Bitcoin market update 9/30/2014
Market is at the new lows, forming what looks like a descending triangle. Naturally this is bearish which is true for any consolidation at new lows. For the bull argument, we are barely below the previous low. What I am trying to say is that this zone is where a large number of long’s stops are at. Take a look at the past few times when market made new lows, the next day is a big crash on strong volume. As bearish as it is, a strange behavior.
As for my trading, I am taking a paper loss of 10% on my long from few days ago. I am no proud of a losing position, in fact I hate it. I was smoking a bit of hopium earlier when I should have gotten out. However, my hard stop is right below the lows of these prices. As a trader, I disclose this information to keep trading real. I update my twitter when I trade live if anyone is interested.