One thing I was always taught was that bitcoin doesn't do sideways. Well, obviously it does. Either someone needs to restart the bot server, or whoever is keeping the price in this strict channel needs to work out what they want to do. Maybe we're in a negotiation phase. One whale (bear whale) wants to keep the price down, and is negotiating with another whale who wants to send it up (bull whale). Bull whale's nephew bought into crypto last week and is suffering a loss and is becoming disillusioned with the whole "future economy" thing, so now there's a board meeting to work out the new plan. Once that has been finalised, there will be some movement. They're probably writing up contracts this very minute.
BFXdata observation share for today
Walls
The bots appear to be programmed to buy or sell the walls when they come up to the top of the order book. These may be big orders by entities other than the bots, which means wall buying is a way to take a big chunk of someone elses' money. Sometimes these walls are created by their own bot accounts as a way of psychologically instigating a trader hitchhike (just coined that term), which happens when traders see the walls appear and buy or sell into them. Buy walls are usually a sign that the price will crash significantly, and sell walls are a sign of the price skyrocketing. This is because orders stack up behind the wall and when the wall is eaten away (or removed on purpose), the market orders will continue eating up the chain.
If the wall is monumental, for example greater than 1000 btc, they may be used to keep traders buying or selling above them. Once the bot wall begins to be eaten away, it will be removed and usually relocated to another price point to ensure the same behaviour is continued.
BFXdata observation share for today
Walls
The bots appear to be programmed to buy or sell the walls when they come up to the top of the order book. These may be big orders by entities other than the bots, which means wall buying is a way to take a big chunk of someone elses' money. Sometimes these walls are created by their own bot accounts as a way of psychologically instigating a trader hitchhike (just coined that term), which happens when traders see the walls appear and buy or sell into them. Buy walls are usually a sign that the price will crash significantly, and sell walls are a sign of the price skyrocketing. This is because orders stack up behind the wall and when the wall is eaten away (or removed on purpose), the market orders will continue eating up the chain.
If the wall is monumental, for example greater than 1000 btc, they may be used to keep traders buying or selling above them. Once the bot wall begins to be eaten away, it will be removed and usually relocated to another price point to ensure the same behaviour is continued.