Looks like we are testing 600 tonight. I wonder how far past it we will go.
Testing doesn't mean "going past", does it?
Will we bounce from $600 resistance?
I don't know, this market is incredibly strong as even the most hardcore "bears" waiting for lower prices have to realize the bottom is really in (how many have realized it). I thought $550 would hold us back for a while and result in a sizable correction to around $490. Didn't happen: we just went through it like it was warm butter.
The largest unknown for me is currently the size of the impact of media exposure when we hit higher prices that make good headlines. How many newbs are going to be flushing in. I'm already seeing slight influx of newbs (reddit users reporting their first buys and the like. btw: let's try to be nice to the newbs).
For now the rally seems to be based on "old" market participants (who were holding fiat for lower prices and now are starting to panic). Maybe the odd wall street guy is new, but we're not seeing real fresh blood flowing in yet.
