Short Term Update

LONG | from 8.47$/btc with 1 unit (100 btc)

After i bought two days ago, following a reverse with the 2 hour chart,the market reacted nicely to the upside with some hesitation to take out the 9 level. I’m ready to close this short term trade once the inverse fischer rsi gives me a sell signal.

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Twitter

One of you suggested that I post my trades and analysis about bitcoin on Twitter AND on this blog. I am going to experiment with this idea to see what happens. Feedback and suggestions will be appreciated. You can find me on Twitter by clicking on the “FOLLOW ME ON TWITTER” line that appears on the right hand side of this blog right above the Blog Trading Record.

Short Term Update: 4 hour chart

I think the drop from 9.40 has ended and that a sustained up swing is underway, i’m monitoring the four hour chart, it is smoother compared to the hourly chart, we need probably more liquidity to be able to use also this time frame for quick day trading; thus so far I’ve been paying more attention to 2 and 4 hour chart. Too bad that for now isn’t possible to sell short with mtgox and also option trading it’s missing, otherwise it would have been possible to sell short at 8.60 with a minimum target of 0.5$ down to 8.10 or 8 where to cover the short trade.

Have a look at #bitcoin-otc-eu

Due to rising popularity of bitcoin in EU, join dedicated EU over the counter trade channel on the FreeNode network or use the FreeNode Web IRC; You are welcome to join on #bitcoin-otc-eu!

Other channels available are:

  • #bitcoin (General Bitcoin-related)
  • #bitcoin-dev (Development and technical)
  • #bitcoin-otc (Over The Counter exchange)
  • #bitcoin-market (Live quotes from markets)
  • #bitcoin-mining (GPU mining related)

Short Term update

So far the market broke through  6.80 down to 6.60, the oscillator was very close to give a buy signal yesterday at 7 but missed to cross above  the -0.5 thresold for few ticks. Not much selling for now, ready to buy at the next signal.
 
Here the situation with the 2 hour chart:
 

Short Term update: Dull, Dull, Dull!

The fact that the market is narrow and dull and at the same time trading not so far from recent new highs for the rally from the april 2011 low gives me pause. We have broken well above the previous high of 4.15 but now no aggressive buying activity is evident. Experience shows that when the market gets dull after an extended move it is about to go into reverse. This leads me to believe that a break down to 6 or even further is imminent.

Short Term Update

FLAT | waiting next trading signal

We are in the process of closing a dangerous pattern thatn can either explode on the downside or upside. In the 2 hour chart it is clearly visible. The hourly chart already gave a buy signal that i haven’t followed, i prefer to wait for a buying signal on the 2 hour chart with a tight stop loss. It is crucial to stay above 6.80$.

Short Term Update

FLAT | waiting next trading signal

After a long signal at around 7.82$ this night at 4am (GMT+1 time, i live in italy) the market touched 8.40 in the morning, since then sellers took control of the market, at least temporarily, the oscillator it’s oversold but i dont think i’ll see a buying opportunity today, once the low is in place, probably in the next 12 hours, i think a rally will start. I expect it to carry the btc up and above the 8 level over the next few days.

Long Term Update

LONG | from 0.93$/btc with 1 unit (100 btc)

This is a wider view of what happening since the trend acceleration started in april. Alma moving average is providing nice support and every time btc touch it, it quickly rebound. The oscillator  is completely saturated indicating the presence of a strong trend.