Bitcoin Goes Battlestar Galactica

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
791 9 5
I believe hard correction down to 145 level and up from there
very unlikely we will correct below $266 - probably closer to 325
also, on a percentage basis, our current volatility - while getting up there - is not close to what we were seeing in the last 3-4 days of the April rise. I think we could go awhile longer at this pace.
andrewunknown AWatchingA
good point. For illustrative purposes, this gets the job done, which is that it is (likely) a second speculative blow off. No doubt it could and may continue (much?) higher, but the psychological forces driving it are inherently unpredictable. It's a small, limited mania with no broad adverse implications; but a mania, all the same.
AWatchingA PRO andrewunknown
Agreed. I just have the sense the new big money players in the market are going to milk this mania, and keep it going as long as they can to get lots of small money players in the game - this takes a couple of months with money transfers etc - and then crash it hard to pick up the pieces and cheaper coins. I would not be surprised if they and the Chinese run this up to $1000 before crashing. I will follow their lead if I can. But then, primarily I'm a strong hand B&H so i don't really care. :)
andrewunknown AWatchingA
smart perspective - there's likely to be some major speculators that have already come in to exploit this, and more on the way. They'll have their way with it; but if you can smartly ride their coattails, why not? Good luck with it!
Taidiji andrewunknown
Andrew I think you might be missing the big picture by being too focused on technicals. And I don't think you understand of the magnitude of the cash parked in China. Nobody pull the strings on this kind of move. Bitcoin is a tougher market for Big investors than small ones and most big bitcoin holders are early strong B&H not funds trying to pump and dump.

I think part of the move is people who thought they could "trade the chinese". I.e Sell them bitcoins and buyback later at lower price. Now they have lost their coins or will have to buy them back much higher.

It's impossible to predict if the price will crash and at what point. Next two days will be interresting because of the Senate hearings. Could be panic time for weak hands or explosion higher if there is any hint on positive regulation.
It's not technical to suppose an 85 degree trend line will moderate and may be subject a huge correction. There's immediate historical precedent for it, and not that much changes in 6 months.

Still, there's sympathy for BCOIN among regulatory agencies, apparently: If they demonstrate before the Senate DHS Committee, further upside could be considerable. No position or interest in entering one here: just an interested observer.
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