Bitcoin has been at $500 for a while now. Which way next?

[MoonWhale]

We have been pretty static at $500 for the last week or two. My guess is that we are going to go up to the MOON, now that the ChinaFUD has started to clear. But who knows... I would buy some more BTC but I'm pretty heavily in already!

[minerpart]

$380 was firmly broken, my chart says we need to re-test $340 level.

[beatljuice]

$380 was firmly broken, my chart says we need to re-test $340 level.

Not that you're wrong to use charts/software, but any large price swings in Bitcoin are almost always predicated on news. And unless you've figured out the algorithms from Isaac Asimov's Foundation series to predict peoples behavior - I don't think a chart will help much (a little, but not much). 

[pdawg]

News dictates your playing field, while the TA dictates moves within the playing field.  That being said, I think there is a good chance of retesting the low $400's before going higher into year end.... much higher.

[jdun]

No, I doubt we'll retest the 340 level. Bitcoin would have to have some more pretty bad news for that to happen. In the "press" section, most of the latest news releases is positive and in favor of a good future for bitcoin. So I think it is up from here. Maybe a short dip to 450 to gather buy support, but I think we'll be seeing the 600 mark in a month or two.

[Bit_Happy]

No, I doubt we'll retest the 340 level. Bitcoin would have to have some more pretty bad news for that to happen. In the "press" section, most of the latest news releases is positive and in favor of a good future for bitcoin. So I think it is up from here. Maybe a short dip to 450 to gather buy support, but I think we'll be seeing the 600 mark in a month or two.

We could see $600 within a week or two.
The same can be said about $400, the market is too quiet and I'll be happy with either direction.

[Sindelar1938]

Up. We will see 800 again in a couple of months...

[BitChick]

Considering the trendline we are well under right now.  We could go down but I think the odds are much greater that we will be going up from here.  The question is how quickly?  Will we plateau for a few more weeks? 

Here is a chart to consider:  https://bitcointalk.org/index.php?topic=366214.msg6027236#msg6027236

[kooke]

There's no big event like the Chinese adoption on the horizon that I've heard of, so really I don't see why the price would shoot up in the next few months. At least we may get some stability after the price crashes again.

[bryant.coleman]

The Mt Gox auction is confirmed. And I don't have any idea what effect it will have on the Bitcoin prices. Either the prices will stay stable, or they will go down by 10% to 20%. Once this headache gets over, the Bitcoin can climb to new heights.

[Bit_Happy]

There was a nice rally from ~474 to almost $500 ("false breakout" from today's narrow range), then a fast slam down to under $450.
How much fun is that?

[pdawg]

welcome to btc.

[Bit_Happy]

welcome to btc.

Welcome to btc, we hope you enjoy your stay. 
Obviously, a decent number of traders got caught by surprise or the drop would have been more steady.
This was a "sudden panic" partly caused by misleading short-term technical indicators.

[redhawk979]

We could see 10 million next week. 

[nuff]

it's stabilizing. the next event trigger could be the liquidation of gox's 200k bitcoins. i'd say down, then slowly crawling up

[jamesc760]

Apparently, downward!