Asks piling up all the way to $110. The sellers will become nervous sooner or later, there are too many coins till $110 and no buying pressure whatsoever. Someone that bought from $100 to $105 has to decide wether to sell at a profit at $108 or panic sell and probably lose money if a seller get tired to wait and dumps as few coins as 700-800, pushing the price down.
I just don't see it in the market depth on Gox. Where are you getting your numbers from?
For example, just looking at the sum of buys and sells within $8 of the current price of 109, I see Asks at 10k and bids at 9k. That has been getting better the last few days.
Now, I'm not saying we don't go down, but that is what the depth is saying (and easily manipulatable I know).
Another thing to consider, on many of our minds, is that 15k order on Sunday that stopped the downward movement. I wonder who would do that as they could have bought in slower and gotten a better price.
Is it going too far to say a lower price of Bitcoin would increase adoption? There has been evidence that a higher price keeps people away. Funny, perhaps some people want to keep the price up for
that reason. We don't know, but something to consider.
