Quote from: rjclarke2000 on July 02, 2016, 08:16:47 PM

Quote from: JayJuanGee on July 02, 2016, 08:10:23 PM

Quote from: Tzupy on July 02, 2016, 04:25:20 PM

Bitcoin looks broken:
http://www.coindesk.com/controlling-perception-bitcoin-broken/

The article is nearly pure nonsense because the actual facts, including the price breaking strongly (and seemingly irreverseably) above $500 speak loudly and convincingly that people are buying bitcoins and the ones that matter (those buying) do not perceive bitcoin to be broken... otherwise they would not be paying more than $500 and then more than $600 and then more than $700 per coin..

So, yeah, hard to convince people when we cannot get BTC prices back into the $400s.. and even the $400s was not a bad place to be, after BTC prices had been in the $200s for nearly a year.

But, yeah, Tzupy start preparing your bear ass for continued upwards price movements, and you must realize that there is some chance that we are going to have continued resistance in the upper $700s and also in the $800s, but seems likely that if we clearly get past the mid $800s, we are going to need to brace ourselves for the $3k plus price territories.

Hi J

out of interest do you not think there will resistance in the 900s, 1000s, 2000s? From what I see there is always a "round" number which becomes a sticking point.

I'd love 3k Bitcoin though. I'd skip everywhere instead of walk.

Of course, we have to speculate in terms of probabilities rather than absolutes... and I cannot be claiming to have any kind of technical expertise.

I know that a lot of folks (especially bitcoin newbies) talk about cashing out at $1,000 or some point soon thereafter, and in that regard, they believe that $1,000 is such a large value for this magical money. They seem to be thinking in terms of unit value rather than market cap, so certainly there will be some attempts of bears to capitalize on those kinds of various public sentiments in order to attempt to reverse the upward momentum or even to cause folks to cash out at price points that seem unsustainable to regular folks... and yeah, $1,000 and $2,000 are such price points.

I certainly am no expert; however, in the end, I think that getting passed the mid $800s is likely to create so much upward momentum and even coming from financial big players too that such price points and upward momentum is going to significantly overwhelm the resistance. And, yeah, there are more tools to short and more tools to bet on downward bitcoin price movement, but to me it seems that these kinds of new tools are not going to be strong enough to overwhelm the upwards momentum that comes after the mid $800s.

In my own perception of the May 2016 move above $500, that move above $500 has been quite a bit more bullish than I had anticipated.

I had actually expected for the price to go up faster passed $500 and into the mid $600s - possibly touching $700s like within a week or two and then correcting back into the $400s...

So, yeah, so far these BTC price movements above $500 is acting quite a bit more bullish than I anticipated, and really the bears seem to be having a bit more difficulties than expected to get the price to go back down into the $500s and they could not even keep it below mid $500s for more than a few minutes. So, yeah, doesn't mean that we are not going to witness greater price battle attempts in these $600 and $700s price territories, but the upward price momentum and support for these current prices seems to be playing out pretty well for us bulls (and btc hodlers)... and that is part of the reason why I am still inclined to think that resistance at $900, $1,000 and $2,000 will not be as great as we may otherwise conjecture based on pure numerology..

Sure, on a personal protection level, I am going to continue to cash out small amounts along the way upwards in the even that we go upwards, just in case, and sure we could be surprised to experience unexpected price reversals at any point.. That is one thing about bitcoin is that the unexpected is kind of expected and we have to continue to prepare (on a personal level for price moves in either direction). Depending on how the upwards movement goes, exactly, I am thinking that we could get more price resistance in the $2k to $3k price territory... even though the most likely point to get a significant correction would be (at some possibly unexpected point) in the $3k to $5k price territory.