Long Term Update

chartThe trading range has been broken to the downside, at this point it is better to check my 2 months VWAP to see where are decent supports.
We have ~$570 and the VWAP itself at $500. At the moment the price is floating around the first positive deviation line ($570) i’m not sure if it can react from here or not despite the fact that the daily RSI is very oversold, but if during August there will be a drop down to $500 i’ll probably increase my position.

With the recent level of volatility (relatively low) a drop to $500 is possible and i think that there are many investors out there ready to buy at a cheaper price, at or below five hundreds dollars.

To conclude, we are seeing a physiological drop, totally unrelated to good/bad news; it is only an issue of supply and demand trying to find a new equilibrium point; once reached a new bottom is established and this market will be ready to move up again.

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80 thoughts on “Long Term Update

  1. adsense

    Excellent analysis, I think we still see the fall to the 500$-510$ zone you are forecasting. Then perhaps the climb to new highs. Good luck! You are an amazing teacher.

    1. Martin

      I thought that too..

      btw: It seems that whatever decision I do, the market takes opposite direction. That’s really frustrating.

  2. Arthur

    Thanks Enky, sounds spot on again. I’m still hesitating to day trade, so I’ll give it another week or so like I said in your previous post. Talking to Anathema there also helped to determine what I should do (thanks Anathema! 🙂 )

  3. croll83

    Elie, selling now or wait to see market reaction? RSI is not oversold, so probably we are heading down for a little bit like enky said… i’m always scared by the bottom…

    1. Elie

      plans never go according to what you have thought. I bought last night at 575.1 and increased my Bitcoin by 0.3BTC (total of 0.73BTC since I started I think which is great).

      I thought that we would consolidate on 575 for a while though and that I could sell at 585 and makes some gains but seems this morning that Bitstamp does not want to wait and wants to roll downwards. Watch the 850BTC wall on Bitstamp @ 575 if it breaks all cards are on the table. Next stage is the wall at 570 then below that well I would set a buy at 565 Or somewhere at 555-545 at this point. Its sad but I was right from the beginning.

      1. croll83

        And it’s gone… sold at 569 (BTC-e)… last trade was very very bad for me… sold at 574, bougth at 649 😦 it was the first bad trade done in BTC and I lost 70% of all gains of trading until now with that one… let’s see with this shot…

      2. croll83

        And this is what happen when I sell my positions:
        Nic Cary – Blockchain.info CEO on twitter:
        “We’re baaaacck!!!! @blockchain @Apple #bitcoin whohooo! pic.twitter.com”
        😦

      3. Elie

        be patient, before I use to freak out and panic but that’s long time gone. on BTCE you can always try to minimize your loss and sell at 571 then I would put a buy at 545 and wait patiently. But again this could change anytime, we might shoot back up if we do not break 570 support. Very tricky right now 🙂

        As for me I am patiently waiting with a sell at 580 for now unless I see some bullish sparkles.
        It is worthy to mention that HUOBI has strong support at 552.73 which is a hint for me that we will definitely be around 545-555 area in the short-term.

        Update: seems a rally is happening right now. I will probably try selling at the top 🙂

    2. Arthur

      Just an inbetween tip for you guys looking at walls and trading volumes: please don’t use OKCoin for that (I’m sure you don’t already). Several days ago they admitted only publishing 5% of their orderbook, and with their 0% fee their volume is extremely high. Why 5% of the orderbook? They said knowing 100% of an orderbook is an invitation for market manipulation… Not buying that to be honest, but anyway. Just a tip…

      1. Elie

        yes I read about Okcoin and the volume faking too and hiding the otderbook etc. Thats why I use Huobi, at least I see the entire orderbook there!

        Very happy with my current trade. I bought at 575.1 and was able to sell all my Bitcoins at 585. Made $100+- additional today. Done trading for today, and debating if I set my next buy on Bitfinex at 553 or 565. I suppose this will depend on the market’s move tonight and in the next hours and days.

        Still watching the strong support on Huobi though around $555 or 3440. Good luck!

      2. croll83

        So now you are in FIAT? I’m still watching charts… what’s going on on Bitstamp? They are driving this rise (592$ atm) with RSI near the overbought and still buy orders coming up! Maybe Blockchain.info app?

