I hope it's a big bull trap
BTCChina is leading the way. And it looks like a bull trap. Started @ 4200 CNY , probably going till 5500 CNY
So do, but only so I can buy back in at lower values, which will still be much higher than what I sold at.
I have been bullish on Bitcoin since Sept 2013 when I bought some for speculative purposes for first time (b4 then, hundreds of the things were going through my account and onto Silk Road....makes me sick looking at the transaction history in my wallet)
Anyway, I was bullish, but cashed out when I had trebled my money, but immediately regretted doing so and had wired a much larger sum of money to Bitstamp back when Bitcoin was still around $400, intending to buy in and cash back out at around $600. Thus, I remained bullish on Bitcoin right up until the eve of the crash, where the parabolic chart behaviour turned me bearish. After getting the usual ridicule and 'face palms' from the usual retards, Bitcoin did indeed crash....
...But.....
Can I honestly say that this feels like a dead cat bounce?
No, I can't.
Perhaps because so many people, like myself, believe that these spikes and flash crashes are going to keep on occurring in Bitcoin, so many people believe that there is huge upside still to be made in Bitcoin and therefore the speculative capital is preventing the usual post bubble scenario from setting in. I am also a firm believer that Bitcoin is a highly manipulated market and that there are people with the buying/selling power to drive this market around like a bitch.
For this reason, I at this point in time, am like a animal frozen in headlights. Bitcoin could hit further astronomical heights very soon, or it could take another flash crash short of the previous highs, which surely would result in a near term bear scenario where prices would have to stabilise before green shoots could come again.
The Silver price history chart provides a great example of a burgeoning asset that takes a whack down, yet seems like it is heading straight back up, only to take another whack down...wash rinse repeat: