Walls crumbling under buying pressure for hours on end - page 2.

MoonShadow

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Quote from: ineededausername on July 11, 2012, 02:19:25 PM

Perhaps it's better to have walls.

Indeed, it is. The walls are evidence that there is an active trading group, thus the price is a current consensus. The lack of walls implies that speculators might have been scared away as much as it implies that the price is moving.

ineededausername

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I noticed something very ironic about the Bitcoin market. Yesterday, when there was no depth, nothing happened. Indeed, there were more sellers than buyers. I thought it would hit $8 almost instantly, given that there was almost nothing in the way, but nope. Today, there are walls, and the market has gone into what I call "wall-eating mode" again. In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten. Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.

Perhaps it's better to have walls.

bitcoinBull

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rippleFanatic

Quote from: niko on July 10, 2012, 01:28:20 AM

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

You're right that most of the effect is due to a few large players, but they are patient and mostly passive. Those "huge moves in unison" are reactions to external pressure, as a weather vane adjusts to the wind. Two signs of buying pressure: trading 60oz of gold for bitcoin, and complaints about delays clogging bitinstant phones.

proudhon

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Quote from: niko on July 10, 2012, 01:28:20 AM

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

+1

notme

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Quote from: adamstgBit on July 10, 2012, 02:00:48 AM

Quote from: niko on July 10, 2012, 01:28:20 AM

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

are you saying their is no buying or selling pressure? because the market is to small

It's all just play money folks, no real business happening here Tongue

.

adamstgBit

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Quote from: niko on July 10, 2012, 01:28:20 AM

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

are you saying their is no buying or selling pressure? because the market is to small

niko

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There is more to Bitcoin than bitcoins.

Folks, calm down. If you observe depth in real time, you'll notice that huge moves happen in unison. One or few persons behind this manipulation are having lots of fun reading theories about buying or selling pressure, or about any other attribute of a real large market. Don't get me wrong, I am an optimist, but the vocabulary here is delusional at times.

adamstgBit

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http://www.youtube.com/watch?v=46TMVKEuYIc

lets make some funky sounds BUY BUY BUY Cheesy

proudhon

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Quote from: Kupsi on July 09, 2012, 06:42:17 PM

I'm gonna miss the bear Cry

Bye...

Even if I'm forced to set aside the dancing bear, I'm sure he'll be back. In the meantime, soon...?

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

I'm gonna miss the bear Cry

Bye...

proudhon

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Quote from: ineededausername on July 09, 2012, 06:26:21 PM

Quote from: proudhon on July 09, 2012, 05:41:39 PM

Quote from: cypherdoc on July 09, 2012, 05:36:49 PM

Quote from: proudhon on July 09, 2012, 05:31:01 PM

Quote from: ineededausername on July 09, 2012, 05:11:32 PM

This is what depth looked like on July 9, 2012...

That'll fill in soon enough.

you need to remove the BEAR.

Nah, not yet.

That bear's gonna have to go away when we hit $8, proudhon...

I'll get rid of the bear if we make a new 2012 high.

ineededausername

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Quote from: proudhon on July 09, 2012, 05:41:39 PM

Quote from: cypherdoc on July 09, 2012, 05:36:49 PM

Quote from: proudhon on July 09, 2012, 05:31:01 PM

Quote from: ineededausername on July 09, 2012, 05:11:32 PM

This is what depth looked like on July 9, 2012...

That'll fill in soon enough.

you need to remove the BEAR.

Nah, not yet.

That bear's gonna have to go away when we hit $8, proudhon...

bitcoinBull

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rippleFanatic

Quote from: proudhon on July 09, 2012, 05:31:01 PM

Quote from: ineededausername on July 09, 2012, 05:11:32 PM

This is what depth looked like on July 9, 2012...

That'll fill in soon enough.

On the buy side it did! Still no resistance at $7.2 (*knock on wood*).

We'll just wait until the very last penny before you have to admit that $7.2 will NOT be the high for 2012.

proudhon

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