      3. Elie

        yeh saw that but didn’t want to risk it. If you draw a line from the top of the channel it is still in the downward channel down to 550-565 range. The top of the channel can be around 590-600. That’s where you will see the High of this rally.. Its a trap IMO ore retracement to previous low which becomes our new high. If I was still holding I would have sold now on Bitfinex which is 588. oh well. see you at the bottom. 🙂

  4. Mike

    Thanks for the update, Enky. Has the volume oscillator dropped below zero, yet? Overall, I’m surprised that we’re not seeing a bigger drop. I’m sure there are tons traders who got on board for the “bubble run” and with July coming to a painful draw, I would have expected a large majority of them to be jumping ship. I’m continuing my holdings for the eventual run. Maybe a drop to 500 is what we need for some major rinse cycle.

  5. Anathema

    A question for you TA guys, do you use candlestick analysis? As i said i’m doing the babypips.com course and i’ve just completed that part. Looking at the Bitfinex daily chart, today’s candle so far is a hammer with reasonable volume, which would mean a possible bounce up? Is candlestick analysis a viable technique in the bitcoin market at all (used in conjunction with other techniques of course)?

    1. i think that it doens’t make too much sense to use candlestick because this market is 24/7 and there are not bar opening and closing values, it depends from the timezone you are using.

  6. Amit

    Guys, what do you think about itbit.com?
    im thinking of moving there from Bitfinex.
    the only thing is that their rate right now is 10 usd lowers but i’m not sure if this is an issue.

    1. George

      Don’t have opinion about itbit but will check them out, thanks.
      I am checking also hitbtc.com but haven’t decided to move from Bitstamp so far.

      1. Arthur

        I tried hitbtc a while ago and reported my detailed findings here. Stay away, as Enky said.

    1. Arthur

      To be honest, it wouldn’t surprise me much that we will see a firm drop below $550 before we go up again. There’s probably still a whole batch of impatient traders waiting for a move up, and when it doesn’t happen, they get frustrated and sell. Enky wrote about that phenomenon before, and in this post he writes “To conclude, we are seeing a physiological drop, totally unrelated to good/bad news; it is only an issue of supply and demand trying to find a new equilibrium point; once reached a new bottom is established and this market will be ready to move up again.”

      Spot on, if you ask me, and I’m very tempted to put a bet on it. However, I promised myself to wait a little more (till halfway August probably) so I’m patiently awaiting things… As long as the (flash) crash is not going below my stop-loss level @266, I’m fine here. 🙂

    2. Arthur

      And as we speak we are in the low 570 already on Bitstamp I just noticed. Happy trading, guys! 😀

      1. I doubt very much we will go below $266, the tipping point of Bitcoin has now occurred and we didn’t even reach below $300 during the last crash or as a result of the Mt go fiasco. If we drop into the $400’s I’m going to buy more I think. I think this is going to be a mirror image of the last crash but to a much lesser degree with a shoot up… My gut feeling keeps telling me October is going to boom, my mum also had this feeling and she knows jackshit about economics.

      2. Elie

        I am patiently waiting at 555 with my buy. The way its going now seems that we will need to retest that level as well.

  7. Yep, its quite interesting, I guess time will tell…. Like Arthur though, we must tread carefully, no bad news to warrant this and Amazon announcing a coinbase deal could pop up at any time. Since Dell nothing surprises me.

  8. croll83

    It’s happening… now| 559 on BTC-e…. 570 support on Bitstamp is broken (now @568). But this drop seems so strange to me… it was like announced. Even on the (in)famosous troll chat on BTC-e, all people seems like celebrating… There is no ‘mainstream’ news, IMO I should buy at 555… Opinion?

    1. Elie

      I am not sure anymore to tell you the truth. The signals are not confirming that we have reached a bottom and they’re all showing bearish. The real test now is if 545 holds on BTCE or (550-555 on Stamp/Finex).

      If that holds overnight till Thursday afternoon then I would say I will buy in as we will rally like crazy to retest 605.

      If we don’t hold above those levels in the next 12 hours then were going to retest 515 as Enky said (thats 500+- on BTCE). Also retesting 460-470 briefly is a possibility.

      1. a retest of $460 could be bearish also for mid/long term, i’d prefer to stay above $500 to don’t compromise the actual uptrend started from the $340 bottom

      2. Elie

        Thanks Enky! Hopefully we do stay above the $500 VWAP level if we get to that point. I am not still waiting for the market to make its decision. We had a small spike last night to the 570s which is still well within the bearish channel and that stopped and we fell downwards right after. Seems Huobi is leading the bearish trend and so far isnt willing to follow. Maybe that will change within the next few hours or by Friday?

