Bitcoin Market update 9/10/2014
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.
On Bitstamp, large players, aka whales, are clearly adjusting positions. You can see large market orders of 1000 BTC or more getting bought or dumped. What does that suggest? Money are swapping hands from those who are desperate to sell to those who wants to buy at this level. While I cannot predict how low we will go or if the bottom is in, this is a sign of a stabilized bottom. Bitstamp didn't' behave this way on the way down, and not during the low 600s consolidation.
I am short LTC, looks like I am wrong. Will be covering both my BTC and LTC short on a bounce higher from here. Please take 10 seconds of your time and rate my update, also leave a comment if you want to see something in particular. Strawpoll