Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32920. (Read 26611006 times)

there was a bigger bidder last week and he hasnt bought in yet. (well not all in one time though)

But 50% of those mined coins went to hoarders instead of today when 100% goes to miners who insta-cashout.

Looking at the bid/ask sum, it looks like more people are throwing fiat at BTC than there are BTC holders wanting fiat. More people buying than selling = price rise. Don't be surprised if we see $105-110 this week.

And don't kid yourself, Mt.Gox pretty much always end up setting the price of the other exchanges. Because their volume is much smaller the adjustment is slower. It's just a matter of time before they catch up.

http://blockchained.com/depth_mtgox_15d.png

Bitstamp shows 94. Btw what's up with bitstamp on bitcoincharts?

they will do sooner or later.

Other exchanges are NOT following. Buyer Beware! Price is being inflated on Gox, this can only be temporary.

For anyone who didn't see this over the top, blaringly obvious outcome:

JimFred's count.

The 1h was way oversold for too long, and there was a hidden divergence set up, among other things. Yet there were many mixed signals.

Buy everything to $180, sell at that price at localbitcoins. Profit.

There was just another crazy market order with heavy slippage.

What are they doing?!

Probably someone loading the Chrome Browser Extension EMA bot and it auto bought his full account balance or something like this....

Also, most 'whales' probably know more about slippage than tiny tadpools like me.

or maybe he is waiting for sellers to wear off...

It looks like the big spike we had earlier today was a big buyer trying to push the price up with little success.

Its seems to me that is a whale trying to start a rally. Given the current market circumstances, there is no need to panic buy such amount of coins, why executing that market order with big slippage if you can just place your bids, or execute smallish orders while ask side builds up?

Of course there are other explanations. It could be a whale who just don't care about losing +$10k in slippage, because his pockets are so very deep. Or just a noob whale that doesn't know how this market works and is afraid to miss the train. Or he may be someone knowing that huge news will hit the world soon and there is no time to buy slowly. Or maybe he doesn't even know how to place bids on Gox, don't noobs always buy their first coins with market orders?

All the above seems unlikely to me. This market is so tiny that an individual with a relatively small amount of cash  (few millions $) can become a market maker. I guess the vast majority of BTC whales never experienced the feeling of being a "whale" on grown up markets, so they like to play. The most likely objective would be to trigger some panic buying that would make $105 fall, which following TA would be a strong trend reversal indicator.

I'm not buying. The whale seems to be running low on ammo. Wait and see...

100 is cheap, not expensive.

tell it to people who sold their coins after bubble in 2011 or 2012 and were in the same situation like we now ... They also did wrong decision by selling and regret now.
What if it is last chance to see double digits forever?

Another attack on 100... someone really wants expensive coins !

Well, good to see those bids, a whale may come round for unloading purposes now.

But regarding the resistance. What I mean is psychological and won't show up in the bid/sum. I guess you can find it over time as just being a tough 100 barrier to cross, a place where sellers enter. Really depends as I see another decent buy came in.

Seems like all the big orders, maybe 90% + of them are buys.

When's chartbuddy gonna return with the big charts? (I know you can click on them, but ain't nobody got time fo' dat)

Alternatively, where is (s)he getting the charts from?

Honestly, you can not compare the numbers and you're right that there are Fundamental difference.
I fear a psychology point 4 from 2011.
When the price rebounded just because the market was quickly oversold and everyone thought "it was the bottom!. Then, it was lower and several months later.

But again, I'm not saying that Bitcoin will be for 50-30, just I know that confirmation of bottom will be up next fall (or correction).
Either will be higher than 65, or it will double bottom, or it will be less.
Earlier this we can not know.

EDIT: It's not just about Bitcoin from2011, but such a "bounce before the completion of correction" is very common.

not to mention in 2011 there was 2x more bitcoins produced than it is now, and way less people interested. I doubt we will be repeating 2011 post bubble, it will be more like 2012 one.