      3. George

        How strong is the comunity of miners to hold the price at least at their cost? As I remember someone stated that the cost is between 500 to 600USD per XBT atm (if the miners pay energy bills). I believe that they will defend the price but don’t know if they can.

      4. Elie

        And here it is the retracement back to retest 604-610 is on. Huobi spiked with lots of volume and I bought in at 575 once I saw that. huge rally happening I will sell around those high 🙂

    2. Arthur

      After 555 was touched on Bitstamp it returned to 575, so support is becoming stronger on these lower levels, it looks like. Volumes still not spectacular so volatility stays low, and a firm drop to low 500 is still possible, maybe even likely, if you ask me.

      1. Arthur

        If this little spike up to 590 on Bitstamp is the first signal that we are going to continue the bull run that started on May 19th, then I’m game to bring in The Anathema Theory again lol! 😀

        Seriously, I’m very glad that we didn’t make it to the low 500’s (or the horror 400’s), which I felt coming. Never been more happy to be proven wrong! Now I’m very curious to see what August will bring…

      2. croll83

        Yep Arthur, i’m glad too, but i’m still in FIAT 😦 and if I buy now i’m gonna loose again on this trade… I feel bad because I knew I had to bought back @555…. I’m starting to hope this is a bull trap 🙂

      3. Arthur

        Yeah, uhm, oops, what can I say… When my sell level is (almost) reached during a rather firm spike up, I always buy back in. ALWAYS. (unless I miss it when I’m asleep lol) Then at least you have a tiny profit, or a tiny loss at the most.

        But yeah, I know what it is. You feel like 75% sure a certain level will be hit, and it doesn’t happen. In May I was dying to do a $300 range trade, and it didn’t happen. Could have made 3 to 4 XBT extra from a 10 XBT sales (my best trade ever if it would have happened), but instead I ended up with a < 1 XBT profit when Enky warned us 'looks like we're going up soon, guys!'. So now my Mt Gox bankruptcy night is still my most profitable trade; it turned 5 coins into 7.4 coins.

        But the best example is when 340 was hit, and afterwards it started hovering just above 400. Then it dropped, and I was damn sure we would go back into the 300's. So I sold at 405, just in time to see a rally igniting to 450, where I bought back. Lost 1.7 XBT on that one. Ouch…

        So, lesson learned: respect to take profits in time. Who said that again? 😉

      4. Elie

        well boys I made 1.1BTC I believe after selling at 615 I think. and being in and out during this downtrend. Of course I would have made 0.2BTC more if I bought at 562-563 last night on Bitfinex but I preferred to play it safe.

        Now my next short will be at 604 peak high where I think the market will need to rest. too bad I missed the one of today at 589! I believe after we crack 604 we should be heading to 640 which will be a hell of a resistance now!

      5. croll83

        Elie, so now you are in BTC again? I’m still in FIAT waiting for the crash, but my feelings is that will rise… people start to talk about GABI (Global Advisor Bitcoin Investment Fund – http://www.globaladvisors.co.uk/), it will start from today but will fully operate from 1 Sept and will flood marked with new liquidity…
        Opinions about?
        Do you suggest me to take another loss and buy in now?

      6. Arthur

        “well boys I made 1.1BTC” – Elie

        Awesome, well done. I remember you reported some losses here and there in previous weeks, are you back on track now again? I hope so…

      7. Elie

        Yes I am in BTC again fully, I believe were having a healthy retracement till 604 where I will see and go on Fiat fully at that point and short rebuy at 585-590. But 604 could also be the return to the bearish trend and I am not discontinuing a fall to retest 560 forming a W pattern. The reason is if you look closely, the volume is very low compared to the past uptrend we had. Once we reach 560 again then I think we could shoot up with crazy volume as the people that missed the boat can buy in (lots of them are still waiting down there thinking it will reach 540)

        If we choose to move up from 604 after some reconciliation then next targets on Bitfinex for me are: 620 and then 640.
        I believe 640 will be our next major resistance and still within the bearish triangle we started back when we peaked at 683. I believe we will not be able to get past 640-645 but I could be wrong (but thats where I will sell). I think 640 will be our peak for August then we will go down from there back to the 500s slowly.
        Reasoning behind that is every time we had a new high since 683, it turned to a resistance. E.g. 665-660 was our previous high which turned into a resistance last time. Now we have 640-645 as our next target which I do not think we will crack unless we have some major amazing news (not more merchant acceptance). But again thats too far from now so lets wait and see.

