there are also fibonacci retracements...
How accurate is that? Have you used them in the past?
well... some people say that the 61.8 or the 38.2 fib act as resistance/support... the 61.8 fib on bitstamp is at 177 and mtgox is 183, and we are over both of them.
but then again this market is really f--ked up so who knows, we could be pissing into the wind and not know it
What's the difference between bitcoin market and other markets? Why is that fucked up?
Bitcoin is tiny compared to most markets. This results in way more volatility and way less liquidity.
most of all, bitcoin is a technology. not a stock. its "rate" may appear like a stock chart but pictures something completly different: adaption.
take mobile phones. cool technology, everyone wants to have it, everyone buys into it and a few company giants get incredibly rich. did anyone shout "ponzi" here? bitcoin is a cool technology. an incredibly fast growing stable network, programmable money, internet cash.... you want to be part of it ? you know what?: it´s free. it´s already there. everyone with internet access can participate within seconds. feel free to take a ride.
and indeed it will be a ride. bitcoin combines money with the net. the web gets "monetized", some bigger chunks of the economy will start to ride/exist online. the internet will become an universal tool to transfer private or public wealth.
since it had to start from small it has a direction/momentum. as a technological infrastructure it has to level up with the old technolgogy it will replace. this up-leveling is the ride you are experiencing and interpreting as stock-chart behaviour.
again, bitcoin is a cool technology, soon everyone might want to have some, just like other every technology. but this time it´s not phones, it´s our money. we will have a lot of fun, be prepared.
