Bitcoin Market Update 8/29/2014, retest previous lows.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Still in consolidation, I spotted a head and shoulder chart pattern yesterday and it broke down since. The target is 3065 on OKcoin or ~500-495 usd. I want to emphasize that all projections and patterns don't' work very well during times when volumes are low.

On tradeview chat, there has been big talks about big trade walls. When was the last time you made money speculating about bid/ask walls? Somebody wants to sell, manipulate, or whatever, who cares. Stick with your strategy whether its long or short, take out your notes and see why you took a position when you made the trade. Stick to your guns. Trend follower traders like myself don't make money unless the market moves. I sit patiently and wait.

Follow me on my bitcoin trading blog or live updates on twitter: ibankbitcoins.com @ibankbitcoins
Yes, focusing on "waqlls" or "whales" as is common amongst btc traders, seems to suggest a level of inexperience. All markets have "whales", be they hedge funds, mutual funds, etc. The trick is to study the charts so that you can intelligently guess what they will do, and when.
I think though, to your forecast, that it will go lower, to ~ $400 by the end of the year. But 2015 ought to be a great year...
+1 Reply
well said sir.
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