ibankbitcoins
Long

BTC/LTC analysis, market update 9/11/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market since earlier this week is still in chop phase, no clear indication of trend or direction. Bitcoin             price is bouncing between the two blue support/resistance line. As you know, I've went long yesterday at a sub-optimal price from today's hindsight; not too concerning since my trade's time frame is much greater.



There is nothing much to talk about in terms of price for BTC             , but lets take a step back and look at LTC. LTC has long been considered the silver             of cyptocurrency, and their correlation mathematically is R>0.8. If you are not familiar with correlation coefficient , here is a wiki below. My point about LTC and BTC             is that they should move in tandem, one should compliment the other. LTC has been strong lately, making 10 day high. LTC has been leading this trend down, making new lows before or together with BTC            

http://en.wikipedia.org/wiki/Pearson_product-moment_correlation_coefficient

I do bitcoin             market updates and live trades daily . Follow me on my bitcoin             trading blog and twitter: ibankbitcoins.com, http://www.twitter.com/ibankbitcoins
http://www.reuters.com/article/2014/09/12/us-usa-bitcoin-cftc-idUSKBN0H71FU20140912?feedType=RSS&feedName=technologyNews
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u should have waited imo. there is currently no demand unless whales jump in to the rescue. 440 and 420 are next
+1 Reply
IvanLabrie PRO BitcoinGuru
+1, monitor vol spikes on downmoves...currently doing nothing and moving down slowly.
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