80 - 90 What's Happening?

[SAQ]

The price seems quite stable for the last few hours, 80 - 90. What does brief stability mean in a market like bitcoins?

It seems to me that there's a massive wall at 70 and there's a massive wall at 95. Unless we get some big bad or good news we might hang around 70 something to 90 for a while, but why 70 - 90?

[fishface]

Relevant moving averages knotting up on multiple time frames.

Previous support around 87-89 acting as significant resistance.

Traders trading the range.

Investors waiting for indication of longer-term direction.

[checkers6676]

Mr. Goxachev, tear down this wall!

[epetroel]

I get the feeling there are a few big investors playing games with the market right now, but that's just my feeling based on the activity I'm seeing.

Most of the small trades seem to be sideways punctuated by occasional very large buys and sells.

[RodeoX]

Mr. Goxachev, tear down this wall!

That made me lol. 

[Wuji]

The price seems quite stable for the last few hours, 80 - 90. What does brief stability mean in a market like bitcoins?

It seems to me that there's a massive wall at 70 and there's a massive wall at 95. Unless we get some big bad or good news we might hang around 70 something to 90 for a while, but why 70 - 90?

My guess is that over $90 is currently the psychological barrier for bears and below $70 looks like a value for bulls.  It may take weeks of this back and forth as people are cashing in and out.  I see nothing to suggest another huge surge so far which is why I think we will continue to slowly trend down now as interest wanes.

If it helps look at things in days and weeks and stop paying attention to hour by hour.  

[Aozora21]

with the prices swinging wildly +-40% in the matter of hours, its kind of difficult not to pay attention to it

[fishface]

with the prices swinging wildly +-40% in the matter of hours, its kind of difficult not to pay attention to it

Contraction follows expansion, and vice versa. After big crashes/rallies, consolidation is perfectly normal.

[wareen]

The price seems quite stable for the last few hours, 80 - 90.

Bitcoin: redefining stability since 2009!

[notme]

with the prices swinging wildly +-40% in the matter of hours, its kind of difficult not to pay attention to it

Contraction follows expansion, and vice versa. After big crashes/rallies, consolidation is perfectly normal.

Exactly.  The market is strongly conflicted about direction.  Adding liquidity if you are willing to take the risk is the only way to speed up the process.

[Richy_T]

Stability in the past has meant pressure building for a rally. Not sure what it means now though. I'm sitting tight for now.

[ElectricMucus]

The price is stable in the 70-80 range period will be even better.

[NamelessOne]

There has been a rising support line climbing ever since the 50 bottom. The market got a bit excited earlier today and shot up to 98$ when the line was still at like $83, thus the market slowly drifted back down to the line in the mid 80s. The price is how hovering around there.

[Peter Lambert]

The price seems quite stable for the last few hours, 80 - 90. What does brief stability mean in a market like bitcoins?

It seems to me that there's a massive wall at 70 and there's a massive wall at 95. Unless we get some big bad or good news we might hang around 70 something to 90 for a while, but why 70 - 90?

What the   are you talking about? A 10% range is not stable, and a few hours is nothing.

In the news today Apple shares are crashing today, they are down 5%. Look at that again, 5%. Whatever you want to call the bitcoin market, stable is not the right word.

[SgtSpike]

The price seems quite stable for the last few hours, 80 - 90. What does brief stability mean in a market like bitcoins?

It seems to me that there's a massive wall at 70 and there's a massive wall at 95. Unless we get some big bad or good news we might hang around 70 something to 90 for a while, but why 70 - 90?

What the   are you talking about? A 10% range is not stable, and a few hours is nothing.

In the news today Apple shares are crashing today, they are down 5%. Look at that again, 5%. Whatever you want to call the bitcoin market, stable is not the right word.

It's certainly stable compared to the last few days, though, which I believe is the point he was trying to make.

[Peter Lambert]

The price seems quite stable for the last few hours, 80 - 90. What does brief stability mean in a market like bitcoins?

It seems to me that there's a massive wall at 70 and there's a massive wall at 95. Unless we get some big bad or good news we might hang around 70 something to 90 for a while, but why 70 - 90?

What the   are you talking about? A 10% range is not stable, and a few hours is nothing.

In the news today Apple shares are crashing today, they are down 5%. Look at that again, 5%. Whatever you want to call the bitcoin market, stable is not the right word.

It's certainly stable compared to the last few days, though, which I believe is the point he was trying to make.

But even when the price is moving >100% in a day there are a couple hours at a time when the price remains "relatively stable". If the price is not moving right now it just means that the graph you are looking at is lagging behind the market trend.