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Topic: Uncharted territory. What happens at $266? - page 2. (Read 4750 times)

hero member
Activity: 625
Merit: 501
x
November 05, 2013, 05:02:47 PM
#24

...

A) $266 proves to be significant resistance, with attempts to break through being met with an increased selling volume. (We have not seen this behavior to date on this rally.) Such resistance would once again provide a healthy consolidation phase and allow potential buyers to reload.
B) $266 proves to be significant resistance, and this scares a few folks into selling.  Right now, only 10,000 Bitcoins sold would take our price back down to $210.
C) $266 gets steadily eaten through over the course of hours or days. The strongest outcome. If this occurs, expect the rally to gain steam.
D) $266 gets blown through by an impulsive move, most likely a high-volume buy.  If this occurs, there is a higher likelihood for a head-fake.  It will be hardest to know the long-term outcome in this case. I speculate the most likely is a pop above, a high-volume sell-off that follows (with the aim of loosening more bitcoins).  When the rally resumes, it will be violent and without warning.

...As for likelihoods and timeframes, I predict we'll encounter B) within a day. After between 1 and 3 failed breakthroughs, D) occurs.


So far, so good.  The relative shallowness of the dip, and the rapidity with which the market shrugged it off bodes very well.
sr. member
Activity: 280
Merit: 250
Coolness: ∞
November 05, 2013, 04:56:33 PM
#23
I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.
BCB
vip
Activity: 1078
Merit: 1002
BCJ
November 05, 2013, 03:28:04 PM
#22
$300 is next
hero member
Activity: 898
Merit: 1000
November 05, 2013, 03:27:21 PM
#21
I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

The Chinese may still be looking at price history in USD in order to try and predict price movement. And the ATH will be the same for them, i.e. whatever the equivalent of $266 is in renminbi.
member
Activity: 96
Merit: 10
All For Bitcoin!
November 05, 2013, 03:12:37 PM
#20
Usually, when I spend $266 it's just never as successful as planned.
legendary
Activity: 1008
Merit: 1003
WePower.red
November 05, 2013, 02:21:05 PM
#19
Quote
What happens at $266?

1800 in 7 business days  Cool

It went down the last time you started counting business days, right?
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
November 05, 2013, 02:18:38 PM
#18
Quote
What happens at $266?

1800 in 7 business days  Cool
hero member
Activity: 728
Merit: 500
November 05, 2013, 02:17:51 PM
#17
Maybe the 266 resistance was at 235...
legendary
Activity: 2282
Merit: 1050
Monero Core Team
November 05, 2013, 02:09:18 PM
#16
The last move into uncharted territory for reference

sr. member
Activity: 378
Merit: 255
November 05, 2013, 02:08:17 PM
#15
I did watch very closely what happened around the previous ATH at $31.89

We paused just below it for some time, at most 2 days or so.
Then a big fish bought all the walls up to $31.89. There was no significant sell resistance ahead, but still nothing happened at first. Then, after a few minutes, another couple of big buys happened taking us well over the ATH. Then the rest of the sheep joined the fun with many many smaller buys.

Ofcourse, the delay had meant we got behind on the trend we were following until then, but the brief period of rapid increase that followed got us back on track.

True, but back then Americans were watching what Americans knew to be the ATH.  Now we have Chinese investors that don't know or care and they are the majority.
legendary
Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
November 05, 2013, 02:07:03 PM
#14
Space, the final frontier  Cheesy
legendary
Activity: 2212
Merit: 1008
November 05, 2013, 02:06:46 PM
#13
same thing that happened when we broke last ATH. many will sell, price will keep going higher, many pigs will be slaughtered. much regret. maybe a couple suicides
legendary
Activity: 2156
Merit: 1070
November 05, 2013, 02:06:36 PM
#12
We may stay just below for the rest of the day, but tomorrow we'll see more action as we go past $266 by only a little bit. That peak is around 198 Euro and I think we'll hit above 200 Euro before falling back. New all time high! This fall back could be dramatic, like to around the $160s which would be around 1000 CNY. That may be a bit dramatic, but it may be worth putting some buys in under $200 and then sell on the multiple rebounds to follow. The rest of the week will be a down turn to revisit whatever low the fall back hits tomorrow. See that to carry us through next week and a gradual rise to 2000 CNY the 2 weeks after.

What do I know though....

We are not going to fall like that. A great fall would only happen if we go up exponentially the next couple/few/several days. If we go from $260 to $400 in 4 days, then we might fall back to 200 or below. But there is no way a fall is going to be that great unless the climb is out of control.
full member
Activity: 159
Merit: 100
November 05, 2013, 02:01:03 PM
#11
I did watch very closely what happened around the previous ATH at $31.89

We paused just below it for some time, at most 2 days or so.
Then a big fish bought all the walls up to $31.89. There was no significant sell resistance ahead, but still nothing happened at first. Then, after a few minutes, another couple of big buys happened taking us well over the ATH. Then the rest of the sheep joined the fun with many many smaller buys.

Ofcourse, the delay had meant we got behind on the trend we were following until then, but the brief period of rapid increase that followed got us back on track.
legendary
Activity: 1133
Merit: 1050
November 05, 2013, 01:56:44 PM
#10
We may stay just below for the rest of the day, but tomorrow we'll see more action as we go past $266 by only a little bit. That peak is around 198 Euro and I think we'll hit above 200 Euro before falling back. New all time high! This fall back could be dramatic, like to around the $160s which would be around 1000 CNY. That may be a bit dramatic, but it may be worth putting some buys in under $200 and then sell on the multiple rebounds to follow. The rest of the week will be a down turn to revisit whatever low the fall back hits tomorrow. See that to carry us through next week and a gradual rise to 2000 CNY the 2 weeks after.

What do I know though....
full member
Activity: 204
Merit: 100
November 05, 2013, 01:56:28 PM
#9
I think history will repeat and the actual resistance to the ATH will come before we actually get close to it, i.e. happening right now.

Once we break 260 or so we'll breeze right past 266 like it ain't not thing.
this is pretty much my thinking. the correction at 258 is part of this resistance.... i think we'll blow right past it.
hero member
Activity: 924
Merit: 1000
November 05, 2013, 01:55:36 PM
#8
I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Looking forward to some uncharted territory.

You forgot:

5) $266 has absolutely no meaning to Chinese investors, who are looking more at ¥1600, so it blows right through it like nothing because it doesn't matter to the people who are dragging the market around like a rag doll right now.

I was thinking about this today. Now that we have three major exchanges representing different parts of the world and currencies, we should see some pretty amazing price movement. Now it's Gox, Stamp and China; once CampBX implements ACH transfers later this month Americans will have another good choice besides Coinbase.
member
Activity: 96
Merit: 10
All For Bitcoin!
November 05, 2013, 01:53:30 PM
#7
Think of history as a legend. Think of history as your true hope. History is your wish. My elders use to say that when I was young. If you're going to just pay $266 for nothing. Or else.
sr. member
Activity: 378
Merit: 255
November 05, 2013, 01:50:34 PM
#6
I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Looking forward to some uncharted territory.

You forgot:

5) $266 has absolutely no meaning to Chinese investors, who are looking more at ¥1600, so it blows right through it like nothing because it doesn't matter to the people who are dragging the market around like a rag doll right now.
hero member
Activity: 675
Merit: 507
Freedom to choose
November 05, 2013, 01:44:54 PM
#5
I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Looking forward to some uncharted territory.
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