The absolute lack of any tangible fundamental information that influences the price of BTC means that you should seriously consider not asking or trying to answer why, what, or how prices move.
I'm surprised no one has challenged me on this comment yet.
This means that all of the "China is coming online...BUY", "Gold is down...BTC UP!", "The fair value of BTC is X" threads are absolutely worthless. It's pure unsubstantiated speculation which deludes and confuses the participants. If you are relying on Chinese buying, flight from gold, or a magic "fair value" to emerge, you are simply
investing. You have no science, no method, and no plan. You're holding onto hope and hope is one of worst enemies of the objective trader.
Goomboo, I largely agree with everything you say in this thread regarding trading, but please dont discount the value of fundamental analysis when it comes to investing (as you put it). These indicators do in fact often move the price in a stable way. The reason we have gone from 13 to 120 is not because of trading, but because of fundamental differences in the infrastructure and user/ business adoption of bitcoin.