Bitcoin Forum

Is getting above the $550 mark a challenge for the btc?

Ofcourse it is. If it was not, than it would have been $555,-.

Thread may close, question answered.  :-*

Every $50 is going to create a new challenge, because people usually buy at 50 marks. At $550, people will dump. At $600, they will dump. This will continue on. To get past it, we just need more people buying than selling at any given point, to overcome the dumpers.

I agree here, each $50 seems to provide an additional psychological level of resistance. People tend to sell off more at each increment.

There's added resistance at the 100's as well (500, 600, 700...). Some claim that they think numbers like 650, 750 and 900 are going to cause issues too, but I don't really get the importance of those specific ones. I do know 1200 will for sure, being that it's the ATH.

Yes, especially when it went up for no reason and nearly $100 up (which is nearly 25%). Way more reasons to dump (and buy cheaper) than hope for something that's failed so many times already.

 1200 far away still though I feel we will test it again this year

I think $1000 is a big one as well. I know quite a few people who plan to scale back on their holdings at $1000

555 at the moment..oh now 561...565...564 no 561 :-)
It'd be nice for it to go up for awhile and stay or to wake up to 575 or 600 in the morning.

No way! 550 it´s easy for bitcoin.

It just depends on what point people start profit taking. It is similar to the stock market having slight drops after a large rally. There are a lot less speculators in the market now than there were in December so it might not be as difficult.

This is why it *will* be more difficult. Less speculators are present but tons of people bought in at the 600-800 range, and many more ~1200 or so. The higher we get, the more of them are going to want to exit because they are realizing that Bitcoin won't infinitely increase in value day after day.

YEAH!  mission accomplished!! its trading above 550!

I really don't see much merit in this idea. While it's true people like to think in terms of easy numbers when people sell off/buy in they you don't see the orderbook filled with 550 exactly for both the buy or sell options. Buyers want the cheapest, not the nearest nice increment, and sellers want the most, not the nearest nice increment. As to your second statement, that depends on who is selling - those with higher expectations won't sell off until those are reached and so may not actually offer a sell option.

Now at 580 and going up!

i think 550 was a challenge... ;D now that we are above, what do you guys think the next major resistance is? 600? 650? 800? how much juice do you think this puppy has got left in her?? :D

Well I think the next major challenge will be 650, then 800 ;D , hope to see it to 1000 next month

This is the reason why if you want to sell you need to put the sell order a dollar or a few cents below the psychological number.

Happens in the stock market all the time.

550 now passed, what next hurdle is realistic?
And what's the logical or technical basis?

Its nice that when i was posting this thread, in the next 10mins the btc jumped over 550, the question got answered itself ;D.
Closing the thread now  :)