Bitcoin market analysis, retesting lower support. 11-3-2014 Monday

Market retested the lower support at 1950-2000 on relatively low volume over the weekend; the liquidity was absolutely shit on Halloween day. I was outside (obviously) glancing at the orderbook, 3 points on bitfinex had a bid/ask order of 50 on both sides. I suspect market makers and bots are pushing down prices during this period of time. I am saying this not because I lost money, but because it makes sense. The market trend is down and liquidity is low are two good reason for market makers to move prices without putting up too much of a position.

Bitcoin market update 9-01-2014

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 about.

Market doesn't seem like it is holding well at this level, we are going to retest previous lows of 441. In the bull's case, market needs to form a double bottom or a W shaped pattern to stop the bleeding.