Uncharted territory. What happens at $266?

[Tirapon]

I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

The Chinese may still be looking at price history in USD in order to try and predict price movement. And the ATH will be the same for them, i.e. whatever the equivalent of $266 is in renminbi.

[BCB]

$300 is next

[Interized]

I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

[Chainsaw]

...

A) $266 proves to be significant resistance, with attempts to break through being met with an increased selling volume. (We have not seen this behavior to date on this rally.) Such resistance would once again provide a healthy consolidation phase and allow potential buyers to reload.
B) $266 proves to be significant resistance, and this scares a few folks into selling.  Right now, only 10,000 Bitcoins sold would take our price back down to $210.
C) $266 gets steadily eaten through over the course of hours or days. The strongest outcome. If this occurs, expect the rally to gain steam.
D) $266 gets blown through by an impulsive move, most likely a high-volume buy.  If this occurs, there is a higher likelihood for a head-fake.  It will be hardest to know the long-term outcome in this case. I speculate the most likely is a pop above, a high-volume sell-off that follows (with the aim of loosening more bitcoins).  When the rally resumes, it will be violent and without warning.

...As for likelihoods and timeframes, I predict we'll encounter B) within a day. After between 1 and 3 failed breakthroughs, D) occurs.

So far, so good.  The relative shallowness of the dip, and the rapidity with which the market shrugged it off bodes very well.

[Syke]

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

China is #2 in GDP. There's plenty of money there.

[Interized]

https://bitcointalk.org/index.php?topic=325694.0

[phlogistonq]

True, but back then Americans were watching what Americans knew to be the ATH.  Now we have Chinese investors that don't know or care and they are the majority.

But often significant rates roughly coincide. We should arrive at ¥1600 and $266 more or less simultaneously, so the Chinese may perceive it as resistance around ¥1600.

There is actually an interesting wiki site on numbers in Chinese culture, and given the superstitious nature of many Chinese, I thought it may be of interest in the coming weeks/months.

http://en.wikipedia.org/wiki/Numbers_in_Chinese_culture

In the short rally so far, I have, however, not been yet been able to spot any correlation between this and events in BTC rates on the Chinese exchanges,

[bitcoin carpenter]

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

China is #2 in GDP. There's plenty of money there.

... agreed it won't take much to blast this market to 1000 usd there are  to few bitcoins for sale with so much interest
If you are gonna gamble on a drop make sure you have a trigger limit sitting above the next wall .

[BitchicksHusband]

True, but back then Americans were watching what Americans knew to be the ATH.  Now we have Chinese investors that don't know or care and they are the majority.

We should arrive at ¥1600 and $266 more or less simultaneously, so the Chinese may perceive it as resistance around ¥1600.

You're right.  I didn't do my homework.  So much for that theory.

Yep, it's gonna be a megawall.

[Wary]

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

It's the common American worker cannot afford investments, because he have to buy 100-inch TV first. Chinese worker cannot afford to not invest.

[RenegadeMind]

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

It's the common American worker cannot afford investments, because he have to buy 100-inch TV first. Chinese worker cannot afford to not invest.

+1

Chinese priorities: health, wealth & family

American priorities: big screen TV, SUV & "Dancing with the Stars"

Conclusion: Bullish based on Chinese common sense despite vapid American priorities.

[wobber]

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

It's the common American worker cannot afford investments, because he have to buy 100-inch TV first. Chinese worker cannot afford to not invest.

+1

Chinese priorities: health, wealth & family

American priorities: big screen TV, SUV & "Dancing with the Stars"

Conclusion: Bullish based on Chinese common sense despite vapid American priorities.

+258.88

[AndrewWilliams]

Next stop, $290!

[smoothie]

We are in uncharted price territory but in terms of market sentiment...

"we've only just begun...."  ~ The Carpenters

[vokain]

www.youtube.com/watch?v=NG1qooBzE2w

[antimattercrusader]

I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Except that the common chinese worker cannot afford to risk even $100 into bitcoin.

The common chinese worker are not the ppl making speculative bitcoin investments... there is a lot of money in China.

[antimattercrusader]

Oh, and what happens at $266? This just happened....



That's what happens!

[Xian01]

Woot !

[rpg]

2000 Yuan - ~$328

[phlogistonq]

Next stop, $290!

¥1750
And we're not stopping. Maybe slow down a little.