        So croll83: I think u should have bought yesterday when it was 575 on BTCE (bottom) I think today u can buy still somewhere at 582. But feel free to follow your own plan 🙂

        Arthur: yes during the downtrend from 665 to 615s I did a series of bad moves since the market did not have a clear direction at some point thinking it would go up it went the other way. But now im back on track 🙂 putting it all together I made 1.1BTC that’s if I do not include my previous losses and what I had earlier. But from what I had earlier and that I lost I made 0.68BTC.

        I am starting to be more confident in my trades now so day trading is working well for me especially when the market shows a clear direction up or down. My mistake earlier is that I traded when the market did NOT have a clear direction due to sheep people.

  9. I bought my first alt coin, counterparty coin of XCP. Simply because Patrick of overstock said he is going to get his company listed on counter party for people to buy virtue stocks in the company. I take it this is the Bitcoin 2.0 everyone has been talking about. There is a bit of pump going on with this coin.

    1. Arthur

      They have this proof-of-burn concept which I found peculiar. It means, correct me if I’m wrong, that the bitcoins you spend in XCP are lost forever in unspendable addresses.

      Overstock is a frontrunner by all means, that’s for sure. For bitcoin he did good things so far. Not sure if other companies will follow them the XCP route, but who knows… Good luck! 🙂

      1. Yeah I think that’s how proof of burn works.. Counter party have been the most fair with distributing their coins, proof of burn means that they have not sold coins but given them away in exchange of burnt coins and this is the reason I believe Patrick will promote counter party. Ethereum had a pre-mine that I believe caused a controversy with many calling Ethereum a scam and they are selling these coins directly on their site. Personally I don’t think there is anything wrong with this if it means developers can make money to work on the protocol but there has been links to Goldman Sachs. I have not been able to read how many Etherum coins there will ever be created, apparently the protocol is not set in stone either. The supply needs to be limited this is an important attribute of all cryptos. I also don’t like the face of 2 of the main developers (this may not be a genuine reason to keep away from ethereum but it could. Will overstock be the catalyst for a network effect on counter party? Who knows…. I bought a tiny amount of coins.

      2. Everytime i hear someone calling bitcoin 2.0 the last altcoin, that particular altcoin always end in shit:)
        I continue to consider all altcoins purely a distraction from bitcoin. As all things only time will tell….

      3. Arthur

        Yeah, exactly Enky. A little faster here (Litecoin), some more secrecy there (Darkcoin), some tuning to the proof-of-whatevers (Keycoin), aiming at a niche market (Uro, NewYorkCoin), it’s all the same shit that bitcoin can do, and already does for millions of people and merchants/companies. 99% of altcoins are useless efforts in the long run, if you ask me. However, like I said before, the only two parties that I’m willing to give the benefit of the doubt are MaidSafe (changing the way how internet and data storage work) and Ethereum (Turing-complete toolbox to make next-gen decentralized applications, amongst more). Plus those two have 100’s of developers behind them already, which makes it more likely that they will be successful. And as far as I can see, they aim not to dethrone bitcoin but they add something new to bitcoin and the blockchain/public ledger/decentralization concept. Time will tell indeed.

      4. I admire your expertise Enky and yes there are a lot of shit coins out there and this is the reason why I have never bought any before. But Andreas Antonopoulos and others believe and that some alt-coins will have genuine utility. When the CEO of Overstock publicly states that he has been talking to the developers of Counter part and intends on getting his company listed on there buying an insignificant amount of those coins doesn’t seem like such a bad idea.

      5. How many internet protocols are we using today? just one, TCP-IP and on top of that there are plenty of services we use daily. I’m ok if the same happens with bitcoin but another thing is to mask as a service an altcoin that will be always in competition with bitcoins. And everytime that particular altcoin is also promoted by that puppet of Max Keiser i’m more then suspicious (i’m referring to ethereum). Pump and Dump schemes, it’s pretty obvious and ofc they are smart enough to leave you the possibility that one day it might work but in the meantime they cash in the money:)
        This is my opinion but you are free to buy, don’t forget to apply an appropriate strategy and money management

      6. Thanks for the advice and I totally agree with you. Counter party coin to me was a $30 gamble lol I think I got about 11 XCP, practically peanuts and I won’t be buying anymore or another altcoin unless something dramatic happens. I’d love to see an asset exchange coin develop and grow regardless which one it is. The problem with Havelock for example is it is a centralized solution to asset exchange even though it is trading only in Bitcoin. Counterparty is exactly that, it takes away the counter party and it is a decrentralised counter party, the exchange of asset is done by math and code, that is the whole point of Bitcoin 2.0.

