I believe the sudden unexplicable buying / selling throughout today has been caused by people battling to change the colour, range and fill of the candle on todays daily chart.
They're trying to change it to suit their own agenda.
There appears to have been some frenzied action late yesterday as well but I wan't watching.
The opening price today as reported on the Clark Moody website is $68.49.
Earlier today we saw a series of unexpected huge purchases right off the order books raising the price in total by more than $20 to a high of $98.77799, then it stopped.
Next various ask walls popped up, the largest of which is on $70, right now someone wants to purchase 22529 Bitcoins at $70.xx
Why is that ? I suspect it's solely to protect the closing price, if it closes lower than the opening then it's a red candle.
So in conclusion I'd suggest that the madness today has been a battle between the people who want the candle to be red and those who want it to be green.
A forced green candle at this stage isn't going to be a good thing, whoever's doing this has spent a lot of money and I have no doubt that there's little atruism in their intent.
My prediction : this is a large scale bull trap being laid out before us.
Maybe I'm wrong but that's the way it looks to me.
I don't exactly see how any of this is 'unexplicable.' It may be 'stupid' but it isn't 'inexplicable.'
A bunch of people saw BTC going up at an insane rate and decided they wanted in, perpetuating the insane growth rate, until somebody sold big causing it to crash. Fear caused a bunch of others to sell, perpetuating the insane crash, until people decided they liked their Bitcoins cheap and bought up, again too fast, but people are freaked out and start selling, and manipulators want their coins cheap so they attempt to perpetuate this decline, and it crashes again. The manipulators buy their cheap coins, and the price slowly recovers until people try to cash out, by this time everybody is scared so shitless a wall of that size is enough to cause them to sell and the crash/bounce repeats. Its insanely difficult to tell WHEN its crashing or to how low, so a bit of fear is enough to make the speculators sell to try to get out on top. Of course Gox crashing a ton doesn't help the sentiment.
This issue will only be fixed when big players get in that want to encourage stability, not large swings, and when exchanges get their act together. Until then it will be a very rocky ride.
