Poll
Question: Closing BTC Price June 28:
$0 - 5 (2.6%)
<$7,000 - 4 (2.1%)
$7,000-$7,499 - 0 (0%)
$7,500-$7,999 - 0 (0%)
$8,000-$8,499 - 1 (0.5%)
$8,500-$8,999 - 3 (1.6%)
$9,000-$9,499 - 4 (2.1%)
$9,500-$9,999 - 27 (14.2%)
$10,000-$10,499 - 26 (13.7%)
$10,500-10,999 - 15 (7.9%)
$11,000-$11,499 - 14 (7.4%)
$11,500-$12,000 - 17 (8.9%)
>$12,000 - 59 (31.1%)
>$20,000 - 15 (7.9%)
Total Voters: 190

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21253335 times)
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SGExodus
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August 23, 2013, 09:41:58 AM

Indicators scream "down" ATM, this should be definitely a spot to be in fiat.

Nevertheless, this is Bitcoin - are the whales that have been regularly buying between BTC1,000 and BTC2,000 the last few days finished their buying? Are they waiting for the ask side to build and the spot price to go down, as its happening right now, before the next buys?

Really, trading in this market ATM is pure gambling.

There is very little gamble if you buy from bitstamp and sell on gox -- which is shown by the high trade volume from bitstamp now.

The order book of bitstamp stayed quite constant with about 1.2m on bid and 19k coins on ask. This shows that the big traders still aren't comfortable keeping large amount on this exchange.

On gox, the bid side only has about 13 mil left, indicating that some whales did indeed panic sell and left the exhchange for now.  

On ask side, it is back to 70k coins, was only 55k few days ago. Some of these coins must be from the arbitrage traders.

I think the trade volume will slow down once the spread between them is less than 7%...