$450 an important milestone (Long term bull - Short term bear)
Hitting $450 is an important milestone for Bitcoin.
Long term I am still long, but short term I don't see how these rises can be sustained. $100 dollars in a week, Bitcoins are great but there isn't 450x the usage or services available that there were a year ago.
This is largely being driven by media interest and the opening of BTChina (and there is a lot of demand in China).
I still think we will see a short term correction, but whether this is like the $400 to $300 we saw last weekend (and lost me 3 BTC as I was waiting for $280) or whether it will be the big correct we are expecting back to the $230 - 280 level I don't know.
But if it does get back to $280 I will be buying in heavily.
Long term I am still long, but short term I don't see how these rises can be sustained. $100 dollars in a week, Bitcoins are great but there isn't 450x the usage or services available that there were a year ago.
This is largely being driven by media interest and the opening of BTChina (and there is a lot of demand in China).
I still think we will see a short term correction, but whether this is like the $400 to $300 we saw last weekend (and lost me 3 BTC as I was waiting for $280) or whether it will be the big correct we are expecting back to the $230 - 280 level I don't know.
But if it does get back to $280 I will be buying in heavily.