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Topic: Buying pressure stacks up. (Read 2858 times)

sr. member
Activity: 329
Merit: 250
July 29, 2013, 06:34:49 AM
#29
Everyone say goodbye to double digits. 101.79

http://www.bitcoinity.org/markets
sr. member
Activity: 364
Merit: 250
July 29, 2013, 06:24:50 AM
#28
I am at a loss. The sell side of the Order book at Bitstamp has been much higher than the buy side for the past week or so, but the price keeps climbing up (currently at $93.15).
My intuition says that if the supply is higher than the demand, then the price should have gone down. What gives?

The seller side on Gox is extremely low, just a while ago you could buy more than 125k Bitcoins under $200, now it dropped to <70k Bitcoins.
The other exchanges do still follow Gox, but now with a bigger gap due to the withdrawal problems.

Also long time perspective is good for Bitcoin and no current hack or law drama, people aren't in a hurry to sell their coins.
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
July 29, 2013, 06:04:23 AM
#27
When you see an order-book think of a tug-of-war where forces are pulling apart, not a collision or fight.

Sellers want high prices, buyers want low prices.  The overhang of sellers orders on Bitstamp don't want to be sold a few dollars lower where the buyers are sitting. Supply might look large but it does not mean it will move down and take out the smaller demand side.

Also, sentiment changes things. If Gox is going up the sellers on Stamp might move up their orders because they think they can get a higher price, buyers might move up as they are worried they might miss the train. It's all in flux.
legendary
Activity: 1680
Merit: 1014
July 29, 2013, 05:48:35 AM
#26
I am at a loss. The sell side of the Order book at Bitstamp has been much higher than the buy side for the past week or so, but the price keeps climbing up (currently at $93.15).
My intuition says that if the supply is higher than the demand, then the price should have gone down. What gives?
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
July 29, 2013, 04:21:22 AM
#25
"Past $100". Why are we using mtgox as reference?
They are still the biggest.

http://bitcoincharts.com/markets/currency/USD.html

But I agree there is a frozen-fiat premium in there...
full member
Activity: 157
Merit: 100
July 29, 2013, 04:12:45 AM
#24
The buying pressure keeps stacking up!
legendary
Activity: 1148
Merit: 1001
July 28, 2013, 07:03:05 PM
#23

Without these whale buys we would be down to 80s or lower by now, so the general market theory may not be so accurate for MtGox right now.
I have a theory on what the buying whale is trying to achieve: he's depleting the BTC stash on MtGox badly, so the price will rise to 120,
and then he'll dump. That will be the mother of all dumps, the price will drop to 50s. Repeat.

Agreed +1

With a nice increase in price the new investors will get greedy and keep buying more and the price will rise in spite of the dumps so I do not see that even the whales can control the price if it increases quickly enough.  The amount being "dumped" could be eaten up without much notice and the price could easily go to $266 and beyond this time.  If the price does get up to $300 or more, then it will be very difficult for it to drop to $50.  Many buyers will be on the sidelines thinking "I should have bought when it was $99" and so on.
newbie
Activity: 32
Merit: 0
July 28, 2013, 06:19:24 PM
#22

Without these whale buys we would be down to 80s or lower by now, so the general market theory may not be so accurate for MtGox right now.
I have a theory on what the buying whale is trying to achieve: he's depleting the BTC stash on MtGox badly, so the price will rise to 120,
and then he'll dump. That will be the mother of all dumps, the price will drop to 50s. Repeat.

Agreed +1
sr. member
Activity: 252
Merit: 250
a wolf in sheeps clothing. suckerfish
July 28, 2013, 05:04:13 PM
#21
wellll, since most of the money and coins and activity are there, most businesses use this as a reference to what the value of a coin is. not that i agree with this. i wish it went of a system that averaged the exchanges. but a lot of businesses use that too. like coinbase. they are taking the average to come op with how much it is to buy and sell. right now its 94.82 per bit to buy on there. to sell its ...oh scratch that just changed 95.42 to buy and 94.76 to sell. ok so hooray we are pushing the price up even on coinbase. better?
full member
Activity: 232
Merit: 150
July 28, 2013, 04:48:26 PM
#20
-
legendary
Activity: 2170
Merit: 1094
July 28, 2013, 04:43:40 PM
#19
After the whale buy I was expecting another 2 days of boring activity, but it seems someone else has continued the momentum.
Following the previous 2 whale buys we had first a decline by 3 $, and the second a stable period.
But now, the divergence between the bid sum and ask sum has grown a lot, anyone care to comment on this?

