~$4.00).
I remain bearish overall, but I think the odds are in favor or the latter over the former. If for no other reason that the past few large liquidations haven't induced further downward movement, and instead the price has either gone up after them or remained relatively stable. I take that as a sign of stronger buying pressure for the time being. It's only a matter of time before somebody with enough money thinking the same thing decides to grab what they believe is low hanging fruit.
