inca
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June 20, 2015, 11:39:26 PM

hmm, this rally looks pretty strong off the $240 lows. anyone think we've bottomed here, onto test the $259 highs then? Cheesy

Afraid its wishful thinking. Seems like pump ran out of steam and we are just in the middle of a small bulltrap, expecting another pull down to 220$ or lower.

Wishful thinking, we'll probably go sideways now, manipulators were testing the market after & long period of sideways. People have dumped on small profits, I now expect another period of sideways for at least a week.
I could be wrong but I don't expect a fall back to the 220's, if there's any kind of move in the short term it'll be up.

Several scenarios are possible. Borrowed longs are historically high which could mean either a large move upwards is coming or that a massive long squeeze attempt may occur. Similarly someone has shorted 5k contracts over the last 24 hours and they could be forced to cover for just a small amount of buying. Another theory is that the manipulator is actually shorting after wiping out the shorts during the pump and will flip the orderbook to the ask side and dump us back to 200-220 support.

My personal view is that the whales who own the huge long position are accumulating it expecting the price to soar at some point fairly soon. The technicals are much healthier with that recent 259 peak. Hopefully we retest the log downtrend line and best it this time around. Smiley