This is amazing, Stamp never veering from $599.99 for days. Nope, no manipulation involved at all. Nope, pure free market, makes perfect sense it should stay that price.
When I complain about price engineering I get reminded that it is a free market and if some whale wants to enforce enough genuine selling pressure to ensure that an asset doesn't rise, and/or enough buying pressure to ensure that it doesn't drop, then that is just dandy. But a few days ago, Bitcoin looked as though it was verging on another strong correction, except the buying support came in and the 38% Fib retracement ($580) held, with a substantial Bid wall having built up on Stamp at the $580 point since then. Price support is engineered every bit as much as resistance.
When nobody is selling or buying, then the price aint gonna move much. Similar to the situation back in May, we have the convergence of two trend lines which dissect each other on July 2nd. The resistance trendline is connecting the double top with a few spikes along the $680 high, and the support trendline is a much more significant trendline that has been in force since Jan 2013. Resistance currently around $630. Support around $570. Should the Jan 2013 support line finally be breached after already 3 tests in the past 2 months, then that would confirm that the bull trend since Jan 2013 is over (incase nobody had guessed it) and that we were now well into the corrective Primary ABC wave. If the $680 turns out to be the top of the B Wave, then the $200 range Bitcoin call I made back in March of this year could well come reality.
At this point in time, I really don't know what way the wind is going to blow, but as always with these grinding consolidation periods, the break out when it comes should be huge in whichever direction, complete with the Bitcoin 'fake out' that has become so customary, that is almost predictable.
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