@quickfingersluc: I noticed that NBT/BTC took a huge panic dive yesterday as BTC was popping, seemed like a great opportunity to buy up at the bottom. But there was something VERY odd about this chart that I haven't seen before.
The data showed that there was one guy selling 15 BTC worth of NBT, he is clearly a NBT whale on the ask side because the total volume was only 100BTC or so. As he ran out of coins to sell, suddenly someone appeared on the bid side requesting the same amount of coin for the same price. As the day wore on, this whale (we can only assume its the same same person or team) went back and forth across both the ask and bid sides of the data.... the question is WHY? This doesn't make sense to me, do you have any insight? Its as if he is holding the price down intentionally, I cannot figure it out.
https://www.coinigy.com/s/i/59873a330033c/
This article may explain what happening. https://cointelegraph.com/news/single-trader-with-enormous-bankroll-is-manipulating-bitcoin-price-but-to-what-end
Level 2 is always hard to figure out, unless you have context.. So in this example, there is a big seller, and he keeps flipping back and forth from bid to ask.. Is he trying to manipulate the price buy scaring sellers or buyers by flashing big orders? Does he actually have a ton to sell and he only adds to the bid now and again to try to get the price to turn back up so that he can sell into it? Its very hard to figure out off level 2..
So I only use level 2 in a context situation. ... An example of a context situation is: there is a quick sell off, the price drops big and then some huge bids appear, then i am ready to start buying in with them.. the context is the huge drop and then buyers are starting to support the price..
Another example of context is where again the price drops huge and then there is still a big seller sitting on the ask, only he is alone and then buys start gobbling him up.. the context is that the one seller dropped the market, he had a huge order to sell and hes almost out of coins, so I eat what he has left and once hes gone, there is no longer a motivated seller present so the coin should rally.. In these type of instances, where you have clear context, then level 2 is useful.. Otherwise its a guessing game trying to make sense of people motives on level 2
outstanding answer, thank you!
damn you have good questions @tizzle ..i keep searching them
Same chart data, 3 hours later. Look at the whales now.... price has been adjusted downward, not upward. VERY ODD. What is going on here?
