Quote from: WackyWilly on May 06, 2013, 06:24:21 PM

Quote from: oda.krell on May 06, 2013, 05:10:23 PM

Appreciate the analysis, OP. I think you're reading maybe a bit too much into the 'volume doesn't support price action' bit... you have a point there, but it looks relatively minor to me, but the conclusion you draw is rather drastic (selling your entire btc position, if I understood you correctly). Nonetheless, I see things similar to you: we'll probably see another drop soon, but not much below 100, if at all.

As said, I am not into gloom & doom. But I'd expect to see prices dropping to $102 - $97 - $80 (for a re-test) or maybe even a re-test of the panic low at $50. You see, I tend to disagree with you on the fact that I am reading too much into volume. In the long run, volume is everything. To a long time holder, and even to a speculator. There will simply not be a sustainable price advance if volume (=people wanting the freakin' bitcoin) is not there. AAPL is not bidded upwards if there are no buyers, Gold is not bidded upwards if there are no buyers. Etc. etc. etc. The same goes for BTC in my opinion. Market laws apply to BTC as well.

What exactly is wrong with volume again? Looking at the monthly chart and considering that it was a weekend the volume seems fine. Moreover, looking at the hourly monthly chart, it is not the case that volume increases when price goes down. In fact, it's the opposite.