ibankbitcoins

Bitcoin market update 9/9/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market is sliding lower since yesterday. On yesterday's bitcoin             update, I thought that bitcoin             would retest lower support line and bounce, which it did. However, even with the Paypal news, the bounce was short lived and now we are at the lows of the day.

http://ibankbitcoins.com/sites/default/files/users/user1/2014-09-7_chart.png

Looking at bfxdata, BTC             short swaps are at new high, this suggest that traders are comfortable shorting at these low prices, expecting lower. That is kind of a scary thought. A lot of discussion on the forum and reddit have been focused on how paypal will attract new buyers and faster adoption. While I agree with you that this is for the greater good for bitcoin             , price don't always follow fundamentals. A simple explanation is that expectation is built into the price, bitcoin's price has already discounted some of the adoption by major processors, that is how its market cap became 10 billion. Judging by the price action of bitcoins             after the news, traders and early adopters were disappointed with the news. You can read about another post yesterday covered the buy the rumor/sell the news topic.

http://www.ibankbitcoins.com/btc/bitcoin-paypal-market-reaction-update-09082014

I shorted LTC at 4.92 earlier on twitter, I do not know the exact reason why LTC is not tracking bitcoin             . It should because crytocurrenies are correlated to a high degree (R > 0.7). Its a small position with a wide stop because volatility is crazy in crytoland.

I do daily bitcoin             market updates and live trades. Follow me on my bitcoin             trading blog and twitter: ibankbitcoins.com @ibankbitcoins
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out