Attention Bitcoin Traders: $20 is About to Fall!

Looking at the Mt.Gox USD market depth, it is clearly evident that the $20 barrier is about to fall as Bitcoin surges toward the all-time high of $31/BTC. The Mt.Gox Live picture says it all:

(Chart courtesy of Mt.Gox Live)

Taking a wider view of market depth, it's apparent that the amount of money sitting on the bid side is ready to overwhelm the Bitcoin market. Expect a run into the mid-twenties in the near future. Happy trading!

(Chart courtesy of Bitcoin Charts)

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Bitcoin Poised for Rally

I don't normally like to make predictions, but... (click images to enlarge):

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Bitcoin Primed for Next Rally to $8.00+

Phelix from bitcoinx.com has posted one of the best Bitcoin charts I've ever seen, and it speaks volumes:

See Phelix's post for a full explanation. The important stats to take away are:

- The total order book (bids and asks combined), as depicted in the middle graph, is near a peak for the last month;

- Bid depth is near a record high for the last month (bottom graph, blue line, ~1.5 million USD), nearly double what it was prior to the start of the last rally from $3.00;

- Ask depth is crashing rapidly (bottom graph, red line, ~1.3 million USD);

From the above, it's clearly just a matter of time before a new rally kicks off to push us past the pesky $7.20 resistance. This is a great buying opportunity that will probably disappear within 48 hours.

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All the Cheap Bitcoins are Gone

Chart courtesy of BitcoinCharts.com

This has got to be one of the most lopsided Bitcoin depth charts I have ever seen. Relatively speaking, there are almost no Bitcoins for sale beyond $3.50!

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