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Silk Road discussion / Re: Epic bitcoin crash incoming?
« on: April 01, 2013, 02:30 pm »
And $102. Making it look easy.
I saw a massive wall at $100 earlier. People see those and think, "that many bitcoins have to be purchased to break through", but those walls are dynamic. Sell orders can be withdrawn. When people see the trade price approaching their sell price, they think, "if there's that much buying interest, why sell these for $100 when I can sell them for $105?". Trade walls can melt away very fast, and indeed that one did.
I saw a massive wall at $100 earlier. People see those and think, "that many bitcoins have to be purchased to break through", but those walls are dynamic. Sell orders can be withdrawn. When people see the trade price approaching their sell price, they think, "if there's that much buying interest, why sell these for $100 when I can sell them for $105?". Trade walls can melt away very fast, and indeed that one did.