Please enlight me.
The point is, as by the technical analysis wizards, that if many people believe that some number is a signal of downtrend, it will be a signal of downtrend.
It can be true or it can be a nonsense. I do not care abouyt magic numbers as well and I am pretty sure we have many fundamental factors that affect btcprice every day, that it is not important.
But who will decide is the market. And on the market it will be not equally all the people, but people with money, who will decide if 275 or 10K price is important.
Correct. The market price is a reflection of buyers and sellers psychology (among other things). The numbers themselves dont mean anything, its how people react to them.
Thats correct, but where is the statistic that says, that most (or at least alot of) people think that 275 is a "magic" number? Link?
The link is this thread, because now everyone who read this will have the stupid number 275 in his head.
However, as I said, for me the turning point are fundamental factors. This is why i started to buy at 360-375 and I will continue. The pivotal point for me is that with recent prices some people stop mining. It would seem it does not change a lot, because still the 3K+ btc go to market every day, but I think that the bigger miners can at least change the pace of inflow.
And that might be enough, because there are still money from paper economy flowing into btc. Now even bankers noticed bitcoin and they do not refuse it, they just say one day, maybe... it is big news. Change of trend might change of downtrend to another hype and that hype might go quite high. Especially if the money from ripple will flow back into btc... I mean if ripple is useless it will cause not ripple but huge wave that will help btc one day. But it is also possible that ripple will suck blood from btc. Who knows. But I agree that under those circumstances to think about some 275 number is a bit silly.
/\rotflmfao
