Quote from: proudhon on January 19, 2013, 03:37:07 PM

Quote from: The Fool on January 19, 2013, 03:31:59 PM

Quote from: proudhon on January 19, 2013, 03:28:52 PM

Quote from: The Fool on January 19, 2013, 03:22:14 PM

It's just leveling off. This RSI is just exasperated by the weekend effect combined with the sudden rise.

We may see the uptrend continue after the weekend. BitInstant revenue data would be a good way to tell what will happen.

Maybe, but is seems clear enough that the big players are trying to scare the price down to grab more coins, and they have enough weight to do it. Selling into everything above $15 could induce panic and they could easily place themselves to buy back in the panic that follows into the $14s. I mentioned a day or two ago that the order book would probably be flipping (i.e. asks mounting up against bids), and it appears to be happening right now. Bids are going to get scared away. We're at the beginning of a long down trend, I think.

From $14-$15, there is a demand for 30,000 Bitcoins. That backing adds too much certainty for there to be a significant decline past $14.95. People can try to make a quick buck all they like but it's not based in market fundamentals.

Additionally, I think this is market is mature enough to be immune to such manipulation.

By comparison to standard markets, this market is tiny and absolutely ripe for this kind of manipulation. There are plenty of people on MtGox with more than 30,000 bitcoins at their disposal to wipe out the "demand" above $14 and then some. I almost consider it an act of pure charity that these people don't just take their insane profits (most of them probably accumulated well under $10, or even $2) and leave this market in shambles.

I concede the point.