Luc,
Enjoy the break. When you are back in the saddle do you mind commenting on this?
Hey all wondering if anyone has knowledge on this. When looking at Bittrex bid and ask orders going through what can one look for to determine a trend up or down on 1 to 5 minute chart? In terms of the size of bid and ask orders going through and the order and number of each lined up on either side. For example in this short video on XEL I bought at 73 and had a sell set for 78883 and as it moved up and down I was trying to decide if this was going to run higher and should cancel the order or if I should take profits sooner. If I had better knowledge of what the bid and ask orders were doing to the price I think I could make a better decision. Any insight is greatly appreciated.
https://www.dropbox.com/s/1cwfpxi3q5jujbo/XEL-BIDASK.webm?dl=0
Tough question.. I have found that in order to read level 2 acurately and gauge the market direction, you need an even to have just happened.. you need context.. In a normal enviroment, the bid and ask will get heavy on one side or the other and it will mean nothing.. it will just keep thickening and thining and the price barely moves.. but lets say for instance a coin drops 30% very fast.. and then the big gets thick.. well no that signifies that there is a bounce developing.. you see.. you need context to be able to read level 2