I see the dump...but it didn't look like 6k BTC...it quickly recovered a bit though I think with a lot of people with their finger on the trigger waiting for a dip. I am trying to find the best price point to buy a few more BTC for the long hold...not sure where I am going to settle on the price yet...
Seems that the support levels provide great entry opportunities....probably a lot to do with short sellers taking profits at obvious bounce back points before lining their USD up for round 2. So obviously 765 is one of those levels as we have hit and bounced through that 4-5 times in the past 3 weeks. However, for the first time since then, Bitcoin pierced through this level and hit the massive buy wall at 750. How many holders of these 750 Bitcoins are going to be feeling confident in Bitcoins near term price? What about the idiots who jumped on the surge caused by reptilia's MtGox cash out Bitcoin purchase, and bought over 6000 BTC (across two biggest exchanges) at 820-830 level. Are they going to be sitting delighted with their acquisitions at this point in time?
Unlike the previous correction was triggered by Huobi (they are all still sleeping, 4 more hours and the first of them will start to log-in and see the results on the USD exchanges), this correction was triggered by massive selling volume. I seen 6K BTC being dumped within 1 minute. This may have been a glitch, but the charts are now showing over 4000 BTC (Stamp) within 20 minutes and extremely low recovery volume. So whilst $765 and now right down to $750 might be a good place to start taking profits on your short, we have hit this area 5 times in the past 3 weeks. At some point, any rational person would have to think that it isn't going to bounce back so readily. Next stop beneath that would be 700 - 720.
