Great analysis MatTheCat
I watched the thing all day (I am in Asia for a while). Clearly started on Huobi, followed by OKCoin then the western exchanges
The one odd thing I noticed were a TON of little tiny orders. Now I don't watch this closely and I don't really daytrade so I know everyone is going to say "that's normal" and "those are bots". But these were $1-$2 orders (0.001 BTC in some cases), and were clearly pushing the price down. It was odd.
I am a believer that Huobi is driving these mini "events" by trading on their own exchange in order to capitalize on their current position as the largest exchange in the world. They will not be around for long.
Edit: Spelled your name wrong
Topic: The correction and recovery in a nutshell. - page 5. (Read 5598 times)
When confused about action on Bitstamp, the explanation is likely Bitfinex.
LOL.
No.
(unless someone operating through Bitfinex conspired to spend the best part of $750K just to support the Bitcoin price)
Bitstamp is pretty dead without bitfinex and bitfinex brings all the life into bitstamp.
Bitfinex doesn't appear on the bitstamp order book yet executes there. Also, it has:
4:1 margin trading
Shorting
Fill or kill orders
Stop loss / trigger orders
Trailing stop loss orders
Dark orders
The dual order book systems and all these crazy orders make it seem like somthing fishy going on at bitstamp but it's really Bitfinex. I trade on Bitfinex and watch these 500-1000btc buy orders randomly pop up on the bidside all the time and then halfway execute on the bitfinex internal order book while halfway executing on the bitstamp order book.
Large orders sit in the books but are not shown. When they become active, they can light up.
If you short right above a major resistance line, you have to expect buying to occur. I know I was buying in that range.
If you short right above a major resistance line, you have to expect buying to occur. I know I was buying in that range.
It's too early to call this a "recovery". It could be the first dead cat bounce in a multi-week downtrend.
U aren't a blinkered bull-tard TERA like most on here.
Go look at the 1 minute chart at three massive purchases that devoured an Ask wall chasing rapidly after the spot price. Believe me when I tell you these purchases came out of knowhere. One minute I had my short stop loss sitting a couple of cents above break even point ($785), with 350 Ask bids between me and spot price, then with an instant, my stop loss fell to within 10 BTC of Asks of the spot price. I shifted it back to $790 where there were a further 300 Ask bids, but these guys meant business. Seeing the forces at work I admitted defeat and took the hit.
Had it not been for these monster flash BTC purchases, that came out of knowhere and were not replicated on any other exchange, we would have already have had our dead cat bounce and we would have shot down past $765 support. Since the China selling pressure obviously fucked up the Price Holding Bot algorithms, this was a clear case of emergency price support action. No ifs or buts about it.
It remains to be seen whether this entity can hold up Bitcoin in the face of a mass Chinese sell-off, but every indication that I get from absolutel fkn hours spent focusing on these charts and the market action, I would suggest that a very determined attempt is being made.
Can I ask, is anyone able to buy Bitcoins without being accused of being an algorithm-monster price-holding crash-delaying party-pooper?
Fkn sharks in these waters and I dont like it one little bit and I wouldn't be surprised if it all culminates in a whole lot of people getting royally fkd up the arse.
Beginning with yourself of course!
Sorry, couldn't resist!
Sorry T.Stuart, I already made $1200 from my short sell. Lost $150 on second short sell, though but still not bad for a nights work.
I know. Congratulations! But like I said, I couldn't resist! It's the wonderful vocabulary you use.
When confused about action on Bitstamp, the explanation is likely Bitfinex.
LOL.
No.
(unless someone operating through Bitfinex conspired to spend the best part of $750K just to support the Bitcoin price)
When confused about action on Bitstamp, the explanation is likely Bitfinex.
It's too early to call this a "recovery". It could be the first dead cat bounce in a multi-week downtrend.
U aren't a blinkered bull-tard TERA like most on here.
Go look at the 1 minute chart at three massive purchases that devoured an Ask wall chasing rapidly after the spot price. Believe me when I tell you these purchases came out of knowhere. One minute I had my short stop loss sitting a couple of cents above break even point ($785), with 350 Ask bids between me and spot price, then with an instant, my stop loss fell to within 10 BTC of Asks of the spot price. I shifted it back to $790 where there were a further 300 Ask bids, but these guys meant business. Seeing the forces at work I admitted defeat and took the hit.
