/biz/ - Business & Finance

>>3308413
Welcome to the community, anon. Stock up on pink wojaks. You will need them. I'll give you a rare gift - a free lesson

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In pic related, the left side of the book is full of open buy orders, meaning orders that people who want to buy OMG have placed. The right side is full of orders people looking to sell OMG have placed.
Under the "Total" column, you can see the amount of BTC that one sell or buy order is worth. For instance, the first red circle on the Bid side is 16.3886 bitcoin. It means that in order for that buy order to be filled, someone must sell that person (or persons) 16.3886 BTC worth of OMG at .00227580 BTC each (228k Satoshis for short). But in order for that buy order to be filled, all of the buy orders in which more money is being offered per OMG above it must be filled. If you look again under the total column on the Bids side, you will see that above that buy order there are only two other buy orders over 1 bitcoin. This is where the Sum column comes in handy. The sum column is the total number of bitcoins worth of OMG that must be sold for whichever Bid order you stop on to be sold. Take that first red circle for example again. Up to that 16 Bitcoin buy order, 8.8577 bitcoin worth of OMG must be sold, but after it, 25.4423 bitcoin worth of OMG must be sold for the price to keep going down. That 16 BTC order is referred to as a "wall", because it is a large obstacle for sell orders to overcome before the price of OMG can continue to go down. Under the "Bid" column you can see what price per OMG people are offering to buy OMG at. So you can say there is a 16 BTC wall at 228k satoshis (per OMG) and a 20 BTC wall at 225k satoshis (per OMG). If you look at the bottom of the Sum column, you will see that the total number of BTCs worth of OMG that need to be sold in order to reach a price of 223k satoshis per OMG is 52/6024


NOW look at the ASKS side. There are no large walls. The sum is much lower.