So many bull arguments; so little volume totals.
Volume in BTC or USD ?
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 30373. (Read 26713256 times)
January 12, 2014, 10:55:20 AM
Volume in BTC or USD ?
January 12, 2014, 10:53:14 AM
So many bull arguments; so little volume totals.
And it's the inability to understand and accept this new low volume in the context of changing market sentiment (lots more people with Bitcoins are happier to wait for the log chart growth now) that will skew the calculations of many long-term Bitcoin traders. It's been happening a lot already.
January 12, 2014, 10:49:32 AM
So many bull arguments; so little volume totals.
January 12, 2014, 10:46:25 AM
Or it's possible that we dip back to 400s or lower because the type of horsepower needed to support these levels simply doesn't exist yet on non-chinese exchanges...
Now and again you get clues as to the amount of support waiting, like last weekend when a few lurking buyers panicked! Remember how surprised you were?
Wallet providers recently announcing record numbers of accounts, exchanges getting flak for slow customer service, a constant swell of news all essentially pointing to Bitcoin's potential to grow...
There is much more support than before and also, a lot of the people who were in Bitcoin but nervous it would fall are now feeling more at ease.
Yes China can scare people but the fundamental support is much bigger than ever before outside China.
January 12, 2014, 10:46:03 AM
You have made dozens of posts over the past three weeks all with the same subject. I have answered several of them. Could I ask why you keep repeating yourself? 
I have made a few (not dozens) of posts about the small "creeping ping-pong" trades on MtGox (which seem to have stopped a while ago). Thanks for your explanations.This is a different "phenomenon": a much larger order that is being continuously repositioned on the ask side only, apparently without any transaction. Unless there is a sudden increase in price (more than 50 USD in less than 10 minutes), those coins would never be sold. Could it be a safety measure against excessive volatility? A trap for random impulse buyers?
January 12, 2014, 10:44:51 AM
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013.
First you're talking about a ban - that's not on the cards right at this moment. But it is a big question. How important is China to Bitcoin's fundamentals when the speculation has died down? Not important at this early stage I would say. Bitcoin is like a seedling now and will grow in any direction it has to. If we were a couple of years down the line and Bitcoin was in widespread use in China and then they banned it then yes, that would be a problem. But for now the only problems are FUD and panic.
There is also support building every day in the US and other places. Why would things go all the way back to early 2013? No way in my opinion - the "cheap coins" will be snapped up before then!
This is an optimistic scenario that bulls keep repeating. In reality we have not seen any solid evidence that such a support exists on non-chinese exchanges. Each Chinese crash has been stopped by a sudden volume in explosion on a... Chinese exchange - either btcchina or huobi. You really have no idea what will happen when China is removed. It's like an uncharted territory. It's possible that your optimistic scenario occurs. Or it's possible that we dip back to 400s or lower because the type of horsepower needed to support these levels simply doesn't exist yet on non-chinese exchanges, and 400 would still be a damn impressive increase from the level of 100 we were supporting previously, due to recent developments. Money talks, and even though we might be incredibly bullish, it might still take time to gather all the fresh fiat needed to support these chinese-meth-cocaine-magic-powered levels of Yuan enchantment.
they also started on a Chinese exchange.. you need more sleep my friend.
you need to let off of the TA and breath in the global air of change. Countries accepting bitcoin as a part of their economies, economies continuing to struggle, overstock opening btc acceptance a quarter earlier putting every other online retailer inhaling dust fumes.
These bring more and more people in to the game that weren't coming, most people struggle to understand why you'd buy a bitcoin if you can't spend it easily, they'll easily learn why we weren't worried about spending when they find out how deflationary currencies work.
January 12, 2014, 10:39:51 AM
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013.
First you're talking about a ban - that's not on the cards right at this moment. But it is a big question. How important is China to Bitcoin's fundamentals when the speculation has died down? Not important at this early stage I would say. Bitcoin is like a seedling now and will grow in any direction it has to. If we were a couple of years down the line and Bitcoin was in widespread use in China and then they banned it then yes, that would be a problem. But for now the only problems are FUD and panic.
There is also support building every day in the US and other places. Why would things go all the way back to early 2013? No way in my opinion - the "cheap coins" will be snapped up before then!
This is an optimistic scenario that bulls keep repeating. In reality we have not seen any solid evidence that such a support exists on non-chinese exchanges. Each Chinese crash has been stopped by a sudden volume in explosion on a... Chinese exchange - either btcchina or huobi. You really have no idea what will happen when China is removed. It's like an uncharted territory. It's possible that your optimistic scenario occurs. Or it's possible that we dip back to 400s or lower because the type of horsepower needed to support these levels simply doesn't exist yet on non-chinese exchanges. And we could consider 400 to be a damn impressive increase from the level of 100 we were supporting previously and attribute it to recent developments. Money talks, and even though we might be incredibly bullish, it might still take time to gather all the fresh fiat needed to support these chinese-meth-cocaine-magic-powered levels of Yuan enchantment.
