So it's either double top or new ATHs and more escape velocity.

I figure, some entity or entities who were looking to sell into the breakout got impatient, set a tight stop below the consolidation, and boom,  stops were hit, but as usual people had buy stop orders sitting several points lower....  and so it goes with BTC.  2,000 coins in 15 min. is decent volume.

That's not a ban.  This is a knee jerk reaction.  probably someone at reuters has a bunch of bids at 800

this is what happens when the algos are reading the headlines....

140,000 BTC dumped inside 15 minutes.   I am impressed that it's only down this much.

someone got there 650 BTC order filled @1050  

Can't wait to see what the dead cat bounce does 

....and there's our dead cat.

possible bottom here......  576 low.

if Citibank or BofA says fair value is 1300, they have an agenda.   They are buying on the way down.  This is a correction not a crash.

on the 3 min chart look for 3 legs of buying up, if so we may have put in a bottom

2 of 3 legs up so far....

Not on the 3 min, not for a while.....

definitely doable.

We need to break through the 50-60% retrace zone from the highs to the 576 low.  There will be resistance there, if we get through that then the ATH will be back in the crosshairs.

I am expecting resistance between $907 - 970'ish, so it will be interesting to see what happens here.

this area is the 50-60% retrace zone from the sell off.  It's going to be a tug of war in this zone.   But clear it and I believe we see new ATH pretty quickly.  

love the price action setting up here ......  push to 1K

I doubt we see a triple top @ ATH, this consolidated at 50-61.8% fib levels form the start of the crash to 576, then took off, exactly what you would expect to see for a nice healthy continuation of the uptrend. I expect new ATH by next week or sooner.

More than likely these large dumps are probably large cash transactions, like lambos, real estate etc. (These are happening!) the seller wants to convert to fiat immediately due to the volatility, which creates more volatility in the short term.  Long term this is excellent for BTC.  An interesting thought.... maybe some of the early BTC whales should probably consider a liquidity entity, in which they fill in when the market depth goes to crap,  kind of like the good point of a central bank without out the debt slavery.

Look for support between 822 down to 764.  If we break down below that then it's pretty bearish in my book.  If we stabilize there and the start backup then the 970 area would be an area of resistance.  Judging by the recent BTC action, a bounce should be eminent.

positive news in that if you were in BTC you wouldn't be getting tapped on the shoulder for a bail out.

Cue mass exodus into BTC in 5....... 

S&P 500 doesn't seems to be reacting well 

Based on Gox Numbers, but all exchanges should have the same relative price action.

COngrats!

fib resistance zone between 761.5-833.03 (Gox)

overstock.com news is HUUUUUUUGE.

this price action is par for the course, now I expect resistance in the 760-830 range, then we need to bust through the upper trendline resistance.....

If we break the upper trendline, which is currently resistance again, then $850 is the next stop.....

$700 cometh

So you are using insured loans?

goat I thought you were Vietnamese.

well, if they are back then i'm long and looking for $850 after price breaks out of this triangle:

...almost there.  

In a fib resistance zone here, may consolidate for a bit before resuming the uptrend.

...and cue consolidation:



This may drift lower while we are in this consolidation zone.

one thing I've learned... Don't discount the "melt ups".  Seems like we get chunks of large buys then price levitates upwards.  Lack of supply in the order book is all.

Agreed, usually volume capitulates when the "dumb" money collides with the "smart" money...  look at a 12 hour charts, and bottoms are always confirmed with a nice build up of volume.

Still stuck in the fib resistance zone as mentioned yesterday:



Uptrend still in tact.  I think we need to get used longer periods of time for price to resolve trends/resistance/support levels.

Current uptrend tested but still in tact:



.....the larger fib resistance proving to be tough to get through.

Not sure what you're looking at it's been attacking that zone since the 20th.

Moment of truth time...



Either we are clearing this fib resistance zone after a week of consolidation, or were are putting in a double top.  Stay tuned....

The above post was my projection back on 12/26....



...and here we are   CHOO frickin CHOO!

Real curious to see what happens @ 890, don't want to step in front of the train, but the shorts will probably give it a try.

What app are you using for coinbase limit orders?

don't think this this pullback has much more room to the downside:

Thanks,  when it get back to my desk,  I'll work one up...

OK Here's my take on a 3 month time frame (got both the bears and bull covered):



Personally the price action around the 900 level will be very telling for me...

Updated resistance zone and short term targets, breaking above $870 would be pretty bullish:

This overnight move has legs.   We are in a major resistance zone though price action hasn't indicated it's respecting that yet.  We are also running into upper channel lines so we may have some consolidation in this area before moving higher

Here's a 15 min snapshot:

I would look for a relative volume spike when BTC is in a pullback around the level you are looking to enter.  Bottoms, both short term and long term are marked by relative volume spikes.  IS this always the case?  No, but it can help identify support at a certain level.

current snapshot of price action 5 min chart:

Let's see how well the $860 level gets defended...

Sure looking like Gox wants to reclaim $900:

updated 3 month snapshot:

I am bullish, if we break through the 940 level with out much hesitation I think we are well on our way to 1500

looks like BS:

http://uptweet.com/viewStory?id=1755

Wow BTC is just on a tear.  Charts are in full bull mode:

let's see how price reacts to the 1070 level:

At this rate we will hit $1500 this week 

I'm with you about ATH, although I think we could see that test in the next 24 hours!!

Maybe some people know something and are buying as much as possible without destroying the order book.  

Yep ATH cometh..

to sum up the last few weeks per zero hedge:

I think this resistance zone is going bye bye:

Who says this correction is going to be average?

Here is a "Panic Chart" (SHORT TERM):



...and then here is the bigger picture (just a normal move here in the world of BTC):

PPC loophole

Thanks for the tip!

Bigger picture reminder....

^^^^^ THIS.

Because it's the first entry for Major sports.  The rest will follow.  I think it's a really big deal.

Bigger Picture....

So Russia bans BTC...http://rt.com/business/bitcoin-russia-use-ban-942/.  Well if you are into catching falling knives, normally I would say this would be one area to give it a try. Trend line and fib support here, with more fib support just below. However, since there are a lot of BTC in Russia, there will probably be more selling pressure, so I think the trend line will be broken and the major support zone will be tested. I am a buyer there, but until then I expect the bears to be in control......

Switching my charts over to bitstamp pricing.  Gox is goxxed.

how did you short it?  bitfinex?

Engrish link?

Here's the google translate version:

http://translate.google.com/translate?sl=ja&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fheadlines.yahoo.co.jp%2Fhl%3Fa%3D20140321-00000038-yom-sci

The market has a wedgie

I dunno but thousand of coins just got gobbled up.

Bought @ 552, looks like upper trendline is in it's sights....

FTFY

BTC is China's Yo-YO!

me thinks we get to 455+ on this next push up then it takes a breather...

china china china......  that's the problem.  when the bots stop caring about china, we will decouple and be on our way.

Understatement of the year.