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April 12, 2013, 06:08:52 PM |
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One thing I noticed as we went up was that the bid side was getting seriously overextended. 5000 BTC could often push it down $30. There was never over 60k BTC to $100 on the bid side, even when we were at $266, and 100k BTC would push it all the way to $20 at times. I was in denial about this but it was unquestionably happening. It was probably a sign that we would crash.
Now, 60k BTC will push it down to $60, and 100k BTC will push it down to $37. This looks much more sustainable, so it seems like $60 will hold. When we were going up, there was 60k BTC to $60 during the recovery from $52. This support is underscored by the exponential trendline from January.
We are at healthy levels again.
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