Topic: Walls crumbling under buying pressure for hours on end - page 4. (Read 5556 times)
I have made note of this as well. Though the underlying indicators say down, the overwhelming buying pressure just keeps pushing ahead. I'm beginning to think one more small consolidation before the walls are gone. One last weekend dip anybody?
And then we can watch as all those bought bitcoins are put up for sale at $7.20.
I doubt it. The resistance at $7.2, is what we're seeing now (resistance usually strongest before the prior absolute high/low). If broken, walls will go back up higher than $8 (think in log scale), to the resistance near $10.
And then we can watch as all those bought bitcoins are put up for sale at $7.20.
inau's secret rocket!
It's been what, 72 hours since the first wall went up? Since the huge 20k BTC sell, we've seen nothing but buys. There have been stretches of 6 hours with 500 BTC of selling activity vs. thousands in buys. Today's volume is 3600 in sells vs 21000 in buys. It seems like no matter how many askwalls are put up, endless buying pressure continues to erode them.
Update: 7/7 volumes: Sell 4k, buy 8.5k.
I've also been tracking the ask depth to $7. It shot up to 60k, but large buys pushed that down to 25k. It shot up to 70k in asks yesterday after more walls were put up, but the erosion has pushed it down to under 50k. In fact, the depth to $7 has failed to maintain a level of more than 50k for more than 24 hours at a time for the last month, and usually erodes to 25k before a selloff.
Update: 7/7: depth to $7 is now 40k exactly.
Update: 7/7: prepare for takeoff, 25k to $7 again.
Eventually, it's going to hit 25k one last time, and instead of more walls, we'll get a breakout. At least that's what happened to $5.5, which has since been left in the dust
<-- it's happening!
Walls that went down
30k BTC total in 10k walls at 6.45, 6.5, 6.55.
20k BTC total in 5k walls at 6.6, 6.65, 6.7, 6.75.
Most other walls have been taken down
Remaining walls to $7
5k at 6.7 aaaaaaaaand it's gone!
7.5k 12.5k at 6.75 -- reinforced as of 7/7 back to 7.5k at 6.75 GONE
10k 5k at 6.8
7k 3k at 6.85
5k at 7
Update: 7/7 volumes: Sell 4k, buy 8.5k.
I've also been tracking the ask depth to $7. It shot up to 60k, but large buys pushed that down to 25k. It shot up to 70k in asks yesterday after more walls were put up, but the erosion has pushed it down to under 50k. In fact, the depth to $7 has failed to maintain a level of more than 50k for more than 24 hours at a time for the last month, and usually erodes to 25k before a selloff.
Update: 7/7: depth to $7 is now 40k exactly.
Update: 7/7: prepare for takeoff, 25k to $7 again.
Eventually, it's going to hit 25k one last time, and instead of more walls, we'll get a breakout. At least that's what happened to $5.5, which has since been left in the dust
<-- it's happening!Walls that went down
30k BTC total in 10k walls at 6.45, 6.5, 6.55.
20k BTC total in 5k walls at 6.6, 6.65, 6.7, 6.75.
Most other walls have been taken down
Remaining walls to $7
5k at 7
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