help me understand order books

>>3296791
>So the middle between left (green) and right (red) is the current price, right?
Just realized that it's not the current price in the middle, it's $ 4772, which is about $ 30 below the current price.

Now I'm even more confused.
Surely there are people willing to pay more than $ 4772 for bitcoin when the current price is $4806, but there's only red (i.e. sales) to the right of $ 4772.

>>3296791
Vertical walls are often 1 person and usually fake.

Buy orders placed above the current price will buy every order until either their money is gone, or there are no more orders until that price and the price will be their buy price.

>>3296820
When you place an order that is too high, it will instantly fill and therefore not show up in the orderbook.

>>3296833
>>3296842
So order books only show transactions that aren't instantly fulfilled? I can get that I think.

But what about the fact that there seem to be 6000 buy orders at around $ 197 in my OP pic? (and everything in between)
Are people really offering to buy bitcoin for $ 197?

>>3296872
Bump, want to know too

>>3296872
Some people do that. I don't know why, I can only imagine it's to bump up the order book as a whole and to put aside those funds for some reason. Basically to keep them their funds doing nothing because I'm sure we all know BTC won't be near that price for a while or ever again.

>>3296872
it's called a hail mary. on the rare occasion that the price of BTC flash-crashes, as we saw with ETH earlier this year, you can pick up some very very very discounted coin

>>3297363
>>3297384
But it seems like the cheaper you go, the more people are offering to buy at that price.

>>3296791
I like you tell me that the left side is green as if I was blind and cantsee but using my 6th sense to detect your words.

>>3297419
>I like you
I like you too.

>>3297435

Thats so gay m8s

Get the fuck out of biz you degenerated homos

>>3297400
It's cumulative. There are $6000 (or maybe 6000 BTC that graph has no units and I can't remember the conventions) looking to buy bitcoin at or above 197.017. This tells you how much money has to leave the market to drop the price that much. Obviously not perfectly, since people place more orders in response to price movement.

>>3297727
Oh, so that bar at 197 includes all the orders between 197 and the middle?

Still, pretty odd that there are even any orders at those prices.
Do forgotten buy orders from months/years ago get included or something?

>>3296791
Search market microstructure.
Its just current limit orders that haven't been matched yet. A matching system takes incoming orders and clears out the existing orders up to the limit price. There is a lot of trickery that can go on with such a simple concept. The way the order book is skewed to ASKs or Buys only shows you where the price could *possibly* go in the *short term*. Its not a long term predictor of price.

>>3296872
>So order books only show transactions that aren't instantly fulfilled?
Right. When you bid at or above asking price, or sell at/below bidding price, the order sells immediately and comes off the walls these are the lines that cut into the mountains.

File: wayne.png (114KB, 240x240px) Image search: [Google]

114KB, 240x240px

>ayyy
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>>3296872
All the orders are real. Pricing mistakes and accidental and toxic orders by rich people do happen a lot. The rich are usually dumb as rocks or they have some kind of scheme.

>>3297880
TNT thread is here: >>3295322