I would recommend you do more studying and paper trading before you put your money on the line.  You need better reasoning than "whales this" and "order book that" before you put your money on the line.  (In other words, don't make the same mistakes I did Wink).

Point taken.

Without these whale buys we would be down to 80s or lower by now, so the general market theory may not be so accurate for MtGox right now.
I have a theory on what the buying whale is trying to achieve: he's depleting the BTC stash on MtGox badly, so the price will rise to 120,
and then he'll dump. That will be the mother of all dumps, the price will drop to 50s. Repeat.
hero member
Activity: 602
Merit: 500
July 28, 2013, 04:26:47 PM
#18
where the bears at? they like to moan and groan.
legendary
Activity: 1904
Merit: 1002
July 28, 2013, 04:19:13 PM
#17
After the whale buy I was expecting another 2 days of boring activity, but it seems someone else has continued the momentum.
Following the previous 2 whale buys we had first a decline by 3 $, and the second a stable period.
But now, the divergence between the bid sum and ask sum has grown a lot, anyone care to comment on this?

I would recommend you do more studying and paper trading before you put your money on the line.  You need better reasoning than "whales this" and "order book that" before you put your money on the line.  (In other words, don't make the same mistakes I did Wink).
legendary
Activity: 2170
Merit: 1094
July 28, 2013, 01:53:44 PM
#16
A 5,000 BTC buy (little whale) would reach up to 101. It is 21:54 my time as I write this and in 6 minutes we may breach the 100 $ (psychological) wall. Or not, depends just on the whales...
sr. member
Activity: 252
Merit: 250
a wolf in sheeps clothing. suckerfish
July 28, 2013, 01:38:56 PM
#15
past 100 in ten minutes Grin damn look at all those big buys that just went threw.

nope spoke to soon. jinxed it.  Embarrassed

still that 100 buy wall was huge two days ago, like 2.4m not that that all got bought up some did move but now its quite small. about 280k will do the trick. any whales want to go halvsys, like two of you whales, no me haha if only..... if only Smiley


usually Sunday night late we see a big push upwards, did it come early or is there going to be another big push up. if there was i predict just under 105 with the current buy walls. if we push past 100 people will jump on and we could see a decent overnight gain, also a few sell orders would be taken off so I see this happening. if we see no bug sunday night push then ya we will be stuck at 98 for some time. JMO

what do you think?
sr. member
Activity: 252
Merit: 250
a wolf in sheeps clothing. suckerfish
July 28, 2013, 01:36:21 PM
#14
past 100 in ten minutes Grin damn look at all those big buys that just went threw.

nope spoke to soon. jinxed it.  Embarrassed
hero member
Activity: 1302
Merit: 502
July 28, 2013, 01:26:30 PM
#13
After the whale buy I was expecting another 2 days of boring activity, but it seems someone else has continued the momentum.
Following the previous 2 whale buys we had first a decline by 3 $, and the second a stable period.
But now, the divergence between the bid sum and ask sum has grown a lot, anyone care to comment on this?

Comment.



 Grin
legendary
Activity: 2170
Merit: 1094
July 28, 2013, 01:16:28 PM
#12
After the whale buy I was expecting another 2 days of boring activity, but it seems someone else has continued the momentum.
Following the previous 2 whale buys we had first a decline by 3 $, and the second a stable period.
But now, the divergence between the bid sum and ask sum has grown a lot, anyone care to comment on this?
legendary
Activity: 1834
Merit: 1019
July 28, 2013, 12:17:59 PM
#11
past 100 in ten minutes Grin damn look at all those big buys that just went threw.
witnessed
sr. member
Activity: 252
Merit: 250
a wolf in sheeps clothing. suckerfish
July 28, 2013, 12:15:25 PM
#10
past 100 in ten minutes Grin damn look at all those big buys that just went threw.
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