Almost everything is green tonight, in USD and BTC values. Of course, it would
be, after that wild dip. But better to see green than more red. Now BTC needs to get back above $10K again. It may take awhile to absorb all that Mt. Gox bitcoin, though. My guess is that at least half of the BTC bought during the early-Feb. crash was tucked away.
Why just half? Well, I figure that a lot of people would like that tucked-away half to be free, so they're selling the other half when it approaches double the price they paid. Which happens to be that resistance in the mid-upper $11,000s that the price kept bouncing off.
Shaky theory, I know. But after watching really smart technical analysts get repeatedly doinked by the market, I don't dismiss off-the-cuff theorizing so easily. Those analysts have a tough job. They need the news to be neutral and manipulators to be idle if they are to have even a 50/50 shot at being right.