thoughtfan
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500

thoughtfanwritesstuff.wordpress.com


View Profile Personal Message (Offline)

Ignore
August 21, 2013, 05:24:10 PM

Also, not that I want to stoke any potential bubble but I do like how this chart is looking, especially given the usd volume at peak would be equivalent to a third less now had the volume been distributed as it is these days.  (in case it is of interest I bought substantially with long-term in mind for the first time in a long while on Sunday).



That fits the exact premise of a bubble with a classic bulltrap.
It does indeed.  But how long does one wait, having stopped buying regularly since mid April, and with the belief that there's a reasonable chance bitcoin could increase in value enormously in the medium term, before resuming with my purchasing (or as in my case, buying with the money I would have been buying with had I continued)?  Because as far as I understand it there is no way until after the event of telling whether an upward trajectory was a bull trap or a recovery.  I don't believe looking at old patterns will help.  Although there is almost certainly some manipulation going on I don't subscribe to the manipulator conspiracy theories circulating.  I may be wrong but that's what risk taking is about.  Not only must manipulators also take risks (and may lose out if enough people ignore them and get on with what they were planning to anyway) but some 'manipulators' may also want the very same of Bitcoin as I do.

Truth is it fits the exact premise of any number of patterns but neither you nor I can say what it is - only in a month or two what it is likely to have been!