      7. Wow read it and was very interesting, thanks.. Comments quite interesting too.. It really is a watch this space situation.

      8. Arthur

        Yeah, Gavin is critical, but also “Parts of it are pretty interesting.”, and he explains the use of so-called ‘oracles’ in Ethereum. I read that article before I decided to invest (a little) in Ethereum, as part of my due diligence. If even Gavin sees a few positive things… then at least they must be doing something good! 😉

      9. While programmers are squabbling how to effectively create a Bitcoin 2.0, imagine overstock jumps into one of these asset exchange protocols and start the beginnings of a network effect deciding where developers should focus there interests. Loads of variables to consider. Patrick may have a trick up his sleeve.

      10. Arthur

        Well, he is on CoinDesk now also with an interview, our Mr Byrne. He is surely well-informed. Some interesting quotes:

        “I can’t say that we have the intention to actually do it, but I can say that my intention is as firm as the intention can get while being still exploratory. If it gets any more solid, I will have to notify the Securities and Exchange Commission (SEC).”

        “If we hypothetically issued such stock, it would really be in a small amount. […] We’re doing it because we want to figure out how to do it and show how to do it [so] other people can fund their companies using the system we develop.”

        Noting how he thinks cryptosecurities could be even more powerful than cryptocurrencies in the long term, Byrne remarked: “If every payment went to bitcoin, it would be a $16tn industry. If every exchange on the stock market went to a cryptosecurity it would be a $4qn industry.” Byrne went on to suggest that he believes the Depository Trust & Clearing Corporation (DTCC) – a financial services company that provides clearing and settlement for the majority of US securities transactions, should be disintermediated by a block chain-based solution, and that doing so could prove more valuable to society than replacing central banks.

    2. Arthur

      Well Peter, it might be a good investment. But you have to realize Overstock made no decision yet, and basically they are only saying that they are talking with the XCP community to get into these cryptosecurity matters. Did you check the Overstock research wiki “How to issue a cryptosecurity”? It’s very detailed already, and, for example, Ethereum is praised also for their team and their efforts (“Most flexible platform.”, “Truly game-changing.”).

      1. Very true and I know that Ethereum has been praised by Andreas Antonopoulos too and Im sure has just as much possibly more chance to succeed than counter party. Did you manage to watch the RT interview with Patrick yesturday? He is known for letting slip and talking his mind. He blatantly said he was looking to putting overstock on counterparty that’s what got me excited.

      2. Arthur

        Ah ok, no, I missed that. I read Wired yesterday, and there Mr Byrne said:

        “Before we decide if we want to issue a cryptosecurity, we want to figure out if it’s possible.”

        Then Wired added:

        “His efforts are part of a much larger movement that seeks to remake the stock market in the image of bitcoin. Several projects—including NXT, Mastercoin, and Bitshares—are working on software that’s similar to the tools offered by Counterparty, and all are mentioned in the Overstock outline.”

    1. Strange I just watched the whole clip again and that statement is not there, it appears to was cut out? Other members of Reddit have made reference to this though.

      ‘This could be huge for Bitcoin (and for Counterparty). Imagine, the first-ever issuance of shares of a public company on a cryptosecurities platform! No more pieces of paper representing your shares of stock, just digital assets traded on a decentralized exchange and controlled entirely by you.’

  10. Peter

    Just checked out https://o.info/index.php/How_to_issue_a_cryptosecurity (Thanks Arthur)

    According to this counter party has the least disadvantages of all over the other security protocols and one of them is that it takes 10 minutes transaction time but this is not going to be a big concern if it is asset that your exchanging. Your not exactly using the protocol to purchase a cup of coffee. This page already says it all on how favorable Overstock is to Counter Party..

    1. Arthur

      Sorry Peter, I have to fully disagree here. Mr Byrne is obviously carefully approaching the subject, and no decisions of any kind have been made public so far.

      To my humble opinion, you’re suffering from a wishful thinking attack, fueled by Reddit hype talks. That’s how lots of these pumps and dumps around coins start, so please be careful. I’m not saying Overstock will never use Counterparts, because Mr Byrne might end up giving them a try. But if they give it a proper business approach, which I would strongly advice them to do, they should put several parties on a short-list and give all of them a chance to build a working prototype and present it. Only then a decision for the preferred solution should be made by Overstock.

