Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
JayJuanGee
on 18/12/2015, 05:48:37 UTC
Quote from: billyjoeallen on December 18, 2015, 05:31:16 AM
Quote from: podyx on December 18, 2015, 05:27:34 AM
Quote from: billyjoeallen on December 18, 2015, 05:14:28 AM
It just occurred to me that @$456, assuming miners are on average selling all their coins, the market has to absorb $1.6 million in sales just to stay at the same price.  You gotta wonder how long bulls can keep that up, considering we're going to run out of room in blocks in the next couple of months at this rate.


Are you completely obvlious to the fact that we were above that price for a year, even in a bearmarket?



No, I suspect it was a major part of the reason we were in a bear market, actually are still in a bear market at less than 50% of the ATH.  


Seems a fair conclusion that we have transitioned out of a bear mark maybe sometime after crossing $350  - even though we did experience a retrace of BTC prices that hovered mostly in the $320 arena for nearly two weeks... but once prices could not be driven below $320 in any meaningful and sustained way, that $320 resistance seemed to confirm that the transition out of the bear market ad been completed...

Will we return to a bear market any time in the near future?Huh Well that's another story.....

For the time being, BTC engines surely do seemed revved towards going upwardly.

Currently, I'm thinking that we are not going to see sub $350 no more, but... i've kind of lost some of my swagger.. because of my being wrong so many times in the past.