Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33433.

blackreplica

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Quote from: Rampion on May 23, 2013, 07:57:24 AM

Both fiat and BTC are saying "bye bye" to Gox.

I'm not sure I infer that from the charts. Ask orders going down yes, bids holding steady yes, and price steadily increasing (with highest price amongst all exchanges) implies to me that a rational trader would be keeping BTC on Gox at the very least. With bid sums staying where they are I don't think its conclusive to say fiat is leaving either

icekiss

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Quote from: blackreplica on May 23, 2013, 07:55:20 AM

As much as I like the fact we broke through 125, I am concerned about the trading volume (or lack thereof) lately. The current price levels can hardly be considered meaningful when a single large order could wipe out days-worth of gains (or losses).

From the past few months we know for a fact there are huge players out there who just aren't trading now, they just sit on the sidelines and they're waiting for something. If they decide to get back in, it may not be pretty

That is always true, even at much higher volumes. The lower volume is because mt.gox is losing its dominance and fiat from mt.gox takes a long time to appear on other exchanges, so they can't take up the slack yet.

I think it is a very encouraging sign that we are apparently managing the shift in exchange importance without any major crashes. After all, BTC move much faster, and could easily crash the price to lower levels. Luckily the mt.gox price still has too much credibility for that.

Rampion

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Both fiat and BTC are saying "bye bye" to Gox.

Rampion

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Breaking $125 feels good

blackreplica

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As much as I like the fact we broke through 125, I am concerned about the trading volume (or lack thereof) lately. The current price levels can hardly be considered meaningful when a single large order could wipe out days-worth of gains (or losses).

From the past few months of trading activity we know for a fact there are huge players out there who just aren't trading now, they just sit on the sidelines and they're waiting for something. If they decide to get back in, it may not be pretty

icekiss

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yes, the order book on bitstamp is already looking way healthier: new bids are appearing, and asks are slowly but steadily getting munched up. It's just taking some time.

Miz4r

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The greater the spread, the more people will move over from Gox to bitstamp/btc-e. The bid sum on bitstamp has already increased by 50% the past couple of days, I think this trend will continue for a while.

ManBearPig

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"Don't go in the trollbox, trollbox, trollbox"

Quote from: samson on May 23, 2013, 07:40:39 AM

I still expect to see coins priced much lower than $100 at some point in the future but with the current bid walls in place I suspect the price will need to bubble well into overbought territory before it will crash with the kind of velocity required to smash back into double digits.

I'm all in right now.

Just my thoughts.

Definitely all-in, not sure we'll test double digits for some time yet, if ever.

Damn that's a statement and a half!

The slower we rise, the slower we fall. Institutional investors had better just jump on the bandwagon now if not already on.

icekiss

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We are also just getting the answer to a question I posted yesterday: What happens on bitstamp if mtgox rises to 125?

Answer: The price is stuck at the slope (currently at 119.79), which gets eaten, but way way slower then the price on mt.gox rises -> spread is growing. And no way to day trade, obviously...
Arbitragers, where are you when we need you?

I'm all in as well, what else you gonna do during a slow steady rise...

samson

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The way I see the current situation is that some 'asshat' decided to purchase about $1Million worth of Bitcoin on Friday 17th breaking through several walls and driving the price up to $125.xx, probably in order to incite a large scale rally like the ones we've seen since the crash.

I wouldn't be surprised if he purchased some of his own sell walls to make the rise look even more dramatic than it was, however that's up for debate as there's no proof whatsoever, this is speculation after all.

This attempt failed miserably and the price retraced and stagnated and it's took until now for it to recover.

I still expect to see coins priced much lower than $100 at some point in the future but with the current bid walls in place I suspect the price will need to bubble well into overbought territory before it will crash with the kind of velocity required to smash back into double digits.

I'm all in right now.

Just my thoughts.

Miz4r

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Quote from: DougTanner on May 23, 2013, 07:32:58 AM

Looks like the slow upwards rally continues.

The bid sum is not increasing though.

Ask sum is falling again, so relatively speaking the bid sum is increasing.

DougTanner

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Looks like the slow upwards rally continues.

The bid sum is not increasing though.

esse83

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btc like gold is the new fear index Grin

1hour before new york stock exchange opens Grin

ManBearPig

sr. member

Activity: 350

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"Don't go in the trollbox, trollbox, trollbox"

This is great. I didn't even know about the Nikkei slide until just now. BTC didn't miss a beat.

How did your stocks do vs BTC in the last 24 hours?

Ivanhoe

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Slow steady rise, nice!

blackreplica

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NIKKEI COLLAPSING. BITCOIN UP Grin

FNG

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Quote from: Miz4r on May 23, 2013, 07:18:12 AM

Speculation: people have sold their stocks on the stock market since that market is over the top now and are moving into bitcoin. Cheesy

Japan/YEN trade off, Bitcoin ON Grin

Miz4r

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Speculation: people have sold their stocks on the stock market since that market is over the top now and are moving into bitcoin. Cheesy

Bitcycle

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Quote from: FNG on May 23, 2013, 07:13:11 AM

124.5 guy moved some coins up to 125

He's walking us up, bit by bit. Would like to see support from others too, but take what we get I guess.

FNG

hero member

Activity: 588

Merit: 500

124.5 guy moved some coins up to 125

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33433. (Read 26496859 times)