Ok so we got the new ATH which currently is showing 272.52. Tissues to all those that need them.
Last trade Mt gox as I post $260
Futures off the highs at $260 as well.
When futures and trades are approx the same this indicates reduction in price pressure so Consolidation or retracement SHORT TERM is the question to be answered.
How do we decide which is most likely?
a) Volumes
Big 3 137K China 135K so china volumes are flat while Big3 volumes have doubled since yesterday .Indicates consolidation /range bound prices in China..price pressure building in the rest of the world
b) pricing bid /ask
Big2 Bid 254-258 Btc-E 246 Ask 254-260.2 Btc-E 247.3
conclusion slight upward pressure range bound pricing Big 2 250-270
china Bid 262-265 Ask 263-266
Conclusion ..consolidation range bound 262-270
These refer to short term ( 2-4 days)
What about medium term 1-3 months +Harder to evaluate but certainly will push upward eventually a possible (arguably ) indicator is
elliot wave theoryzazuli has a chart posted yesterday
at the bottom of this link that shows a possible $500 price by xmas
http://www.rugatu.com/questions/19230/elliott-wave-analysis-and-forecast-for-bitcoin-dollar-btcusd-price-historyOf all the wave charts out there these are the ones that most closely match my own and where I took a position
last APRIL that long term by Oct 2014 I would have a price target of $400
This Chart was posted 8 days ago
https://www.tradingview.com/v/vIGjP5kR/This was posted 22hours ago
https://www.tradingview.com/v/EGGBOeOJ/
