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Title: Is china causing this 500+ rally? Post by: bitcoinsrus on May 20, 2014, 05:26:50 PM I am watching huobi bitcoin wisdom and fiatleak (5k btc in half an hour vs average <500). I know fiatleak shows total volume (buying and selling) and not reliable since no fees to trade.
So is this a genuine rally after months of bearish news? Is china manipulating the market, perhaps a whale? What will we see later in the week or next week? Title: Re: Is china causing this 500+ rally? Post by: jamesc760 on May 20, 2014, 05:28:14 PM No.
Bitstamp is leading the charge, all other exchanges, including Chinese, are chasing Bitstamp at this point. Title: Re: Is china causing this 500+ rally? Post by: byt411 on May 20, 2014, 05:42:40 PM No. Bitstamp is leading the charge, all other exchanges, including Chinese, are chasing Bitstamp at this point. I expect the price to get up to at least $500 by the end of the day. Also, we still haven't found the reason for this rise, no news, no FUD, no anything. Title: Re: Is china causing this 500+ rally? Post by: BittBurger on May 20, 2014, 05:46:43 PM Also, we still haven't found the reason for this rise, no news, no FUD, no anything. Why isn't it possible that the infrastructure growth and adoption levels are finally carrying the price upwards? Not everything is as a day trader sees it (short term fud/alerts, short term price spikes/drops). Smart people are holding long term and have been waiting for this. Maybe there is no specific reason. Except increased worldwide awareness/investing/adoption/commerce. -B- Title: Re: Is china causing this 500+ rally? Post by: byt411 on May 20, 2014, 05:48:50 PM Also, we still haven't found the reason for this rise, no news, no FUD, no anything. Why isn't it possible that the infrastructure growth and adoption levels are finally carrying the price upwards? Not everything is as a day trader sees it (short term fud/alerts, short term price spikes/drops). Smart people are holding long term and have been waiting for this. Maybe there is no specific reason. Except increased worldwide awareness/investing/adoption/commerce. -B- Yes, but if it's that, it should slowly go up, not spike from $450 to $500. Title: Re: Is china causing this 500+ rally? Post by: jamesc760 on May 20, 2014, 05:56:08 PM Price wants to be at equilibrium, I.E., one of the long term trendline plots today's price at around $800. Naturally, bitcoin price is moving towards where it should be. We have a ways to go, then.
Title: Re: Is china causing this 500+ rally? Post by: Wandererfromthenorth on May 20, 2014, 06:00:31 PM No. Actually no, the mega pump buy started exactly at 16:05 at Huobi (look at the huge spike in volume), Bitstamp followed.Bitstamp is leading the charge, all other exchanges, including Chinese, are chasing Bitstamp at this point. |