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.