January 12, 2014, 10:36:26 AM
Below is the latest Chartbuddy image of MtGox's order book history for 1 hour, sampled every 10 minutes. Note the changes along my yellow highlight line. There seems to be a robot that continuously repositions a sell order of 150-200 BTC at exactly 50 USD above the last transaction price. What could be the purpose of that robot?
You have made dozens of posts over the past three weeks all with the same subject. I have answered several of them. Could I ask why you keep repeating yourself?
i dont get it whats the answer?
January 12, 2014, 10:31:06 AM
Below is the latest Chartbuddy image of MtGox's order book history for 1 hour, sampled every 10 minutes. Note the changes along my yellow highlight line. There seems to be a robot that continuously repositions a sell order of 150-200 BTC at exactly 50 USD above the last transaction price. What could be the purpose of that robot?
You have made dozens of posts over the past three weeks all with the same subject. I have answered several of them. Could I ask why you keep repeating yourself?
January 12, 2014, 10:29:31 AM
Below is the latest Chartbuddy image of MtGox's order book history for 1 hour, sampled every 10 minutes. Note the changes along my yellow highlight line. There seems to be a robot that continuously repositions a sell order of 150-200 BTC at exactly 50 USD above the last transaction price. What could be the purpose of that robot?
January 12, 2014, 10:27:47 AM
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013.
First you're talking about a ban - that's not on the cards right at this moment. But it is a big question. How important is China to Bitcoin's fundamentals when the speculation has died down? Not important at this early stage I would say. Bitcoin is like a seedling now and will grow in any direction it has to. If we were a couple of years down the line and Bitcoin was in widespread use in China and then they banned it then yes, that would be a problem. But for now the only problems are FUD and panic.
There is also support building every day in the US and other places. Why would things go all the way back to early 2013? No way in my opinion - the "cheap coins" will be snapped up before then!
January 12, 2014, 10:21:17 AM
I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013. If this is the case then I probably do not want to touch bitcoin until I start seeing average daily volumes of 40K on btce and bitstamp again with 100K+ on hot days.
January 12, 2014, 10:18:06 AM
Anyone want to guess why the drop stopped just then?
A) All the good PRs and merchant adoption.
B) Support and volume on non-chinese exchanges.
C) China is factored out now and everyone is super bullish about our new market free of China.
D) Someone proved the news is fake.
E) Huobi started buying tens of thousands of coins.
E) Huobi started buying tens of thousands of coins.
I told you. The Chinese love Bitcoin!
January 12, 2014, 10:08:51 AM
Anyone want to guess why the drop stopped just then?
A) All the good PRs and merchant adoption.
B) Support and volume on non-chinese exchanges.
C) China is factored out now and everyone is super bullish about our new market free of China.
D) Someone proved the news is fake.
E) Huobi started buying tens of thousands of coins.
E) Huobi started buying tens of thousands of coins.
January 12, 2014, 10:08:39 AM
One way or another, it will likely be shut down somewhere in the future. And i dont want to be in btc when that happens, tricky part is to know when to sell and not be asleep or something..
For now i just went back to btc.
For now i just went back to btc.
You are playing safe, which is commendable, but if you are long-term, a big gamble. The news recently has been huge and Bitcoin is spreading throughout the world like wildfire. You are passing on the chance to ride it up because of a possibility to catch a dip caused by something that might not ever happen.
Thats why i just went back to btc after this huobi news/dip
Im not saying im already acting on something that might happen, but if it does i will.
Sorry I misread that you went to fiat. I must have just woken up.
Good luck if you try to profit from the potential "crash", if/when it happens. I made a lucky trade after the BTCChina news in December and bagged myself 17 extra coins.
January 12, 2014, 10:02:50 AM
January 12, 2014, 09:59:32 AM
Wonder what happened there, somebody clicked buy instead of sell?
Maybe he typed "buy 860 BTC at 991.7" instead of "buy 860 BTC at 911.7". Oops. 
January 12, 2014, 09:56:00 AM
Wonder what happened there, somebody clicked buy instead of sell?
No, somebody clicked sell and then nobody else did.
January 12, 2014, 09:53:26 AM
Wonder what happened there, somebody clicked buy instead of sell?
No, somebody clicked sell and then nobody else did.
January 12, 2014, 09:49:19 AM
One way or another, it will likely be shut down somewhere in the future. And i dont want to be in btc when that happens, tricky part is to know when to sell and not be asleep or something..
For now i just went back to btc.
For now i just went back to btc.
You are playing safe, which is commendable, but if you are long-term, a big gamble. The news recently has been huge and Bitcoin is spreading throughout the world like wildfire. You are passing on the chance to ride it up because of a possibility to catch a dip caused by something that might not ever happen.
Thats why i just went back to btc after this huobi news/dip
Im not saying im already acting on something that might happen, but if it does i will.
The whole China thing should be in the past.
It won't get banned any time soon over there but if it does Bitcoin has easily got room to grow ten times bigger in the US alone this year.
But we're not even talking about a ban - it's about more restrictions with money flow - and still people are running for the hills. If you panic with the sheep you are just wasting time and delaying the inevitable... and taking a real risk that you'll sell at the wrong moment and buy back more expensive.
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