Long Term Update: Sold 1 unit at 5.63$

FLAT | waiting next trading signal

Sold 1 unit (100 btc) at 5.63$, 4.70$ point profit per btc.

I decided to close my long term position due to the recent big drop of this week. Of greater concern, the moving average had turned down after a prolonged period of rise ( more then 40 days). Even the inverse fisher transform Rsi it is no more completely saturated at +1 and it is moving towards the +0.5 thresold line that will confirm a sell signal and a change in the trend. Volume is low showing that there aren’t aggressive buyers at these prices. I have no reason to think this break is anything but a normal corrections within a bull market, once it is complete at the next reversal of the moving average and/or a signal of the oscillator, i’ll be a buyer again.

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8 thoughts on “Long Term Update: Sold 1 unit at 5.63$

  1. Marco

    Interesting post, it is not easy to sell when you are at loss but i did it at 6.50$ yesterday following your previous advice. What to say? thanks mate you saved my butt from even further losses.

  2. Jeremy

    The last few weeks on the daily chart since the hype high are clearly trending down, with a series of lower highs and lower lows. It looks to me like a bigger down move is a good possibility too. Thanks for the warning signal at 6.50, i cashed out everything at profit and avoided a big loss, you freak!

    Thanks for your analysis.

  3. Geek88

    I’m upset, after a blow to 9 we are already at 5, is it all over? game over?
    too bad

    1. As i said in my last update i don’t see aggressive buying thus we are falling quickly, trying to catch a falling knife could be risky, i tried at 7.13 and ..well..that didn’t work
      we need to go lower to find more aggressive buyers and reverse this downtrend.

  4. Russell

    I always like it when a technical analyst goes out on the “profitic” limb with some serious prognostication. 🙂
    My prediction is that there is equal chance of hitting 9 again or 1. They could easily be forced to over-reach this year.

    Best wishes for your work with this site in 2011.

    1. Not much, when i sell then i forget:) waiting next opportunity. I missed a nice short term trade from 6 but at on saturday and sunday i take a break.
      you cant follow always a 24/7 exchange.

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