market update

Bitcoin market update 8-24-2014, Choppy movements.

This is gonna be short. Bitcoin price on last Friday looked like a Head and Shoulder pattern. I briefly mentioned that every forum and post on the internet community spotted it; which it didn't pan out.

We are in a consolidated pattern and the direction is unclear. Only a breakout above or below the trendlines will tell. However, with the recent down-trend, I am guess down? This is a wait and see type of days.

Bitcoin market update 8-21-2014

Market has pulled back from yesterday's strong rally. We've consolidated over the last 24 hours, a really choppy market really, not much fun. Daily discussion comments dropped from 385 two days ago to 200 yesterday lol.

At this juncture, the bears now need to push price down, can the bears bring the price back down 485? Anything above 485 suggest we could be in a head and shoulder style reversal pattern. Disclosure, I am still short btc from 2 days ago.

Bitcoin market update 8-20-2014

With all trends, at some point the market gets a correction. Whether the correction will become a trend reversal is difficult to predict. Our recent bull run is impressive, huge rally to retest critical resistance at 525 or 3200 on OKcoin. Whether this is a reversal or a correction, I cannot predict that. You can refer to a post I did on trends and reversals earlier. A correction or reversal will be decided by bears. Can the bears push price back down to the 480 mark?

Bitcoin market update, 8/18/2014

Market is consolidating at the lows. Market did bounce yesterday, but sold off fast. Simply put, bulls are weak at this price. In bull's case, although not probable, we need to retest 500 and breakout above, creating some sort of double bottom for recovery.

During a down trend (I know some believe otherwise), it is best to follow the trend and short the bounces just like in a bull market, you buy high, sell higher.