China seems to be dipping, gox too.
Bitstamp still down.
Topic: Another Correction (or an elogation of this one) is due to happen... (Read 631 times)
October 24, 2013, 10:54:27 PM
October 24, 2013, 10:52:25 PM
tell me exactly where to place my bids, or GTFO.
Thanks.
Thanks.
October 24, 2013, 10:25:07 PM
...Before we hit ATHs again.
Reasoning:
1) Bids have filled in, but asks have filled in too.
All those asks represent hands that were effectively weakened by the crash. Those coins need to change hands at least once before we can continue the march upward.
2) The Chinese are using BTC as a store of value, primarily, and thus they get concerned after there's a crash. Thus, I predict the next correction to be caused by a sell off on the Chinese exchanges, and to eventually be halted by tons of Bids on Bitstamp/Gox. This'll give the Chinese more confidence, and we'll continue up from there.
Reasoning:
1) Bids have filled in, but asks have filled in too.
All those asks represent hands that were effectively weakened by the crash. Those coins need to change hands at least once before we can continue the march upward.
2) The Chinese are using BTC as a store of value, primarily, and thus they get concerned after there's a crash. Thus, I predict the next correction to be caused by a sell off on the Chinese exchanges, and to eventually be halted by tons of Bids on Bitstamp/Gox. This'll give the Chinese more confidence, and we'll continue up from there.
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