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Author Topic: Wheres the next resistance?  (Read 1253 times)
afbitcoins
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April 09, 2013, 11:55:37 AM
 #1

edit: have removed $200 from the title, was too misleading. I wasn't saying resistance at $200 I was referring to the fact we broke through $200

From my blog



I noticed quite a while ago what looked like a resistance level somewhere near $200 ish.. Here it is again on the ‘all data’ log chart.

Very hard to judge on these log scales what prices are but as you can see the green increasing price is at this very moment approaching the same trend line which produced resistance twice during the 2011 mania ...
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empoweoqwj
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April 09, 2013, 12:07:14 PM
 #2

From my blog



I noticed quite a while ago what looked like a resistance level somewhere near $200 ish.. Here it is again on the ‘all data’ log chart.

Very hard to judge on these log scales what prices are but as you can see the green increasing price is at this very moment approaching the same trend line which produced resistance twice during the 2011 mania ...

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?
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April 09, 2013, 12:16:33 PM
 #3

lol! $300!

- aka The "DigiMan"
ruski
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April 09, 2013, 12:18:00 PM
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Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?

A ~$500k USD buy annihilated the $200 wall. Yes, there was resistance. However, resistance was futile.
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April 09, 2013, 12:19:27 PM
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IMO, there are only two things that can stop the rise for more than a day or two. One would be if Satoshi came back and started selling his coins from the very early blocks. Assuming that he still has the wallet(s) with the private keys, of course. The other would be if some ass hat politician declares war on bitcoin.
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April 09, 2013, 12:21:52 PM
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IMO, there are only two things that can stop the rise for more than a day or two. One would be if Satoshi came back and started selling his coins from the very early blocks. Assuming that he still has the wallet(s) with the private keys, of course. The other would be if some ass hat politician declares war on bitcoin.


anyone can sell at any time and take the price back to double digits.

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April 09, 2013, 12:23:33 PM
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You cannot seriously consider that tiny little blip in the steep upwards curve of the 2011 bubble, which happened for entirely different reasons and under different circumstances to have any relevance for todays curve.

Also, the resistance at $200 was almost non-existant. It only took two days, and the wall was only a few kBTC whereas $50 and $75 each took one or two weeks, with walls of >10kBTC

It is clear from the past months where the psychological barriers were. $25, $30.89, $50, $75, $100, $150

So next week we will find ourselves trying to beat barriers around $250 and perhaps even $300
Then $400, $500 (end of this month), then $750 and major resistance around $1000 (summer)


afbitcoins
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April 09, 2013, 12:24:36 PM
 #8

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?

I never said it would be exactly at $200. The chart might be quite hard to make out I admit, but we havn't reached the resistance level I've attempted to draw in, never mind broken through it yet.


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April 09, 2013, 12:25:32 PM
 #9

Just to answer the OP's question in the thread title


www.sgBitcoin.net - The Premier News, Discussion & Marketplace Destination for the Singaporean Bitcoin Community
afbitcoins
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April 09, 2013, 12:26:10 PM
 #10

lol! $300!

hehe Yes it might be $300  Grin

Can't tell one hundred from another on that log scale ! Huh
essem
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April 09, 2013, 12:28:09 PM
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From my blog



I noticed quite a while ago what looked like a resistance level somewhere near $200 ish.. Here it is again on the ‘all data’ log chart.

Very hard to judge on these log scales what prices are but as you can see the green increasing price is at this very moment approaching the same trend line which produced resistance twice during the 2011 mania ...

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?



How else could he plug his blog?
afbitcoins
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April 09, 2013, 12:30:31 PM
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IMO, there are only two things that can stop the rise for more than a day or two. One would be if Satoshi came back and started selling his coins from the very early blocks. Assuming that he still has the wallet(s) with the private keys, of course. The other would be if some ass hat politician declares war on bitcoin.

If a politician did that the price go even higher, when has a govt policy ever worked ? ever?
BitcoinTate
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April 09, 2013, 12:33:02 PM
 #13

IMO, there are only two things that can stop the rise for more than a day or two. One would be if Satoshi came back and started selling his coins from the very early blocks. Assuming that he still has the wallet(s) with the private keys, of course. The other would be if some ass hat politician declares war on bitcoin.

If a politician did that the price go even higher, when has a govt policy ever worked ? ever?
How hard is it for people to really believe that one day soon a Bitcoin will be worth $100,000.00? All you have to do is run the numbers. Smiley

- aka The "DigiMan"
afbitcoins
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April 09, 2013, 12:34:28 PM
 #14

From my blog



I noticed quite a while ago what looked like a resistance level somewhere near $200 ish.. Here it is again on the ‘all data’ log chart.

Very hard to judge on these log scales what prices are but as you can see the green increasing price is at this very moment approaching the same trend line which produced resistance twice during the 2011 mania ...

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?



How else could he plug his blog?

Don't know why I bother its received no donations so far Sad you could be the first if you want
afbitcoins
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April 09, 2013, 12:37:33 PM
 #15

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?

A ~$500k USD buy annihilated the $200 wall. Yes, there was resistance. However, resistance was futile.

There must be some big buyers entering the game, wonder who they are? Do you think someone eg the FED may buy up a whole load of bitcoins to ramp the price up. Then sell really quickly to try and cause crash?
ruski
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April 09, 2013, 12:39:30 PM
 #16

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?

A ~$500k USD buy annihilated the $200 wall. Yes, there was resistance. However, resistance was futile.

There must be some big buyers entering the game, wonder who they are? Do you think someone eg the FED may buy up a whole load of bitcoins to ramp the price up. Then sell really quickly to try and cause crash?

Who knows. By those standards I'd be a "big buyer." And since I'm definitely not... who knows. I highly, highly doubt anybody with the necessary resources would be using them to seesaw the price.
Rygon
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April 09, 2013, 04:59:38 PM
 #17

IMO, there are only two things that can stop the rise for more than a day or two. One would be if Satoshi came back and started selling his coins from the very early blocks. Assuming that he still has the wallet(s) with the private keys, of course. The other would be if some ass hat politician declares war on bitcoin.


anyone can sell at any time and take the price back to double digits.

Well, not anyone exactly. Someone would have to sell 10 of thousands of coins at once. Even then, the demand would gobble them up, and we'd be back to where we were within a few days. I pointed out Satoshi because I believe the market would get spooked if he/she/them started moving around coins. We'd probably assume those coins were getting sold and then it would be absolute chaos.
afbitcoins
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April 11, 2013, 07:30:00 AM
 #18

Well I guess that what the resistance I forecast  Roll Eyes
afbitcoins
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April 11, 2013, 07:31:45 AM
 #19

Well there was no resistance at $200, so what you extrapolated from the graph was effectively useless. Why repeat the exercise?

A ~$500k USD buy annihilated the $200 wall. Yes, there was resistance. However, resistance was futile.

There must be some big buyers entering the game, wonder who they are? Do you think someone eg the FED may buy up a whole load of bitcoins to ramp the price up. Then sell really quickly to try and cause crash?

Who knows. By those standards I'd be a "big buyer." And since I'm definitely not... who knows. I highly, highly doubt anybody with the necessary resources would be using them to seesaw the price.

They might hope to seesaw the price to persuade people its too volatile to be serious as a currency. If I was the PTB I'd be trying to control it first before trying to clamp down on it. Clamping down would be last resort.
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