Bitcoin Paypal market reaction update 09/08/2014

BITSTAMP:BTCUSD   Bitcoin / U.S. 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
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
Pretty accurate, short term and daily flutuation is different than fundamentals. Good for bitcoin in general though.
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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.
That is pretty accurate, did you trade the upswing? since u mentioned you are in cash now.
grahvity ibankbitcoins
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.
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.
May I ask what position do you have currently?
BitcoinGuru ibankbitcoins
bought in at 474 fully :) after seeing the news
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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