Currently, I think we are getting a pump.. here..
and the dump will come later.. maybe tomorrow? or at least less than 24 hours?
Order books and charts are showing a powerful momentum with thin retraces, early indicator reversals, and lots of bids filling in.and the dump will come later.. maybe tomorrow? or at least less than 24 hours?
I think there should be a consolidation of a couple days before break to 520 (and then either dump or trend reversal). At least that's how it worked last month with mtgox. Only problem I see is there is significantly less volume on stamp this time. Stamp did 64K of volume yesterday and with the mtgox bounce, it did 120K of volume. The candles now, however, actually look even more bullish than then, but the volume does not. I don't know what to make of it.
I would make sense in this situation if the trend is being driven by Chinese re-entrants and so the volume there is more significant. However, in that case we have to trust that this the end of the China situation and that the Chinese volume wont get killed of by continued bank shutdowns. So far, ignoring the volume on stamp has always been a mistake.