Topic: The Rocket (Read 3947 times)

Stage separation

looks like it took a pause after getting to $15.40

Well, I'm almost never bearish. Everyone knows that. My take varies from neutral to bullish to very bullish. You haven't seen the "very bullish" yet. :-)

Right now there is something to bite at $5.5 and I still think that it's rather likely that someone will bite. That would lead to a rally with the real resistance forming somewhere around $6.

It's possible that the rally ran out of steam right here but I doubt it. We'll see in the coming days anyways. Nothing is certain.

everything you said sounds very bullish to me

This. Although I'm personally thinking that there would be another spike to the sub- $6's.

Exactly. 2 walls to be precise - a lower wall of 5.30 and an upper of 5.50 between which speculants can play and walk back and forth. In 2-D, 2 walls is enough to lock them in.

I am looking forward to another few months of stability.

Everyone knows the moon's made of cheese...

Mmm, cracking toast Gromit!

it looks like once again 5.50 is the top...
my guess is we wont drop much lower
we'll form a triangle to allow us to break 5.50

you heard it first from the 8$ guy

Looks like a wall to me.

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

No shit?

Now there is something to bite at $5.5. This is the point where we see how bullish the market really is. If that wall is eaten, the rocket will lift off. If not, we will see ping pong between $5.3 and $5.5.

rocket did start but not lift off, let's see if people want to go to the moon

The bitcoins need to be there to buy... otherwise the big money will be scared away by slippage.

EDIT: This can also be thought of as the market being to heavily swayed to the bullish side psychologically... since there are very few bitcoins for sale ... and we know what happens next...

If your idea of rocket is the same as mine, the fuel is fiat, not bitcoins

There is no fuel for the rocket. With fuel I mean bitcoins. Sellers are simply gone at below $6 prices in most exchanges. Someone wanting to buy a decent amount at $5.5 right now simply can't do it because the market is so thin. His average price would be way over that.

Right now if someone put up an ask wall at $5.5 it would be eaten very fast. But there is nothing there. Nothing anywhere. Interesting to see what happens.

can we go to the moon next week?

woot! fingers crossed for the secret rocket.

Here comes the bull trap.  Watch it work.  Enjoy.

$5.5 has been broken... the time of the rocket is far from over.

Rocket era is over im affraid. 

You seem to be assuming there were more bullish speculators than bearish speculators.

I'm not sad (or surprised) Bitcoinica went out the way they did. I can't tell you how nice it is on my brain not to see a million posts/comments about starfish.

I expect to see serious resistance around $6 if we make it there anytime soon.  

I remember watching Mt. Gox Live the last time the price was hovering around $6.  Some guy had bought over 10,000 BTC at just about $6 and had placed a sell wall for it all at $6.05 shortly thereafter because the price started to drop.  That wall at ~$6.05 remained for quite a while before it was taken down prior to this gradual move upwards.  I still have seen no evidence that this guy ever sold off his 10,000 BTC, and my guess is that he's waiting for an opportunity to get back to break-even or get into the green.

However, a counter to the above theory is the idea that this same individual may have purchased many coins around $5 as a hedge and may already be back in the green if $6 is reached.

But regardless of this individual, the market is different today.  We don't see massive dumps that send the price of BTC spiraling anymore, and likewise I don't imagine that a crapload of buying will send any rocket soaring anywhere.  Speculation aside, I still contend there's no good reason for the price to increase radically at this point, though there may be good reason to speculate.  That being said, I also wouldn't be surprised to see $7 again in the short-term as I wouldn't consider a jump from $5 to $7 "radical."

But overall, market seems very bullish.

I'm predicting this is a false swing. With Bitcoinica gone there's far less trading with leverage. The manipulators lost both their tools and funds when Bitcoinica went belly up. We won't be hitting 6 for awhile.

ask wall?  Those don't exist anymore

what a pathetic little ask wall.

is that a pirate playing with a bubble?

Economics noob here. But it seems like we all chant when the price goes up. Alright, so time to sell. But why aren't the people who buy them groan when the price goes up? I assume there isn't an equal amount of buyers as there are sellers on this forum?

Kinda nice after those long months at 5.0-5.10$

So!

It is beginning....or yet another false signal?

 

It would be nice, but something will happen to rain on the parade, it is inevitable.

Depends on if this rocket was made by North Koreans or not.

Is taking off again!

$200k to $6 atm.  Haven't seen that in months.  In fact, the entire orderbook is looking like December...
I wonder where this one stops.  $10 anyone?