$216 today. Creeping up slowly. Seemingly different than the meteoric rise to $248 and subsequent crash earlier in the year.
(mtGox analysis)
how so? Volume this time is about 1/3 less, and time frame from stability to parabolic curve is also about 1/3 less.
The 165-240 range is completely untested in my view. I was able to double up (again) on the rise (been in an out a couple times at key level since the silk road crash).
Granted the gains over the last month came off a much better price support, I don't think this price is good right now. The volume is just anemic. We went from 151 to 228 on just 200k volume in a week! Compare that to post crash bounce week, from 93 to 154 on 1000k!
All it will take is a small selloff to start the waterfall. Depth on the buy side is dried up (and has been for some time). Only 100k BTC to 70USD.
But if buying depth is dried up, selling depth is dust in the wind. Less than 23k BTC on the market.
What I see here is pretty much the same thing I saw in the run up explosion. People hanging on looking for a top. Difference, the buyers aren't eating it up like cake, there is more caution in the market for sure, but there is also the same flawed sense that these prices have support.
When the BTC starts moving, the price has decidedly been DOWN. I'm looking for the sell off to relieve the weekly overbought conditions. Daily might cycle up from here, but not much.
