The Rocket

[ineededausername]

Is taking off again!

$200k to $6 atm.  Haven't seen that in months.  In fact, the entire orderbook is looking like December...
I wonder where this one stops.  $10 anyone?

[Matthew N. Wright]

Depends on if this rocket was made by North Koreans or not.

[drlatino999]

It would be nice, but something will happen to rain on the parade, it is inevitable.

[mr chong]

Depends on if this rocket was made by North Koreans or not.

 

[YoYa]

So!

It is beginning....or yet another false signal?

[Hexadecibel]

Kinda nice after those long months at 5.0-5.10$

[mufa23]

Economics noob here. But it seems like we all chant when the price goes up. Alright, so time to sell. But why aren't the people who buy them groan when the price goes up? I assume there isn't an equal amount of buyers as there are sellers on this forum?

[chsados]

is that a pirate playing with a bubble?

[cypherdoc]

what a pathetic little ask wall.

[ineededausername]

what a pathetic little ask wall.

ask wall?  Those don't exist anymore

[BIGMERVE]

I'm predicting this is a false swing. With Bitcoinica gone there's far less trading with leverage. The manipulators lost both their tools and funds when Bitcoinica went belly up. We won't be hitting 6 for awhile.

[the joint]

I expect to see serious resistance around $6 if we make it there anytime soon.  

I remember watching Mt. Gox Live the last time the price was hovering around $6.  Some guy had bought over 10,000 BTC at just about $6 and had placed a sell wall for it all at $6.05 shortly thereafter because the price started to drop.  That wall at ~$6.05 remained for quite a while before it was taken down prior to this gradual move upwards.  I still have seen no evidence that this guy ever sold off his 10,000 BTC, and my guess is that he's waiting for an opportunity to get back to break-even or get into the green.

However, a counter to the above theory is the idea that this same individual may have purchased many coins around $5 as a hedge and may already be back in the green if $6 is reached.

But regardless of this individual, the market is different today.  We don't see massive dumps that send the price of BTC spiraling anymore, and likewise I don't imagine that a crapload of buying will send any rocket soaring anywhere.  Speculation aside, I still contend there's no good reason for the price to increase radically at this point, though there may be good reason to speculate.  That being said, I also wouldn't be surprised to see $7 again in the short-term as I wouldn't consider a jump from $5 to $7 "radical."

But overall, market seems very bullish.

[Hexadecibel]

The manipulators lost both their tools and funds when Bitcoinica went belly up. We won't be hitting 6 for awhile.

I'm not sad (or surprised) Bitcoinica went out the way they did. I can't tell you how nice it is on my brain not to see a million posts/comments about starfish.

[notme]

I'm predicting this is a false swing. With Bitcoinica gone there's far less trading with leverage. The manipulators lost both their tools and funds when Bitcoinica went belly up. We won't be hitting 6 for awhile.

You seem to be assuming there were more bullish speculators than bearish speculators.

[waspoza]

Is taking off again!

Rocket era is over im affraid. 

[Technomage]

$5.5 has been broken... the time of the rocket is far from over.

[Cluster2k]

Here comes the bull trap.  Watch it work.  Enjoy.

[waspoza]

$5.5 has been broken... the time of the rocket is far from over.

woot! fingers crossed for the secret rocket.

[drakahn]

can we go to the moon next week?

[Technomage]

There is no fuel for the rocket. With fuel I mean bitcoins. Sellers are simply gone at below $6 prices in most exchanges. Someone wanting to buy a decent amount at $5.5 right now simply can't do it because the market is so thin. His average price would be way over that.

Right now if someone put up an ask wall at $5.5 it would be eaten very fast. But there is nothing there. Nothing anywhere. Interesting to see what happens.