Propping BTC Up / Pushing past psych barriers? (revised)

Bitcoin / U.S. DollarMt.Gox

Description

⋅ Nov 28, 2013 12:21 AM

Added a few more points that I missed from my previously published chart.

Description copied from that one:
I read this point on reddit and it seems to make some sense. Taking a look, it's somewhat intriguing.

"Maybe I'm seeing things but it seriously looks like someone might be propping it up. Almost every time it approaches a psychological barrier, a large comparatively sudden buy eats the order book above the barrier. Momentum seems to carry to the next barrier or fib level and it seems to repeat.

I'm relatively new to trading but it seems to me that's not how psychology works. If you want to buy coins, you don't buy it up above a barrier like that - you wait for the bounces down and buy them up. It just seems really fishy to me."

Thoughts?

Comments

zipper

⋅ Nov 29, 2013 9:30 PM

sorry flibbr have to agree with sno0wcrash, seen too many massive buys come in to stop the downtrend from developing. Good luck if you think this is not being played with.

flibbr

⋅ Nov 28, 2013 1:23 AM

Take your conspiracy hat off. The first 3 you point out are all along the same price range... it's a support level.
The 3rd one in particular was the uncoiling of the symmetrical triangle that formed, see here: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle

The 4th point was once the $900 wall got broken it exploded up with a strong candle of strength..
The 5th point was likewise, the breaking of $1000 and enthusiasm in the market.