fitty
Hero Member
*****
Offline Offline

Activity: 714
Merit: 501


★Bitvest.io★ Play Plinko or Invest!


View Profile Personal Message (Offline)

Ignore
May 10, 2013, 03:44:52 PM

Does anyone else see the possibility of a reversal of the uptrend? It was stopped at $122. It took 15K BTC to bust walls and take asks on the way up. Could that hot money be forced to take profit quickly?

I don't think so. The bid wall has lagged a little since the push to $122. But $115-$120 is pretty solid.

$122 to $125 is 12k BTC. Unless some new money starts making up for lost time, we'll probably bounce around $118-$121 for a bit. We'll see some dumping for sure, but there's enough buying pressure to keep us above $115.

The ask wall doesn't seem to be getting out of the way at any point so far, it will be a lot of little jumps, regrouping, let the bids come forward then it's up again. If the rally continues it will be slower, that jump was 2 days of no action crammed into 3 hours.

If I was selling between $122-$130 right now, I'd be content to wait for the bulls to pay me off. I'd be surprised to see a lot of panic selling, we're more lilkey to pickup some bears to buy up any dumps. Any drop right now is a chance for someone to get back in.