Yep, I'm re-using my own thread name as a shameless display how right it was. But this time, it's the other way around. Bears get flamed for no viable reason, and price is just assumed to keep rising.
To me, this is a possible sell signal. There are hints of speculation mania again. Many people cry for
more rallies, even though we just had a huge one. A positive feedback between activity and price is already showing once more. This causes conservative speculators to sell, which explains the stagnation of the price and the massive volume. I see three viable scenarios up next: stabilization (unlikely, but not impossible), the bust continuing (buyers burn out before the feedback kicks in, crash begins within the next two weeks), and a hyper-echo-bubble in which the resistance is just flooded with fiat money until buyers burn out.
Why am I telling you this? I'm pretty balanced, so I get out fine either way. If it goes down, I can buy back cheap, if it goes up I'll try to model the bubble again and hope to hit it as neatly as the last one with my remaining coins, which is probably very profitable. There's no immediate huge preference for me. That said, I think about the long-term situation, and that would probably prefer a more down-to-earth approach to Bitcoin value than everyone buying in as much as possible and measuring how high the price can go. Even if one really likes bubbles, we should better do that later, when the community takes less damage from a bust.
And that's why I think we do need a reality check. One that doesn't consist of charts and order books, but of the actual situation. Yes, that is what Edward50 says, and he may have a point there no matter how wrong he was last time.
Finally, even if my points don't make sense, be nice to both bulls and bears. No need to agree, but no need to make it personal.
Happy trading, let's see how this one turns out.
