22nd March 11:00 UTC – A Bulldozer trying to cleanup a flowerbed !
Market depth for NXT has now turned very asymmetric to the upside.
There are currently 170 BTC worth of orders on BTER’s order book – all over 5000 SATs. There is only 27 BTC’s worth available (16%). In NXT terms, the shortage is even more pronounced (2.7 million in demand vs 0.33 million supply).
The breakdown for that supply is as follows:
~ 5 BTC’s worth available below 7500
~ 10 BTC’s worth available at 7500 – 8000
~ 41 BTC’s worth available at 8001 – 8500
Price is currently correcting from last night’s rally which almost took us to within 75 Satoshis of 8. According to technicals, it looks like we will correct for up to a day now. 2 potential bottoms present themselves:
~ 7000 – 7050 (If substantial resistance holds)
~ 6500 (The March 21st peak)
It will be interesting to see how this plays out once the sun comes up over Staten Island. Will Jenny Lopez put in a another panic buy like yesterday ? Or, on seeing the correction, will she pull her 518125 NXT order and do a one-man controlled demolition of the 7000 support line ? We’ll know in a couple of hours.
Remember, although this is a very bullish looking orderbook, the cryptocurrency markets are amongst the most fickle and volatile around. This picture can change in 24 hours if any panic sets in so trade carefully and remember the rule: IF EVER IN DOUBT, GO WITH YOUR LONG TERM OBJECTIVE. What that means is, if you are a long term investor, don’t do anything and always stay ‘parked’ in your NXT if not confident of your move. It’s better to miss out on a gain than take a loss.
Usual health warnings apply !
P.S. Thanks for the friendly fanmail. Enjoyed that over my coffee.
Quote from: blazedforever on March 22, 2014, 06:27:12 PM:
I want to know how you found the bter btc/nxt pair on bitcoin wisdom? Its not listed on the markets tab?
I think I first became aware of it in an announcement on this very forum. This one here possibly…https://nextcoin.org/index.php/topic,4082.0.html
There’s also been some discussion on Bitcointalk about it… https://bitcointalk.org/index.php?topic=490001.0
There are quite a few undocumented currency pairs. You just have to fiddle with the URL to discover them. For example, if you choose the Litecoin market on Cryptsy from the ‘official’ markets menu and then change “ltc” to “qrk” in the URL, you’ll get the Quark market.
The current “alt-coin shakeout” thats going on could be very good for NXT. It will get a higher profile once the deadwood is weeded out over the next few weeks and will possibly go on some new exchanges. BTC-e would be a stormer and I can’t see it not at least being a candidate given the small number of “2nd gens” that are around.
lightspeed is an amateur trader – in fact barely past “beginner”. The purpose of this commentary is to generate discourse with what I’ve learned so far about NXT and trading to other “beginners” If your a “pro” just make sure you take your own advice and not mine !!
Donations to lightspeed / Nxt Marked Report: Nxt acc. 13411915496268579987
Original post on nextcoin.org forum: