ibankbitcoins

Bitcoin Paypal market reaction update 09/08/2014

BITSTAMP:BTCUSD   Bitcoin / Dollar
Paypal news as everyone is aware of, is good. It is good for adoption and good for fundamentals. As a technical analyst, I pay special attention to how market reacts to news. Lets be real, the ad is a BFD, big fucking deal, for rumors-ville, it pretty much suggest they will start adapting bitcoin into their existing business model. For a high speculative interest product like bitcoin , "buy the rumor, sell the news" works pretty darn well.

With news like this, we should rally like crazy including a e-parade in my opinion. How did the market react? Rallied shortly and took a dump within 3 hours. While a sustained rally could take a long time, my point is that market reaction to this great piece of new was disappointing.

Related anecdote story on trading and stock market reaction:
On a related past experience, I was ar...

I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
grahvity
2 years ago
It stopped right where it should of, at the 61.8 fib retracement level (no chart, on a mobile device).
It's then fell back 50% of its size which is expected.
Now it will consolidate and choose a new direction. The daily chart has been quite heavy to begin with. Don't get too disappointed yet.
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BuyBitcoin.WS
2 years ago
I do not think that China and several traders got the news yet, I give it till tomorrow afternoon. If nothing happens then I might consider getting out.
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ibankbitcoins BuyBitcoin.WS
2 years ago
May I ask what position do you have currently?
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BuyBitcoin.WS ibankbitcoins
2 years ago
bought in at 474 fully :) after seeing the news
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grahvity
2 years ago
I lied, here's the chart I was referring to. I highlighted what @CRInvestor The OTE short sweet spot. it was hit dead center. I am in cash right now pending a new direction and some sleep.
snapshot
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ibankbitcoins grahvity
2 years ago
That is pretty accurate, did you trade the upswing? since u mentioned you are in cash now.
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grahvity ibankbitcoins
2 years ago
I wish. I caught it too late into the move so I used it as an opportunity to sell a small amount at the top from a previous misadventure.
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LastBattle
2 years ago
Buy the rumor, sell the news.
As usual..

Also if Bitcoin were to be on Paypal today, we can expect price to crash hard the following week or so since they have millions of retailers out there payable with it. The price pressure will be huge.

Its certainly a good news, but having a bad effect in short term.
+1 Reply
ibankbitcoins LastBattle
2 years ago
Pretty accurate, short term and daily flutuation is different than fundamentals. Good for bitcoin in general though.
+1 Reply
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