Bitcoin Forum

If it keeps rising like this there could be a sharp correction.

Does anyone have any idea what price the market could support before a large sell off ?

The correction that we will get.. is upwards. Quit the FUD please.

It's not FUD, if it rises too fast into the 60's there will be a bit of a correction.

We've seen this many times before.

Hourly SMA 200/300 will be the support IMHO.

Yes we've seen it many times before. The fair value of 1 BTC at this time is closer to 500$ than it is to 50$ and we are observing the market price of Bitcoin correcting up to the equilibrium of supply and demand.

Fundamentals always trump TA.

There will be a correction, but the morning after the correction it will be like it never happened.

mtgox shows 14k BTC on ask all the way to 440$.  ::)

@OP

Dude the value of BTC has just increased almost 10% in a day. If it drops by anything close to that, hordes will descend and buy in more. People feeling queasy at $50 earlier today won't miss the boat twice.

There will be a minor drop (sharp sell followed by sharp buy), but nothing to fret about. Hold onto your coins, and if you're quick enough, buy more on the inevitable rebound.

If you try to sell like some sort of crazed daytrader, more likely than not you will hopelessly miss the top and be buying back at a higher price in a few days.

There are other aspects of the fundamentals. If bitcoin is going to go mainstream, it can not be just a small number of relatively early adopters holding the majority of all coins, so the free market will force shakeoffs, which are going to be really violent, weak hands(again relatively) are going to be washed out in bunches, and the fair distribution will in this way be achieved.

Really?  When was the last time we were over $50?

How many times has this happened?  How could I have missed it?

Well it just happened now. We went into the 60's too quickly and it fell back down to $54.xx, it's currently rising and is around 57.70.

All the major corrections we've had so far have bounced off the 20 day EMA, which is currently a little below $45. But I don't see us going that low at this point (except in the case of very bad news). I'm not even sure we could test 50 at this point before the buying would come in.

Can we please stop calling it a correction? There is nothing correct about it at all.

Allow me to illustrate my point.

https://i.imgur.com/oW0NoBc.png

You might as well have not said it.

The was the psychological barrier of $50. If we hugged that barrier for only a day and we rose like this, then I'd say a correction is likely, but it didn't.

Fixed that for you