Somebody mentioned BTC
looked like a parabolic move with targets at 1500 and 2000, so I wanted to see what that looked like. The trend does line up with the parabolic curve. Coincidentally, both ends align with the new moon
. There is a strong historical correlation to the phase of the moon , which may explain the strange low-volume rise over the past few weeks. It's acting like it's being pushed up against some kind of a trend line
. It's probably just a few bulls holding coin now that all the sellers have left. Those of us holding cash would prefer some kind of correction to retest the 90-day MA before then. Luckily, it's probably not going much higher for a while, as long as the upper channel holds price below that 900 line this week... Even if there are no corrections the price may just follow the curve, leaving plenty of time to get in without a panic buy. I'm expecting a correction on Saturday, after the new moon
, and another on the full moon
on the 16th. My basis for this is that somebody with a lot of coin may decide to buy the price down to their bid and get more. I would be surprised if a move like this went unnoticed without a major correction or two. As soon as they see they are going to miss out they will pull some tricks and even spread rumor to generate sales. Let's hope they don't overdo it.
Speaking of tricks, btc-e has offered an ingenious churn incentive in the form of a permanent trading discount for moving a volume
of coins into and out of BTC
by the end of January. https://btc-e.com/news/192
1) 500 BTC
for 0.15% fee,
2) 1500 BTC
for 0.1% fee.
3) 4000 BTC
for 0.05% fee.
The consequences of this are simple to grasp. People are already buying and selling various types of altcoin and buying BTC
as a means to trade altcoin, driving prices up in cyclical fashion in order to lock-in their volume
trade discount. Expect to see volatility
across the various coins through January...
The ADR/stoch is an experiment to generate buy/sell signals. Compare with previous highs and lows.