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

[TERA]

Btw. Hails to TERA for being right again and again in such difficult times.

Nothing against anyone but news driven events like these are unpredictable, unless you have a glass ball. All the TA in the world doesn't make it any less of a guessing game when it comes to outside events.

Technicals pointed to this movement, IMO. The news came later. News tends to exacerbate or mitigate movements, not define them.

I called the move up and the top, and news is the last thing on my mind. https://asktom.cf/index.php?topic=178336.msg5313168#msg5313168

Technicals can also often be an indication of what is going on behind the scenes which insiders are trading but the public doesn't know about yet.

[isov]

THAT 5k coins wall on Bitstamp...

has anyone tested it, to see if it is real?

It's real. We were banging against it couple hours before. Half of it got eaten already, was like 10k first.

[magicmexican]

according to the irc, there wont be any official updates today

[Girth]

What's up with the MtGox Twitter account?
http://www.coindesk.com/mt-gox-twitter-posts-removed/

[ChartBuddy]

Explanation

[T.Stuart]

according to the irc, there wont be any official updates today

Was it in chat? Can you post any extracts?

[GreekGeek]

What's up with the MtGox Twitter account?
http://www.coindesk.com/mt-gox-twitter-posts-removed/

maybe they discovered a glitch in twitters software too
 

[FNG]

THAT 5k coins wall on Bitstamp...

has anyone tested it, to see if it is real?

it started at 10k @595  nobody went for it so he dumped 1000 coins and put a 9k wall at 579.  It hasn't been hit in a few hours now

[TERA]

I'm suprised there haven't been more of these types of walls all along. They used to be normal, and then disappeared in July. The mtgox orderbook used to have 200K COINS on it during bear markets. Bitstamp currently has only roughly 20K coins. If Bitstamp is becoming the major exchange and then rest of the exchanges are either dying off or being proven to have fake volume, then I should expect bitstamp to be at least somewhat more like mtgox used to be. For example 80K coins on the book might be appropriate.

[JayJuanGee]

Well just woken up and as per usual missed a lot of the action and chance to make some easy money.

Great to see we're doing some wall observing!

Predictions for the day then?

Mine: No gox announcement, price to fall back to around $100 in gox and stamp to follow to about $550

I don't think them clearing up their twitter of bot automated responses is a bad thing. If they deleted their twitter then maybe but just getting rid of their tweets is just a chance to spread more FUD for the manipulators

It seems that if we are NOT getting any additional news from GOX, then likely we will go to a little below $100 on Gox and in the lower $500s on Stamp... maybe $510-ish....

[tarmi]

soon enough we will test those lows for real.

prepare your fiat.

[magicmexican]

i am thinking 85$ on gox if nothing good comes up today

[surfer43]

preparing 300 fresh $ for when BTC sinks to $10

[spooderman]

I'm suprised there haven't been more of these types of walls all along. They used to be normal, and then disappeared in July. The mtgox orderbook used to have 200K COINS on it during bear markets. Bitstamp currently has only roughly 20K coins. If Bitstamp is becoming the major exchange and then rest of the exchanges are either dying off or being proven to have fake volume, then I should expect bitstamp to be at least somewhat more like mtgox used to be. For example 80K coins on the book might be appropriate.

coins are worth 10x what they used to be....

[spooderman]

so, we are dumping because mark resigned which is what he should have done? This is good long term. Bitcoin needs gox to go away.

[octaft]

preparing 300 fresh $ for when BTC sinks to $10

You might get those 117 bids filled after all. I doubt $10 though.

[FTWbitcoinFTW]

Haha so fun to see all poor beging for a low btc.

[surfer43]

Come see the Next Big Thing from the creator of Mt. Gox

Secret Bitcoin Project 
(what is it? an exchange? or something greater?)

[magicmexican]

 <SarahCoinBit> Sorry but if it was that simple we would have done it by now. There are a number of factors that hinder how we communicate, especially senior management, but we are not hiding anything and your coins are safe.



Well thats a relief

[TERA]

I'm suprised there haven't been more of these types of walls all along. They used to be normal, and then disappeared in July. The mtgox orderbook used to have 200K COINS on it during bear markets. Bitstamp currently has only roughly 20K coins. If Bitstamp is becoming the major exchange and then rest of the exchanges are either dying off or being proven to have fake volume, then I should expect bitstamp to be at least somewhat more like mtgox used to be. For example 80K coins on the book might be appropriate.

coins are worth 10x what they used to be....

This statement (in and of itself) is not enough to tell me why there would be less coins on order books. The value of the coins does not change the amount of coins in circulation.  Look at this chart (green and yellow): In both corrections of 2012 and in the correction of 2013, there were the same amount of coins on the book, even though the value was increasing by 5x each time. It would probably be similar in 2011 if I could find that too.  Now look at 2014. Suddenly there is an order of magnitude less coins. I would attribute this to exchange diversification and gox dying (this started all the way back in June 2013). However, if Bitstamp is becoming the biggest and most well respected exchange then it should have more than 20K. Even with exchange diversification , Bitstamp should have at least 50K. In any case, the valuation of the coins is an irrelevant argument.