Triangle closing soon, up or down?
Down.
And down we go.
Didn't check the data, but I'm the only one feeling this is the Wednesday with lowest volume in 2013? We had many weekends with more volume than this.
That would impossible to tell as we're not finished yet!
Wednesday trade for 2013: note that 9th Jan 2013 was VERY quiet, right before launching quietly into the dominant trend of the year so far!
Edit: 9th busiest Wednesday ever in USD volume and we have 9 hours to go.
Where did you get this data? Is it easy to access? Thanks for a reply.
Or just the first half of the selling is over?
^ This
It isn't going to be over until we hit mid $50's
Agreed. But $50's looks like a great chance to make some fiat on a bounce!
I am still trying to figure out what the heck happened on July 5-6 that would cause this so called 'trend reversal'. I have come up with bubkis as it seems so arbitrary. I would have expected it to touch closer to 50s first and then slowly increase, not a shot right to 100. WTF man WTF
There's nothing to figure out. When the price stabilized around 76 and nobody would eat the wall at 80 someone realized they could pick up 15,000B for like 1.1-1.2 mega USD buying from $76-82, with a high probability of pushing the market to at least $100 on the momentum. What gave assurance there would be momentum there? Bids were stacked _deep_ in the 60s and 50s since everyone was waiting for "the bottom".
It was a good time to pick up a ton of coins and produce a trend reversal as a result. So many people were waiting on the sidelines for "confirmation" before buying anyway.
Technical indicators don't mean anything when _one_ person with 7 figures in fiat on Gox can move the market to that extent.
Disagree! Plenty of us bought in below the walls as it looked like the bear market was running out of steam. The market had plunged irrationally and was being held down by manipulators. It was not time to sell in anticipation of $50s... It was time to buy back.
Pretty much all of your assertions could be mirrored and used to cast doubt on the dumps that led to $60s
There's still chance to get back in. After we hit $115 things will accelerate.
Another small point outside of technical analysis. Coinbase started accepting "instant" buying of bitcoin for level 2 verified users. This may have had an effect on price with excited users temporarily buying more coin available now instead of with a 4 day wait.
