Topic: Walls crumbling under buying pressure for hours on end (Read 5648 times)
ok I've seen that gif now in 3 different threads can you stop now??
if you had 5 million dollars to put into bitcoin, what would you do?
hmmm,
1. spend 1million on my own asic, mine with about 20TH of it then sell the tech after a year.
2. spend 2million to support ventures that are building/designing/delivering products or services that make the use of bitcoin easier for the average person.
3. spend about 20% of each BTC exchanges weekly trade amount to fund walls.
4. the rest on hokers and blow of course....
As long as for 4 you only pay in BTC.
you can assume that 5 million is only a fraction of your net worth...
the hokers and blow goes to your expense account
if you had 5 million dollars to put into bitcoin, what would you do?
hmmm,
1. spend 1million on my own asic, mine with about 20TH of it then sell the tech after a year.
2. spend 2million to support ventures that are building/designing/delivering products or services that make the use of bitcoin easier for the average person.
3. spend about 20% of each BTC exchanges weekly trade amount to fund walls.
4. the rest on hokers and blow of course....
As long as for 4 you only pay in BTC.
if you had 5 million dollars to put into bitcoin, what would you do?
hmmm,
1. spend 1million on my own asic, mine with about 20TH of it then sell the tech after a year.
2. spend 2million to support ventures that are building/designing/delivering products or services that make the use of bitcoin easier for the average person.
3. spend about 20% of each BTC exchanges weekly trade amount to fund walls.
4. the rest on hokers and blow of course....
remember, the dam has already been breeched.
I think it can still be repaired. We need to avoid a flood.
i agree. slow grinds are the best.
I think that's the intention of the walls. Market-maker trying to keep things under control.
make sense a nice slow rise would be easier to stabilize near the top, allowing the manipulator to slowly sell off at a high price, then stop supporting the high price to let it slowly go down, only to buy back and do it all over again?
if you had 5 million dollars to put into bitcoin, what would you do?
remember, the dam has already been breeched.
I think it can still be repaired. We need to avoid a flood.
i agree. slow grinds are the best.
I think that's the intention of the walls. Market-maker trying to keep things under control.
remember, the dam has already been breeched.
I think it can still be repaired. We need to avoid a flood.
i agree. slow grinds are the best.
remember, the dam has already been breeched.
I think it can still be repaired. We need to avoid a flood.
If it gets breached again you better remove that bear!
remember, the dam has already been breeched.
I think it can still be repaired. We need to avoid a flood.
I guess the manipulator had enough of the wall being eaten... up we go! I bet we're going to hit $7.3 this time 
That's right, no more walls. BUY BUY BUY
That's right, no more walls. BUY BUY BUY
I think we are going to 7.50 $, where the next wall will pop up. (just guessing)
remember, the dam has already been breeched.
I guess the manipulator had enough of the wall being eaten... up we go! I bet we're going to hit $7.3 this time
That's right, no more walls. BUY BUY BUY
That's right, no more walls. BUY BUY BUY
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.
Perhaps it's better to have walls.
When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller. Do you mean what's on the order book? Or are you discriminating between who posted the "wall" (limit order) verses who met it?
I think he means 70% of bitcoin trades are executed by pressing the buy button
and as for the "wall eating mode", why buy 1000 bitcoin at an avg price of 7.20 when you can wait for a wall to show up at 7.10
Nothing ironic here. Walls = liquidity. Without liquidity the big boys don't want to play because slippage kills and gaps get filled.
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.
Perhaps it's better to have walls.
When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller. Do you mean what's on the order book? Or are you discriminating between who posted the "wall" (limit order) verses who met it?
Buy = limit order matching a standing ask
Sell = limit order matching a standing bid
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.
Perhaps it's better to have walls.
When you say, "buys outnumber sells" this can literally be true since every buyer must have a seller. Do you mean what's on the order book? Or are you discriminating between who posted the "wall" (limit order) verses who met it?
7.1 wall steadily getting eaten.
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 $8 almost instantly, given that there was almost nothing in the way, but nope. Today, there are walls, and the market has gone into what I call "wall-eating mode" again. In the last few hours, buys outnumber sells by a factor of 7, and 8500 BTC of that formidable wall has been eaten. Yesterday I was feeling very bearish after it went nowhere, but today I am feeling better, even though we are trapped under 7.1.
Perhaps it's better to have walls.
Perhaps it's better to have walls.
I think it is just that anyone paying attention knows there was 20-40k that kept popping on and off, but does actually sell some. When the price broke through we didn't know if those coins would pop up at 7.50 or 7.00 or even lower so there was hesitancy. Now we know (for now). And 7.10 isn't a bad price since we did hit 7.25 so it gets a good amount of action.
I felt similar and was quite suprised by the slow movement equally. But not so much, because larger buys need eqally large sells on the other side. No one wants to buy with a huge slippage to cover. Secondly, the current wall was placed and removed many times unpredictably, thus unsettling traders: Do you want to buy at 7.2$ when you fear that an ASK wall will be placed any minute pushing you and your coins back to 7$?
I am quite certain that once we covered some ground this rally will also pick up pace.
I am quite certain that once we covered some ground this rally will also pick up pace.
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.
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.
Perhaps it's better to have walls.
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.
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
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
. 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
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.
I'm gonna miss the bear 
Bye...
Bye...
Even if I'm forced to set aside the dancing bear, I'm sure he'll be back. In the meantime, soon...?
I'm gonna miss the bear
Bye...
Bye...
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.
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...
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.
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.
