Rally is starting

[Cluster2k]

The 'rally' let me sell off some bitcoins at a nice profit when some silly sausage decided to spike the price to $5.35.  Well done, sir 

[NamelessOne]

I think it was quite a few sausages, haha. Now lets continue this slowish climb, or have another rally.

[ineededausername]

This rally better get somewhere... we can't possibly be headed down again

[NamelessOne]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

[proudhon]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

And this is why it's going to take a loooooooooooooong time for the price to recover to the previous high, if it ever does.

[grod]

My asks were too high, none of them got taken.   Bulls make money, bears make money, but pigs like me get stuck with bitcoins instead of money.

[Cluster2k]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

[S3052]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

[d.james]

what rally?

[SgtSpike]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

What is a "bottom forming process"?

[Cluster2k]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

Someone (or some persons) have repeatedly tried to start a rally by initiating a buying frenzy.  No news about new innovative bitcoin products that people want to use, no major retailers taking up bitcoins, nothing to support the rally.  The smart money sees through the hype and knows when to take advantage of the situation.  If I'm wrong then all the low Asks will be pulled much higher and stay there the next time someone decides to get frisky with their trading.  

[TiagoTiago]

What is a "bottom forming process"?

Squats

[Cluster2k]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

What is a "bottom forming process"?

It's someone sitting at McDonald's sucking down Quarter Pounders like they're going out of style.  Their bottom is forming quite nicely  

[S3052]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

What is a "bottom forming process"?

Look for example on the USD index botton forming recently. It was a long process of ups and downs until finally it shot up.

[Cluster2k]

I think it will keep going up, but it shot up so fast I think a lot of people just on board the sell bandwagon. Rather then panic buying, people started selling to take advantage of the sudden spike. Hopefully it shall continue its climb, and/or have a less sudden spike like rally.

I attack any spike with sells simply because the spikes do not last.  I'm sure others do the same.  If you know the price isn't going to hold but you can make a tidy profit, you take what you can.

It is normal in a bottom forming process to give many false signals and kick out the weak hands, like you

What is a "bottom forming process"?

Look for example on the USD index botton forming recently. It was a long process of ups and downs until finally it shot up.

The thing about looking at graphs and trying to predict the future is you can only do it after its happened, by which time it's too late to trade.  Using the example graph, the US dollar is like the least ugly girl still available at the school formal.  She's the best choice of a bad bunch.  The other currency rocketing up in value right now is the Japanese Yen, a currency issued by the most indebted first world government in the world (GDP ratio wise) with a rapidly aging population and one which would be instantly bankrupt if they didn't rely on their own citizens to buy out the debt and pay very low interest rates.

Bitcoin could well be forming a 'bottom'.  People have said 'it can't go much lower!' for the past few months but I agree that much below $5 would be getting a bit silly.  The question is, is there anything to push us up to $10, $20 and beyond?  There are moves to make payment for goods via bitcoin enabled mobile phones available, but the idea is one converts the bitcoins to dollars as soon as possible.  Merchants aren't currency traders and generally don't want to take on the risk.  I have yet to see an honest idea that truly signals bitcoins are poised to head much higher.

[anu]

No news about new innovative bitcoin products that people want to use, no major retailers taking up bitcoins, nothing to support the rally.

Why would only an obvious connection be able to cause a rally? Bitcoin capitalization at present is around 35 Million - that's just 0+Epsilon

• Rumors that Greece is returning to Drachme can do it any day now (I am really wondering how the Greek can be so thick as to leave their Euros in a bank account within grasp of the Greek government)
• Bitcoin adoption in Cambodia can do it (remember, Cambodia does not have a national currency that is worth the name, but Java capable cell phones are ubiquitous in Cambodia)
• Any billionaire deciding to add a tiny number of Bitcoins to his portfolio as a hedge can cause it
• Even normal growth of the bitcoin economy could cause a rally at some point

I agree that BTC going down much further would be ridiculous, but there are thousands of non-obvious reasons it can be at EUR 100 by the end of the year. Or still at 3.70.

[NamelessOne]

I tend to find that S3052 does an amazing job of predicting. People make jokes about tea leaves, but for the last couple months nearly every major movement has been stated ahead of time. At first I didn't know what to make of it, but I researched TA, and started paying close attention. I signed up for the subscription and found it has been worth it.

[Spekulatius]

I tend to find that S3052 does an amazing job of predicting. People make jokes about tea leaves, but for the last couple months nearly every major movement has been stated ahead of time. At first I didn't know what to make of it, but I researched TA, and started paying close attention. I signed up for the subscription and found it has been worth it.

Chart analysis works for me as well. Of course, you have to know what you are doing..

[osmosis]

I still remember back at 15, "Future looks bright for bitcoin!"  ooops.

[osmosis]

Someone (or some persons) have repeatedly tried to start a rally by initiating a buying frenzy.  No news about new innovative bitcoin products that people want to use, no major retailers taking up bitcoins, nothing to support the rally.  The smart money sees through the hype and knows when to take advantage of the situation.  If I'm wrong then all the low Asks will be pulled much higher and stay there the next time someone decides to get frisky with their trading.  

The biggest thing in my opinion that is going to make the price go up quickly is that as soon is we get some "market confirmation" all the sharks who sold out for a drop in price back at 15 will be buying back at 6 - 7.  Seems to me a large part of the market is just people sitting out, getting ready to jump back in. I think that will take us past 20. Just my guessing though.