Very hard to make any predictions in this kind of market. Bitcoins are defying gravity by the look of it, silk road was supposed to crash the market, but instead it may have taken away the weak hands leaving the way clear for this strong rally. Now the talk is all about China and how the chinese are starting to buy into bitcoins in a big way.
Great time to be long on bitcoins, not so easy if you’re waiting for a good buying opportunity. Logic would say you might consider selling, but how long will this push from china continue?
I’m just going to sit back and enjoy the ride.
Meanwhile heres a bullish chart pattern that might materialise. Large Cup looks to be forming. If theres a pullback after reaching the level of the all time high, then we’d have a cup and handle. Next target then would be above $350. (Maybe thats where Max Kaiser got his $350 target from?)