Actually this is quite relevant as well since it was put originally quite close to the spot (I've followed this). On the other hand, the wall guy or girl is playing games with us. He first sets walls and the bids are increased to around 7 000 btc, then suddenly pulls off 1000 btc from buy orders. I am not quite sure what he is trying to do...
I think whoever it is is trying to make a big buy-in without massive upward slippage. So they put the wall there periodically enticing someone to move coins to the exchange and dump, and remove it to avoid pushing the price up.
It's probably a large Bitcoin whale who wants to reallocate/hedge in a big way onto a different chain/project. Someone on the level of Roger Ver, or possibly literallly him (but probably not).
But the volume is huge. If you wanted to buy 7,000 BTC worth of Monero, why not just have a bot do it? If you do it correctly you won't get crazy slippage and you can start the next move up.
That said, I do hope you are right.
One way to look at this scenario, a person with a large ask wall may pull it if a counterparty gives away his/her intention to accumulate with slow nibbles and move their asks higher surmising he/she could fetch a better price, increasing the accumulator's cost
another thought, a person employing a trading bot is probably not working with insignificant amounts of capital
Hey bro! Nice quote before. I remember that book from a loooong time ago.
Above makes a bit of sense. I always chalked it up to people just flexing muscles and messing with others heads, but it makes some sense what you say.
Rarely have I seen those flash offers get filled, buy or sell, though sometimes. Always seemed funny when the sell walls were bought into that had been being pulled.
Anyway, time will tell.
XMR looks to be in a large semi-asymetrical triangle on the 4 hour chart. And if you zoom out to daily, seems to clearly b a large P Formation (as MondoBitcoin used to say - What happened to that guys videos?). Dare I say, we are going to know here soon, which way she goes. I'm betting on up just due to the numbers/history of these types of formations. Here comes the weekend...