      1. Peter

        lol maybe Iam disillusioned

        Very true, I have read on some of these alt-coin forums that they have been approached by overstock so I think your right.

  11. Arthur

    Hurray, on Bitstamp we are back in the 600’s! I’m guessing 555 was the equilibrium point.

    1. Elie

      In the last pop upwards few hours ago the volume finally picked up well!!! So I highly doubt we will see a W pattern or a dive down to the 550s again (for now).

      I anticipate a test of 615-620s and then 635-640-645 (That is where I will sell/short somewhere along that range unless indicators indicate otherwise)

  12. Arthur

    Hi guys, I need the help of a few bitcoin traders that use trading software or other tools like bitcoinwisdom and the likes.

    As you might remember, I’m in touch with the developer of AllTrade. It’s a piece of (alpha) software for bitcoin traders. I’m helping to bring it to the next level. The status so far:

    Multi exchange support
    Few basic graphs
    Buy & Sell orders
    Order history
    Exchange order book

    Under construction:
    – Stop loss order (fixed price)
    – Stop loss order (floating price based on fixed amount)
    – Stop loss order (floating price based on fixed %)
    – Conditional sell order
    – Sell order of % of bitcoin holdings at the moment of sale
    – Same type of things for Buy orders
    – Programmable parameters & indicators

    Long term development (think 1+ years):
    Automated multi exchange arbitrage & relative trading

    The question is, there are so many indicators & parameters, that it is hard to decide which ones should be build in. For the moment it’s not planned to rebuild bitcoinwisdom. But which indicators, graphs and parameters do you consider MUST-HAVES to base your strategy on? Which parameters do you prefer to program yourself in a toolbox (think Metatrader) and which features do you consider absolutely necessary (think optionsXpress)?

    I’m in this voluntarily, so can’t offer much I’m afraid. Nevertheless, I’m hoping one or two of you guys could reply so we can have a pretty sophisticated bitcoin trading tool this year. Thanks! 🙂

    1. Arthur

      Furthermore, looking for beta testers with an account on one or more of the following exchanges:

      Bittrex, BTC-e, Cryptostocks, Cryptsy, Kraken, Mintpal, Poloniex.

      Drop me a line on spfreaks at gmail dot com, so we can keep Enky’s place clean. Thanks!

      1. Anathema

        If you haven’t got any replies to this, you might want to repost this in the new ‘short term update’, since i think most people stop reading the old one once a new update is out. Your timing was a bit unfortunate, you posted here on the day the new update came out. 😛

      2. Arthur

        Hi Anathema, you’re right, thanks for the tip. So far no response indeed, so I’ll post again later. 🙂

  13. third bottom hit with rsi turn-around. back at nomans land at 600 could be the basis for a hop to 630 and then 680. swaps not indicating yet the raise. its a 51 % to 49 % chance. will update before its getting strong bullish again.

    1. Elie

      let me know since volume has been very low for the past 12 hours or so. China is awaking up so lets hope they don’t continue to trade bearishly.I am beginning to think that we might go down in the next 2 days retest 560 again for a W pattern.

    2. Arthur

      “let me know since volume has been very low for the past 12 hours or so.”

      That’s my worry also.

      1. Elie

        Btw guys I sold out at 591$ and did a mistake not selling at the peak of $605. oh well was greedy thought it would reach $614 lol.damn greed!
        Anyways seems now we will retest $565+- for a W. Lets hope it holds us again as a resistance.. maybe it wont? then $500 VWAP could become reality again. Will be watching tonight and tomorrow with my alerts set on Bitcoinwisdom

      2. Elie

        yup going bearish again. those sheep people are so impatient! We still have a while for the market to become mature. So I am setting my buy at 560 initially but will readjust to 566 if necessary when we get there so I get picked up, Maybe we could go under to 540 or 500 too ..

      3. Arthur

        “those sheep people are so impatient!”

        lol, yeah. With volumes dropping dramatically again (2,000 on Bitstamp currently), 580 seems to hold rather strongly. I consider that a weak, but bullish nevertheless, signal. The week – and month trends for volatility are on the rise, by the way (within an All-Time Trend that is on a downslope, though), which I think is a mildly bullish signal too .

        http://www.coinometrics.com/bitcoin/vix

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