I am unable to see anything interesting in the big four exchanges. Gox and Btc-e are drifting, Stamp showing a few ups and downs, Cny just had some activity, but all of it is on relatively slim volume. Everyone seems to be waiting. For *something*.
Think I'll pour a large egg nog, heavy on the nog, and wait with the rest.
Markets just resting.
The market dynamics change so much in these altitudes, because the amount of new money is just enough to keep things moving north. People like to talk about how we have to bring in $3.6 million or something into the markets everyday to keep it even. But that's not true, because a lot of the recently mined bitcoins are being sold off exchanges - its more secure, its fixed priced and its better business.
But still there is probably $2-6 million in new money coming into the markets every day. That's my rough estimate based on the fact that Bitfinex alone was receiving about a million a day when the market was roaring. And they are rather small.
So, back to what I was saying. This relatively small amount of money ($2-6 million) is keeping us edging forward. Meanwhile all the traders are sitting on the sidelines playing technicals.
I have a hard time believing we make a rapid push up before Christmas. Just too many distractions and too few people investing new money. Meanwhile, any seemingly bad news story is going to bring the markets back down because people who have their money sitting on the sideline are just nervous at these altitudes of price.
However, if/when we go to ATHs that $100 million sitting on the sideline is going to jump back in. And its goina get crazy up in here.
