ibankbitcoins

ibankbitcoins

Market has sold off sharply since two days ago. We are very oversold and a small bottom is forming. In the past, any bull's attempt to form a bottom was sold off such as a fake head and shoulder along with other W like patterns. Taking a look at the weekly chart, major support areas are at 400. Multiple crashes (strong ones) bounced here. I expect at least a...

ibankbitcoins

This update will have 2 parts, first is the market update, and second is about analysis of my recent trade and mistakes. BITCOIN MARKET UPDATE: Since yesterday, market has been sliding lower with above average volume, but the volume is much lower than the first wave down. As I speak, we are retesting the lows of the previous low. However, this time, price has...

ibankbitcoins

Market is starting to slip a little but still in consolidation. Looking at the hourly chart, there is no trend, there is hardly any trading opportunities for trend followers like me. If you are the trend reversal type of trader, this is it. I see many successful stories of buy at support sell at resistance. I on the other hand is holding long, and watching the...

ibankbitcoins

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...

ibankbitcoins

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. There is nothing much to talk about in terms...

ibankbitcoins

Going long at these levels, not the best entry. To continue on from yesterday's bitcoin market update, I think the risk reward ratio here is very good. We've retested the 460 resistance multiple times but we are not breaking it. In addition, if we have more sell-off, alt-coins should be collapsing because they are laggers. However, Litecoin held up so well. I had...

ibankbitcoins

Market has been very choppy for the last few days, we had a lot bitcoin related news such as Paypal and Apple pay. Looking at the bitcoin charts on the hourly, we can see that bitcoin is inside or now outside of the channel. www.ibankbitcoins.com On Bitstamp, large players, aka whales, are clearly adjusting positions. You can see large market orders of 1000 BTC...

ibankbitcoins

Market is sliding lower since yesterday. On yesterday's bitcoin update, I thought that bitcoin would retest lower support line and bounce, which it did. However, even with the Paypal news, the bounce was short lived and now we are at the lows of the day. ibankbitcoins.com Looking at bfxdata, BTC short swaps are at new high, this suggest that traders are...

ibankbitcoins

SL = 5.41. Litecoin should follow bitcoin which is down. It is not right now for whatever reason. If litecoin is the silver to bitcoin, gold, then it should follow through. Reasons for this short can be found in my bitcoin paypal update I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins

ibankbitcoins

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...

ibankbitcoins

Hope everyone had a good weekend. Bitcoin prices on the other hand have completely retraced the big green bar on the hourly from two days ago. This is bearish because market rejected 3000CNY/490USD level; market didn't even bounce that much. Now, all the people who bought btc up to 497 are all wrong. At this juncture, we are going to retest 2900CNY/467USD. Will...

ibankbitcoins

We are on support, bulls need to bounce at this level or else we will fall to the lower rectangle. That is not good for the bulls. I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins

ibankbitcoins

Market rallied and broke out from the rectangle. The measured move, or 100% of the price range of the flag/penant is the target drawn in the rectangle. Its pretty accurate huh! My guide on flag trading: ibankbitcoins.com Short term is up, no doubt about it. The long 1 hr green bar speaks for itself. Longer term market conditions says the price is in a vacuum...

ibankbitcoins

Bitcoin prices for the last 2 days have been constrained within a bear flag. If you are not familiar with the flag formation, check out the flag guide below. At this point, there is nothing to do but wait for the next breakout. As you know, bear flag is a continuation pattern, kind of like a pause in the market before continuing the trend. Target is 440 on the usd...

ibankbitcoins

Follow me on my bitcoin trading blog or live updates on twitter: ibankbitcoins.com @ibankbitcoins

ibankbitcoins

Back to Bitcoins after labor day weekend. Market sold off during the weekend, Chinese exchanges lead the way down. This is interesting because Saturdays and Sundays are times in which volumes are thin and prices are trendless. But not this week, we pushed down key supports over the long weekend. Price action trumps all, but its something interesting to think...

ibankbitcoins

Market broke down from a triangle I posted. Target is 460-50, or previous low. I posted on Friday: We might retest 500 again, but I believe this is the beginning of a downtrend. Still holding short from 2 weeks ago.

ibankbitcoins

Update before the weekend. We are now in consolidation inside of a triangle. This is more clear on the daily, volume has dried up , price action is choppy. We are waiting for this one to settle and breakout either up or down. My bet is down because trend is down. But the possibly of a retest to 550 or so is possible and likely. Have a good weekend. Follow me on...