The Rocket

[Piper67]

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.

If your idea of rocket is the same as mine, the fuel is fiat, not bitcoins

[SkRRJyTC]

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.

If your idea of rocket is the same as mine, the fuel is fiat, not bitcoins

The bitcoins need to be there to buy... otherwise the big money will be scared away by slippage.

EDIT: This can also be thought of as the market being to heavily swayed to the bullish side psychologically... since there are very few bitcoins for sale ... and we know what happens next...

[cloon]

rocket did start but not lift off, let's see if people want to go to the moon

[Bigpiggy01]

[Technomage]

Now there is something to bite at $5.5. This is the point where we see how bullish the market really is. If that wall is eaten, the rocket will lift off. If not, we will see ping pong between $5.3 and $5.5.

[anu]

what a pathetic little ask wall.

ask wall?  Those don't exist anymore

No shit?

[cloon]

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

[BIGMERVE]

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

Looks like a wall to me.

[adamstgBit]

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

Looks like a wall to me.

it looks like once again 5.50 is the top...
my guess is we wont drop much lower
we'll form a triangle to allow us to break 5.50

you heard it first from the 8$ guy

[cytokine]

can we go to the moon next week?

Everyone knows the moon's made of cheese...

Mmm, cracking toast Gromit!

[anu]

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

Looks like a wall to me.

Exactly. 2 walls to be precise - a lower wall of 5.30 and an upper of 5.50 between which speculants can play and walk back and forth. In 2-D, 2 walls is enough to lock them in.

I am looking forward to another few months of stability.

[John (John K.)]

no: with shit
http://btccharts.com/#m=mtgox-BTC-USD

Looks like a wall to me.

Exactly. 2 walls to be precise - a lower wall of 5.30 and an upper of 5.50 between which speculants can play and walk back and forth. In 2-D, 2 walls is enough to lock them in.

I am looking forward to another few months of stability.

This. Although I'm personally thinking that there would be another spike to the sub- $6's.

[gewure]

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.

everything you said sounds very bullish to me

[Technomage]

everything you said sounds very bullish to me

Well, I'm almost never bearish. Everyone knows that. My take varies from neutral to bullish to very bullish. You haven't seen the "very bullish" yet. :-)

Right now there is something to bite at $5.5 and I still think that it's rather likely that someone will bite. That would lead to a rally with the real resistance forming somewhere around $6.

It's possible that the rally ran out of steam right here but I doubt it. We'll see in the coming days anyways. Nothing is certain.

[misterbigg]

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.

[smoothie]

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?

looks like it took a pause after getting to $15.40

[thezerg]

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?

looks like it took a pause after getting to $15.40

Stage separation