Quote from: fcmatt on March 12, 2012, 05:13:35 PM

Quote from: SkRRJyTC on March 12, 2012, 04:38:05 PM

Quote from: fcmatt on March 12, 2012, 03:21:25 PM

My play money is sitting on the side lines. None of my shorts are getting filled because BTC
prices does not break 5.

And in other news, I wish i could get an interest rate that bitcoinica offers at a real bank. sigh!

You are looking to short above $5? Scary stuff... If anything I would short now and then get out if it breaks above $5

Not really in my mind. Lets say someone(s) buys up to 15K in BTC right this second. My shorts may very well get filled.
It would take another 15K of BTC purchase to make my short solid in the red. So the price would go up to $5.19.
I feel that is not going to happen right now. I doubt there is enough confidence to get past 5.20 but there is just enough
to get to 5.05-5.10 or so. Thus a short in case that happens.

My shorts are staggered between 4.95 to 5.02.

When it does happen for a small moment in time someone(s) will hammer the price down below 5 again in short order with 1000s of
BTC being sold.

The reverse is also true right now. Go long at 4.60-4.70 area if you can get it. That is about the only way to make money
speculating at this time. Market swings and catching it at the right area.

Keep in mind this is just play money from mining sitting at Bitcoinica. Not big money. I have no long term thoughts at this moment.

That is the plan.

I do agree in a sense that people are only mostly thinking about breaking $5 psychological barrier when there is another nice hurdle @ $5.2 to solidify any rally as well.

I'm certain you are not the only one looking to trade as such. Which adds to the reality that just like $7.2 happened 3times after $7, that $5.2 will likely happen as well.

It also just happens that $5.2 is also near 38.2 fib line based on the rise from $2.1-$7.2 whereas $5 is just a number..