Well, very nice to see this rally. However, even if this is a suckers rally, that low 3000 area looks fucking solid. I've stated on here before that Bitstamp's order book is a strong indicator telling us where the bottom is. Why I think this, is because Bitstamp is what seems to be an honest market and has no margin or shorting. When the price was at 3200 you needed about 2800 btc to be sold to take the price down to the 3000 level, but, if 2800 btc were bought the price would go to 4400.
At the 6000 level the order book was actually balanced between the buys and sells, hence it could break down with relative ease, in comparison to the 3000 level. There is massive buy support at the 3000 level and very little selling support. It's simple, not only is 3000 considered a good level to buy, we also get twice as many btc for the same amount of fiat compared to the 6000 level. And the sellers obviously don't want to sell at that level because what's the point, they have already lost over 80% from the highs, might as well just leave it to be lost, or hope that btc repeats it's historical patterns and booms again in a few years.
Nice; I buy most of your theory, and think your post deserves merit and a hat, neither of which are in my remit...
Got your back (btw you should apply for being a source.... would be a good one)
The HAT is something XhomerX is gotta do
If he finds the time for it
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