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.

Covered my BTC short from 3 weeks ago, went long at 480.6


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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