Had it not been for these monster flash BTC purchases, that came out of knowhere and were not replicated on any other exchange, we would have already have had our dead cat bounce and we would have shot down past $765 support. Since the China selling pressure obviously fucked up the Price Holding Bot algorithms, this was a clear case of emergency price support action. No ifs or buts about it.
It remains to be seen whether this entity can hold up Bitcoin in the face of a mass Chinese sell-off, but every indication that I get from absolutel fkn hours spent focusing on these charts and the market action, I would suggest that a very determined attempt is being made.
Fkn sharks in these waters and I dont like it one little bit and I wouldn't be surprised if it all culminates in a whole lot of people getting royally fkd up the arse.
Beginning with yourself of course!
Sorry, couldn't resist!
Sorry T.Stuart, I already made $1200 from my short sell. Lost $150 on second short sell, though but still not bad for a nights work.
Fkn sharks in these waters and I dont like it one little bit and I wouldn't be surprised if it all culminates in a whole lot of people getting royally fkd up the arse.
Beginning with yourself of course!
Sorry, couldn't resist!
"sell-off"
"recovery"
Sorry to break it to you fellas, but we are still in a long consolidation.
In a day or three we will be at the end of this consolidation.
"recovery"
Sorry to break it to you fellas, but we are still in a long consolidation.
In a day or three we will be at the end of this consolidation.
It's too early to call this a "recovery". It could be the first dead cat bounce in a multi-week downtrend.
If Huobi wasn't trading right now, Bitcoin would not have went down a jot, we would still be hovering between a $6 range in the lower $800s.
Huobi started the sell off and Bitstamp resisted it to the utmost, until the pressure became too great that enough normal Joe /Bloggs market players started to sell-off.
However since Huobi was trading, Bitcoin got driven down, and then recovered to 796 on Stamp....then the Ask walls started piling up. the price started dropping fast once again, it looked like a foregone conclusion, so I decided to short. within minutes I was in the green! However, three seperate purchases, initiated at at certain points in the chart development, swallowed up the towering Ask walls that were chasing the spot price down. I figured out that some entity on Stamp used $750K of purchasing power to preserve the BTC spot price in four seperate mammoth sales that appeared out of knowhere. No such freak volume was seen on any other exchange and this volume far outweighed the volume on the bounce from $767. Needless to say, the other exchanges followed Stamp's lead.
There are powerful forces at work primarily on Stamp but no doubt with manipulated Bot trading on all USD exchanges who have tasked themselves with holding up Bitcoins value. I can only guess what their motivations might be, but certain not to reward 'holders' for their kind 'support'.
Fkn sharks in these waters and I dont like it one little bit and I wouldn't be surprised if it all culminates in a whole lot of people getting royally fkd up the arse.
Huobi started the sell off and Bitstamp resisted it to the utmost, until the pressure became too great that enough normal Joe /Bloggs market players started to sell-off.
However since Huobi was trading, Bitcoin got driven down, and then recovered to 796 on Stamp....then the Ask walls started piling up. the price started dropping fast once again, it looked like a foregone conclusion, so I decided to short. within minutes I was in the green! However, three seperate purchases, initiated at at certain points in the chart development, swallowed up the towering Ask walls that were chasing the spot price down. I figured out that some entity on Stamp used $750K of purchasing power to preserve the BTC spot price in four seperate mammoth sales that appeared out of knowhere. No such freak volume was seen on any other exchange and this volume far outweighed the volume on the bounce from $767. Needless to say, the other exchanges followed Stamp's lead.
There are powerful forces at work primarily on Stamp but no doubt with manipulated Bot trading on all USD exchanges who have tasked themselves with holding up Bitcoins value. I can only guess what their motivations might be, but certain not to reward 'holders' for their kind 'support'.
Fkn sharks in these waters and I dont like it one little bit and I wouldn't be surprised if it all culminates in a whole lot of people getting royally fkd up the arse.
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