Back to collectionA Thin Order Book Makes Every Tick Look Larger
On the weekend after the fall below USD 0.02, someone in the group watched the quote for a hint of direction in each move. Today, the order book was paper-thin. The discussion shifted from guessing a direction to reading a sparse order book.
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On the weekend after the fall below USD 0.02, someone in the group watched the quote for a hint of direction in each move. The Night Watchman knew this quiet order book well, and knew how easily a casual 'it's rebounding' could be taken as a forecast.
Today, the order book was paper-thin. A small shift in bids or asks made the number on the screen seem more striking than the actual trading. Someone wanted to post a brief upward tick as good news; the Night Watchman suggested checking whether the resting orders could absorb the next trade first. The person turned the claim into a question.
The discussion shifted from guessing a direction to reading a sparse order book. The Night Watchman planned to ask about trades and resting orders before discussing the trend the next time someone posted a price. For now, there was too little buying to support optimism, and no clear sign of when selling pressure would end.