Order books are essentially L2.  When I day trade stocks, the most helpful predictive factor is L2, and I only close buy/sell in no more than 5 minute intervals.  I think short-term / long-term is subjective.  I do agree that there's heavy manipulation going on though.

If the trend continues then we'll bottom out below $275.

It only takes a dollar to place bids for 100k btc at 1/100000th of a dollar each.

You need to measure the bids in USD.

And the reason people bid that low is because for a very small investment you could make a great return if there was a flash crash that ate through all of Bitfinex's order book.

Hello,

How is "Amplitude" in the chart calculated for any given bar? I can't quite figure that out yet.

Thanks.

Dang, interwebs d00d I never met before, tell me it ain't so!!!1!1!

"The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong"
-- David Aronson

Did you get the phishing e-mail a little while ago? Because they sent an e-mail and you had to send a quick e-mail off to say you knew what you were doing.