Each and every one of you owe me a thank you. I predicted that it was a trap and that we'd stall out around $470... now the rally is developing momentum. Obviously, the market does exactly the opposite of my posts. So, I am going to keep posting that the price must come down. I am doing it all for your sakes. Just saying.
Note: I am still bearish on the market, generally, albeit not so much on today. But, as I said above, that might be a great thing for everybody else.
Why are you bearish when the market is clearly oversold, is a huge way down from ATH in a sea of good news that only a year ago would have been predicted impossible? Sentiment is a fluid thing, if we bust back up through into the 6xx's then watch it turn on a dime.
Oversold in relation to the news, undersold in relation to the user base and potential for expansion. I just don't see that changing dramatically. But that's nothing against Bitcoin or its users... its just a guess about people. I think the overall steam has been lost.
The question, then, is whether that steam picks back up should we get a huge fluctuation in either direction (down = jump in on the steal of a lifetime v. up = get in while the getting's good). Maybe. Even that seems short-term.
I think most people who use Bitcoin are just gamblers and are losing their shirts on these shitty exchanges. So, I am bearish mid to long-term.
There are many great counterarguments, though.
Anyhow, enough of that... enjoy the rally and may it last long enough to help everybody cover their bills.