I don't see this rally as sustainable. Good news, but not sustainable to this degree. It was chaotic and panicky, not an upward correction that happened for good reason.
I also think we are on a hiding to nothing trying to understand it. Probably combination of all of the things discussed: Ukraine, London, whale manipulation - all kicking off irrational panic-buyers. Not the news itself, but people (like us...) trying to make sense of it and jumping in so as not to miss the boat, as they saw it.
Either way, it seems to have confirmed 710 resistance for now.
Thoughts?
Like you say.
I know that I was buying and selling in a panicked frenzy with my paltry 30 BTC stack, guess everyone else was to with their 100's or even 1000s...and of course there was at least one very big buyer who didn't give a shit about how much the price was, he just wanted his 10K BTC. He kicked the party off, the rest of us played a game of ride the craze with each other.
This was nothing like a recovery market rally from, but like a parabolic blow off at the end of a long bull-run. Either even more insane buying pressure comes to town (and I am not saying that it won't), or this retraces right back in the direction it came from.
