Ichi shows resistance at current location and we have some large ask walls up till at least the $500 range which are holding us down. Combined, they work very well together and this little rally will go through a correction with a drop as people fall into despair and disbelief.
But, they can go long till Jul-28th and have 10x increase in or they can wait, buy at $258 and have an even better increase by the end of the rally on Jul-28th. Either way, we're good long term, so long as your margins don't get called on your leveraged accounts with the incoming swings.
Still waiting on my shorts to be filled for about a month now.. patiently waiting. Buy orders are already in place and may be adjusted depending on how low we go and how quickly we get there.
Remember my 2014 and 2015 targets...
You are the only person I've seen here talking about order books.
An ask wall is a wall of sellers, right?
Referring to Bitstamps own order book chart I use it to confirm all my trades...and it works for me in a completley contra intuitive fashion...whichever the larger side of the chart, is the direction the price goes...so more people selling essentially seems to make price go up which is insane. I gather it works as a sort of gravity force...the bigger the number of people saying 'its this price' the closer it gets to that price...even if they're all selling.
Do you see this too?