The Bitcoin Thread

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garp said:
My 2c - a depth chart on an order book is only relevant in the immediate short term, i.e. if you're looking to optimize your buy/sell bid/offer in the next few minutes. In reality, if there are fundamentals driving the price one way or another bids/offers adjust almost immediately to match. I've seen (at least in cryptos) massive buy walls crumble downward in seconds as sellers adjust down and vice versa.
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Thanks, I was slowly coming to this conclusion, i.e. you want to buy (or sell) and need an indication of if and how long your order should more or less take to fill.
 
etienne_marais said:
Thanks, I was slowly coming to this conclusion, i.e. you want to buy (or sell) and need an indication of if and how long your order should more or less take to fill.
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Oh, absolutely - the order book reflects actual orders. It's only useful for day trading. Many traders put in orders at the last minute, so they won't reflect there.
 
etienne_marais said:
1) I think it is actual numbers, so I think 300 @ 40 000 means 300 bitcoins of buy orders at 40 000 and approximately R40 000. This is Luno b.t.w.
I don't understand a couple of things, like how can there be so much consistent activity in ZAR/BTC, even if this exchange is considered low volume then there seems to be a lot of dynamism, i.e. consistently new buy and sell orders even though in small orders.
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What would you consider a big vs a small order? Here's a snapshot of the Poloniex USDT order book right now:
54N8DHk.png


I can imagine there are some overseas people interested in using ZAR for whatever reason to trade and there must be quite a few bots doing their thing, but even so I can't imagine it being so active (even if considered 'slow' in comparison to global exchanges).
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The market moves with all trades internationally - it's not tied to ZAR or Luno or other local exchanges.

Also, how does it stay more or less in sync with international trends ? Is this due to trading platforms where people compare USD/BTC and then make ZAR/BTC decisions ?
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The order book is only a list of the orders on the exchange you are using. What I'd pay money for is an order book that uses the APIs of all the major exchanges to give you a clearer picture of what's happening. Generally an exchange like Poloniex gives you a clearer picture of current market sentiment (although not complete).
 
Thor said:
I'll sell at $95k
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That doesn't work for everyone - some of us do shorter term investment ;)
Like... sell before it dips, buy alts, buy back in when it's looking more bullish. IMO even $5k is a push in the short term.
 
Sabre Wulf said:
That doesn't work for everyone - some of us do shorter term investment ;)
Like... sell before it dips, buy alts, buy back in when it's looking more bullish. IMO even $5k is a push in the short term.
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etienne_marais said:
ok, so what are the chances that this is partially artificial, pump and dump or whatever ?
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You won't see these levels again.

Bitcoin isn't even worth $70 billion thats not even a mid cap
 
Thor said:
You won't see these levels again.

Bitcoin isn't even worth $70 billion thats not even a mid cap
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Cool. You sticking to $95k ? I can't see it going that high ?

EDIT: Wait, you're saying it will only increase from here ?
 
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Still hard to believe that just the other day it was 12k/ZAR and I was waiting for it to hit 10k to buy more.
 
etienne_marais said:
Cool. You sticking to $95k ? I can't see it going that high ?

EDIT: Wait, you're saying it will only increase from here ?
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Saying it will only increase from here.

Also saying I'm planning on taking profit at $95k by 2020.

Until 2020 I'm hodling

Sounds rediculous I know, just imagine when I bought at 200 ish and someone told me btc will be 1740 soon, I thought the guy was a lunatic and then I understood what it means when people say this is the next evolution of money like notes was to gold and plastic cards was to cash.
 
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