Discussion on why around $5.6 seems to be a wall or price floor?

[Edward50]

It is driving me nuts why $5.6 seems to be the price bitcoins is currently being stable at.

Why do you guys think that bitcoins can't seem to fall below or above around $5.6.

If it falls below that point, it is quickly bought back up to $5.6 or above.

If it goes above $5.6, it seems to fall back to that point.

Is this just the psychological price level? Is it a price that market players decided to set a price floor at and if so why?

Whats going on?

To me it looks like market players put a price floor at around $5.6 and decided they don't want it falling below that point.

[notme]

(8.16923-3)*13/12

[proudhon]

(8.16923-3)*13/12

That's what I was thinkin'.

[Hexadecibel]

Because thats what I bought in at, and I am not allowed to make gains or losses. . .

[S3052]

5.6 $ is not a big support area beyond the the very short term.

As we shared with subscribera last night, some key trendlines are broken and there is a strong possibility for another short term selloff.

[Hexadecibel]

good thing I'm not investing short term then

[Bigpiggy01]

I only see this as a temporary reaction to Mt Gox having issues Saturday.

I fully expect it to start moving back up again Sunday night - Monday. We were well underway Friday- early Saturday and don't see any obvious reason for a drop to this level apart from the market punishing itself for Mt Gox technical issues.

If we look at past occasions then technical issues with the largest exchange have fairly consistently led to short term drops with a resumption of the trends etc over the following days.

5.6 $ is not a big support area beyond the the very short term.

As we shared with subscribers last night, some key trendlines are broken and there is a strong possibility for another short term selloff.

Are they really or is this just a short term reaction to these technical difficulties. Atm I'm much in favor of the later interpretation.

[S3052]

While still bullish mid and long term, the technical picture is deteriorating short term.
Some key trendlines are broken: see chart here http://www.bitcoinbullbear.com/

There are two clear options.
1) Decline from current levels or
2) If 6.1 $ is broken: then Rally. but there is no need to be LONG until this has happened

[proudhon]

5.6 $ is not a big support area beyond the the very short term.

As we shared with subscribera last night, some key trendlines are broken and there is a strong possibility for another short term selloff.

Ok, I know you guys are thinking it...so this is why we had the sell off, and...

While still bullish mid and long term, the technical picture is deteriorating short term.
Some key trendlines are broken: see chart here http://www.bitcoinbullbear.com/

There are two clear options.
1) Decline from current levels or
2) If 6.1 $ is broken: then Rally. but there is no need to be LONG until this has happened

...this looks like an attempt to make the most of it for your subscribers.

[N12]

5.6 $ is not a big support area beyond the the very short term.

As we shared with subscribera last night, some key trendlines are broken and there is a strong possibility for another short term selloff.

Ok, I know you guys are thinking it...so this is why we had the sell off, and...

While still bullish mid and long term, the technical picture is deteriorating short term.
Some key trendlines are broken: see chart here http://www.bitcoinbullbear.com/

There are two clear options.
1) Decline from current levels or
2) If 6.1 $ is broken: then Rally. but there is no need to be LONG until this has happened

...this looks like an attempt to make the most of it for your subscribers.

Indeed. This is not the first time, I observed the same and lost money because I tried to profit off it – but there were too many like me. The target was not even remotely hit.

The depth to 5 has regenerated once again from 60k to 95k (on a weekend, and on a higher low). You know that the depth is genuine with high probability because buyers have to consider a 45k or larger dumper anytime.

Sorry sellers. I only trust my own analysis anymore, and my analysis, especially as I read this latest info is that this is a manipulated and fake breakdown from people who actually want to be long.

The price has bounced off the long term trendline. That is ALL I need to see for a buy signal. So yes, there is reason to be long in my view.


http://www.sierrachart.com/userimages/upload_2/1329052797765.png

[S3052]

>>>Blitzboom.

The market is still too thin to profit from tiny short term moves well enough. This is why we provide a NEUTRAL outlook between 5.3 and 6.1 $. And we provided the same analysis to subscribers and to the public, with the only difference the delay, as we promise to subscriber to get all info first.

We are sure that soon there will be great trading opportunities.

[teflone]

My horoscope today said the same thing...   

[finway]

>>>Blitzboom.

The market is still too thin to profit from tiny short term moves well enough. This is why we provide a NEUTRAL outlook between 5.3 and 6.1 $. And we provided the same analysis to subscribers and to the public, with the only difference the delay, as we promise to subscriber to get all info first.

We are sure that soon there will be great trading opportunities.

I hope you do not disclose your prediction, or disclose at the same time.
You clients sell first, and then ask the public to sell, that's not good.

[Elwar]

The low has constantly been just outside of my profitability for my short.

Last week I was waiting for it to fall below 5.4, this week 5.58...

it teases me right above each time

[joulesbeef]

Last week I was waiting for it to fall below 5.4, this week 5.58...

it teases me right above each time

well hold onto your hats, cause we are about to fly right by those numbers.

[Oldminer]

[notme]

Meh, unless 5.45 is definitively broken soon, I think it will hold.

[Koekiemonster]

While still bullish mid and long term, the technical picture is deteriorating short term.
Some key trendlines are broken: see chart here http://www.bitcoinbullbear.com/

There are two clear options.
1) Decline from current levels or
2) If 6.1 $ is broken: then Rally. but there is no need to be LONG until this has happened

So either it goes up, or down? 

[joulesbeef]

and down we go.

[Oldminer]

uh oh