This is what depth looked like on July 9, 2012...
That'll fill in soon enough.
you need to remove the BEAR.
This is what depth looked like on July 9, 2012...
That'll fill in soon enough.
This is what depth looked like on July 9, 2012...
That aint no wedge.
Bullish wedge is still intact, no sell-off despite the ask walls.
Bitcoin is in hyper inflation right now
This IS early adopter opportunity!
lol
Now is the time to invest in bitcoin, this summer will be the summer of bitcoin!
current exchange rate 6.70CAD
end of summer expected exchange rate 8.90CAD
TIME IS NOW
DO NOT DELAY
Palpay, Check, Cash in person, small amounts big amount wtv you need
You will get a paper wallet printed from https://www.bitaddress.org/ mailed to you
PS: Keven wants to wait to buy more bitcoin, he will Miss Out!
You can easily buy anything on ebay with bitcoins and its 5%-20% off using bitcoin
Or simply keep your investment and enjoy 150% ROI after only a few months!
Bitcoin is in hyper inflation right now
This IS early adopter opportunity!
but not for long, soon mining will be cut in half
BUY BUY BUY!
current exchange rate 6.70CAD
end of summer expected exchange rate 8.90CAD
TIME IS NOW
DO NOT DELAY
Palpay, Check, Cash in person, small amounts big amount wtv you need
You will get a paper wallet printed from https://www.bitaddress.org/ mailed to you
PS: Keven wants to wait to buy more bitcoin, he will Miss Out!
You can easily buy anything on ebay with bitcoins and its 5%-20% off using bitcoin
Or simply keep your investment and enjoy 150% ROI after only a few months!
Bitcoin is in hyper inflation right now
This IS early adopter opportunity!
but not for long, soon mining will be cut in half
BUY BUY BUY!
Was that an infomercial break or something? 
yes spread the word, BFTW
Oh you can start saying buy buy BUY now?
Was that an infomercial break or something?
Now is the time to invest in bitcoin, this summer will be the summer of bitcoin!
current exchange rate 6.70CAD
end of summer expected exchange rate 8.90CAD
TIME IS NOW
DO NOT DELAY
Palpay, Check, Cash in person, small amounts big amount wtv you need
You will get a paper wallet printed from https://www.bitaddress.org/ mailed to you
PS: Keven wants to wait to buy more bitcoin, he will Miss Out!
You can easily buy anything on ebay with bitcoins and its 5%-20% off using bitcoin
Or simply keep your investment and enjoy 150% ROI after only a few months!
Bitcoin is in hyper inflation right now
This IS early adopter opportunity!
but not for long, soon mining will be cut in half
BUY BUY BUY!
current exchange rate 6.70CAD
end of summer expected exchange rate 8.90CAD
TIME IS NOW
DO NOT DELAY
Palpay, Check, Cash in person, small amounts big amount wtv you need
You will get a paper wallet printed from https://www.bitaddress.org/ mailed to you
PS: Keven wants to wait to buy more bitcoin, he will Miss Out!
You can easily buy anything on ebay with bitcoins and its 5%-20% off using bitcoin
Or simply keep your investment and enjoy 150% ROI after only a few months!
Bitcoin is in hyper inflation right now
This IS early adopter opportunity!
but not for long, soon mining will be cut in half
BUY BUY BUY!
$7 today?!
how about6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
Sounds good to me.
$100 by december
$7 today?!
how about6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
Sounds good to me.
$7 today?!
how about6.95021 today
7.10 tomorrow
6.75 in a week
8.43 in 3 weeks
10 in 3 weeks and 4 hours
$7 today?!
MtGox predictinator predicts $6.85 as the next target
holy shit...
hold on to your seats!
The current situation is very bullish. It's the weekend and there is low volume, yet still the price seems to be inching up. I think big things are going to happen next week.
I dont see BTC going anywhere but down, but perhaps very slowly... those walls were massive...
@ inau: I think you missed the first resistance at 7.00$ coming down to somwhere in the 30k-40k BTC area, before being reinforced.
Probably happened overnight, wasn't aware. I think the resistance at $6.75 went up by 5k. Will update...
Quote
2. Why dont you post your facts in the Wall Observer thread?
https://bitcointalksearch.org/topic/wall-observer-mtgoxusd-wall-movement-tracker-85687
https://bitcointalksearch.org/topic/wall-observer-mtgoxusd-wall-movement-tracker-85687
I thought the large buy/sell volume disparity was worth noting, and that part didn't really belong in that thread.
Data from btcchina fully supports what op is saying.
14sales @ pidly volumes over the last 100+ transactions
14sales @ pidly volumes over the last 100+ transactions
@ inau: I think you missed the first resistance at 7.00$ coming down to somwhere in the 30k-40k BTC area, before being reinforced.
2. Why dont you post your facts in the Wall Observer thread?
https://bitcointalksearch.org/topic/wall-observer-mtgoxusd-wall-movement-tracker-85687
2. Why dont you post your facts in the Wall Observer thread?
https://bitcointalksearch.org/topic/wall-observer-mtgoxusd-wall-movement-tracker-85687
And then we can watch as all those bought bitcoins are put up for sale at $7.20.
8+ maybe even 10
this is the year of bitcoin, and next year you can expect a hole new generation of nubs
properly marketed bitcoin is a billion dollar idea
i need 3 bitcoin cards!
http://www.youtube.com/watch?v=lPNL88e7RA8
ah, no dips for jooo this weekend.
I'll come back and comment on this when we pass $7.22.
ah, no dips for jooo this weekend.
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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