Does anybody know what time the strange fractional orders on dgex got cleared last night? For a few hours bter was trading 50% above dgex. That is clearly unsustainable and my guess is that the bter market got arbitraged down to the dgex price. Since the dgex price seemed to be stuck, this means the downward move from .00016 was not due to big seller, but arbitrage, or perceived arbitrage. The NXT/CNY value peaked at .85 and dropped to match the dgex price.
It seems the dgex price is unstuck now and this bounce at .00016 is the second time, regardless of the reason. It is not uncommon for a price to bounce three times before breaking out. I think it is good that it has come back down a bit as the rise was too extreme. Gather some support at .0001 and gradually get back to .00016, bounce back a bit and then finally breakthrough. That would be a sustainable pattern that would then turn .00016 from a price ceiling (resistance) to price floor (support).
Of course, this is crypto, so anything can happen, but I think there is a significant amount of fast money parked in NXT right now, so it could follow more standard technical patterns
James
I enjoy reading your analysis.
Oh and btw...Frictionless has another project going on:
http://cryptosource.org/ixcoin-a-very-old-bitcoin-clone-ready-to-skyrocket/He's trying to dethrone Bitcoin, Mastercoin and now NXT.
Will he succeed? Stay tuned...