Short Term Update: Bitstamp sold 1 unit (50 btcs) at 540$ now flat

I decided to close the long trade opened at $676 , loss for this trade is $6,803, total gross profit so far down to $35,652 and 10 profitable trades out of 17 total trades. BTC/USD failed to go above $630 and so it remains weak, i don’t want to risk another drop this night, it’s time to close this trade and look for the next trading opportunity.

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22 thoughts on “Short Term Update: Bitstamp sold 1 unit (50 btcs) at 540$ now flat

  1. derek

    Very good choice bro, it’s the good one as u can seee, it will go to 385-394, here u can buy, u made nice profits, i’m a beliver too, but i closed my position yesterday, felt it comming, lets let this market wash out a little and come back in. i think this night with be a massacre.

  2. Jukka Santala

    Trying to re-create Enky’s latest daily chart for MtGox; I’m not certain of the VWAP settings but I’m guessing high-low avg. monthly for 2 months. The result is strikingly similar to the Bitstamp one, although on MtGox the RSI periods don’t give early enough warning of impending dooom: http://i41.tinypic.com/kf4pj6.png I think going for a new trading opportunity was smart, it does seem quite stuck under the VWAP for now.

    1. Enky

      i think that if you ask sierrachart they give you the code of the vwap indicator, every indicator in sierrachart can be compiled and it run as a DLL.

    2. Enky

      my settings are public, check previous updates, there are 2 screenshots with all the vwap settings, you can then limit the days to be used hitting F5 on chart and changing the number of days used in the chart, the computation of the vwap will change accordingly to this number. I’m using 3-5 days for short term vwap at 60 min chart.

      1. Jukka Santala

        Yes thank you, very appreciated, that’s where I got most of the settings. The original for VWAP settings was https://btctrading.wordpress.com/2013/11/20/short-term-update-monthly-view-at-btc using 1 month, 2 std. I’m assuming 2 month and 1 std for the new ones, and as said the results seem to be almost one to one match despite different exchange, and currently using SIerra Charts own price feed.
        So mostly confirming the same holds for MtGox as well; BTC China has actually broken under the -1 std deviation for the last two days on the same analysis chart though (But SierraCharts can barely handle that…). Their situation is unique now, but due to the possibility of arbitrage that would be a good indication of where things are headed. (Just still don’t understand why arbitrage hasn’t evened out the prices in 2 days; are there artificial barriers or is it actually going on but the price pressure is so heavy the prices won’t stabilize or what?)

    3. Jukka Santala

      And the reason the RSI wasn’t as sensitive is because I forgot to set volume weighted, sorry, here’s corrected one where the signal seems to come just in time (in real-time it’d been a bit late before it settles, I believe): http://i41.tinypic.com/2hx943s.png
      Kinda illustrates what I said about Bitcoincharts though, you really need the volume weighted here.

  3. derek

    dont worry guys, there is just one GIANT crash left in front of us, and then we’ll be rich, i advise anywone here to have 50btc before april 2014, u wont have any money problem ever in your life.

    1. Finally someone who knows how bitcoin works and where its headed 😉 As I have stated many many times it was designed to do exactly as it is doing.. There is a reason the creators are anonymous and the randomly large buy orders going on and you can definitely tell that everyone in the media and the idiots on the forums are trying to say bitcoin is done and melting when alls they are doing is pushing people to sell and get out so they can acquire coins at very low rates because as well know .. good things come to those who wait 😉

  4. derek

    some very strange trades happenin on bitstamp now, with 500, 186 btc, i think u notices enky, if u have an explanation with those recurent trades, i’d like to ear it, crashing as expectng anyway, let’s see where is the bottom,

  5. derek

    cmon crash bitch (sorry to rotten your blog, but i need to express) i’m making so much money right now u now……

      1. Enky

        it’s a possibility because of the high volume of yesterday, similar to the one i’ve seen last April at the first 50$ bottom.

  6. derek

    in 5,8mn, resistance will be broken and bitcoin will come back to its real value, 390 dollars in less than 2 days

  7. Enky, I’m sorry for your loss from the last trade, but what I can tell you for sure is that you gained loyal followers as this level of honesty and openness is very rare! Thanks for your great work and being of such help to all of us!

    1. Enky

      There is not liquidity, common problems in this market. People use stamp or gox because of the liquidity because for the rest both are horrible exchanges.
      Kraken is better but there is no liquidity.

  8. While many people believe that, in the long run, the price of bitcoin will be considerably higher than it is now, the common view is that its volatility will continue in the short term.

    Luria and Turner explained in their report that this volatility is a result of an “extended price discovery process”. It is believed that the more liquidity bitcoin gains and the more widely it is adopted, the greater the likelihood is of the price stabilising.

    Currently, the currency’s volatility is the factor that is putting a high percentage of people off taking bitcoin seriously.

    University of California-San Diego researcher Sarah Meiklejohn, who wrote a paper called A Fistful of Bitcoins: Characterizing Payments Among Men With No Names, told CoinDesk the thing that makes her the “most nervous” about bitcoin is its volatility.

    “It’s a chicken or egg problem. You need more people to adopt bitcoin in order to stabilize this, but people are shying away from bitcoin because they perceive it as volatile and as a risky investment,” she said.

    The solution to this problem isn’t yet clear, but the bitcoin community and the businesses within it continue to work hard to make it easier for merchants to accept bitcoins and consumers to obtain it and then spend it.

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