ibankbitcoins

Bitcoin weekend update: market consolidation 9/13/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market is in consolidation still between the two horizontal resistance on the 1hr bitcoin chart. We hit the high and then we retested the low. Last night, there was a huge sell-off of a single market order of 2000+ btc coins bring prices of all exchange down 2% or more. However, by this morning, we are at pre-crash levels. If this was a market order during the downtrend, we would have been a few percent lower than when the sell-off started. What does this suggest?

Market short term is neutral, intermediate term is down, long term is down. I went long a few days ago actually, my accessment is based on LTC/BTC correlation and how LTC             leads BTC . I believe short term will follow LTC             and we will be bouncing to test higher levels. As I type this, there is a 3k wall on bitfinex. We'll see if the bears win again. As a trader, I am wrong all the time, but as long as the trade has good risk/reward ratio and are likely to reach target, that is all it matters.

BTC/LTC assessment:
http://www.ibankbitcoins.com/btc/bitcoin-market-update-9112014
My Trade:
Covered my BTC short from 3 weeks ago, went long at 480.6


I do bitcoin market updates and live trades daily . Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com/ibankbitcoins
ChartArt
2 years ago
"LTC leads BTC"

I thought it is the other way around (I'm not trading LTC).
Reply
MarvinMartian
2 years ago
The universe doesn't want me spending BTC to buy a new workstation from Newegg.

As soon as I buy the core parts, it'll shoot up to $500 again.

I'll give everyone an insider-tip when I'm done buying computer stuff, so you can be prepared for the rise, haha.
Reply
Maddie
2 years ago
Isn't the market still in a downtrend?
Instead of consolidation?
+1 Reply
ibankbitcoins Maddie
2 years ago
With this much chip, the hourly looks like consolidation. We also havt made lower low
Reply
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