Bitcoin market analysis, retesting lower support. 11-3-2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market retested the lower support at 1950-2000 on relatively low volume over the weekend; the liquidity was absolutely shit on Halloween day. I was outside (obviously) glancing at the orderbook, 3 points on bitfinex had a bid/ask order of 50 on both sides. I suspect market makers and bots are pushing down prices during this period of time. I am saying this not because I lost money, but because it makes sense. The market trend is down and liquidity is low are two good reason for market makers to move prices without putting up too much of a position.

It is Monday in China and Bitcoin             has bounced from the lows into 2000. Since we have hit lower support, we could very well be chopping around this area before we go anywhere. This is bearish simply because we are consolidating at the lows. If the bull support is strong, we should shoot up and retest 2100.

As for my position, I've entered my trade at around 344. I am growing impatient if a reversal doesn't happen soon. The only reason I didn't choose to exit after my stop hit at 336 (would have exit it at 332) is because the liquidity was so bad. I sometimes wish the market would shut down over the weekend or at least Saturday like COMEX or Index futures . Alright enough of my rant, go trade!

I do live trades and bitcoin             market analysis daily. Follow me on my bitcoin             trading blog and twitter: ibankbitcoins.com, http://www.twitter.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