SHORT BITCOIN AT 402, STOP LOSS AT 422Market is consolidating at 400 USD, any attempt of a bounce was sold off pretty fast in the last three days. I was very short term bullish, intermediate term bearish. Will be shorting at these levels. In addition, the chart pattern looks like a flag/penant formation at the lows.
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Covered my BTC short from 3 weeks ago, went long at 480.6Going long at these levels, not the best entry. To continue on from yesterday's bitcoin market update, I think the risk reward ratio here is very good. We've retested the 460 resistance multiple times but we are not breaking it. In addition, if we have more sell-off, alt-coins should be collapsing because they are laggers. However, Litecoin held up so well. I had to cover my litecoin short at a 10% loss, although much smaller position. While I cannot stop the market from going down further, I can control my risk of 15 dollars stop loss.
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Bitcoin Market update 9/10/2014Market has been very choppy for the last few days, we had a lot bitcoin related news such as Paypal and Apple pay. Looking at the bitcoin charts on the hourly, we can see that bitcoin is inside or now outside of the channel.
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On Bitstamp, large players, aka whales, are clearly adjusting positions. You can see large market orders of 1000 BTC or more getting bought or dumped. What does that suggest? Money are swapping hands from those who are desperate to sell to those who wants to buy at this level. While I cannot predict how low we will go or if the bottom is in, this is a sign of a stabilized bottom. Bitstamp didn't' behave this way on the way down, and not during the low 600s consolidation.
I am short LTC, looks like I am wrong. Will be covering both my BTC and LTC short on a bounce higher from here. Please take 10 seconds of your time and rate my update, also leave a comment if you want to see something in particular. Strawpoll: strawpoll.me
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Bitcoin market update; hourly. Monday 9/8/2014Hope everyone had a good weekend. Bitcoin prices on the other hand have completely retraced the big green bar on the hourly from two days ago. This is bearish because market rejected 3000CNY/490USD level; market didn't even bounce that much. Now, all the people who bought btc up to 497 are all wrong.
At this juncture, we are going to retest 2900CNY/467USD. Will the second time retesting this area hold? I do not know. If recent market choppiness is any indicator, we should bounce in the short term.
Longer term charts suggests that if we do break previous low or support, 2800CNY/460USD, we will be going much lower. The move won't be choppy, it will be decisive.
Edit1: New target 455
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