Quick Short Term Update

The market has failed to stay above $500, at this point I think it is directed to the second deviation line of my short term VWAP at about $ 473. Once there I expect a rebound to at least $ 490-495.

chart

UPDATE

While i was writing the update XBT/USD touched 475$, let see if it will rebounce from here.

Advertisements

31 thoughts on “Quick Short Term Update

    1. Enky

      As i said many times i consider altcoins a waste of time/energy, litecoin is only a worthless clone of bitcoin.
      But the altcoin that i really hate is dogecoin and i’m very happy that it is quickly approaching the value of zero.

      1. Jose

        That is foolish. Bitcoin is a slow hunk of junk and the satoshi group owns 20%. If you understand technology, there is no doubt Bitcoin will fall to a good alt. BUT BEWARE OF SCAMS, you must do a lot of research.

        P.S. Litecoin/Dogecoin are probably the worst investments possible

  1. Elie

    Enky BTCE just crashed to 350!! What do you think will happen now! I dont think we will see a rebound

    1. Arthur

      After I noticed a little rebounce to the 480’s, I took it as an opportunity to sell and see if we hit the low $400 on Bitstamp too. Fingers crossed, my first trade in ages…

    2. Arthur

      Yup, Bitstamp didn’t go lower as 462, now back to 475. I’m going to wait a bit more though, I’m guessing FUD has strike the weak hearts and another crash might occur soon.

      1. Elie

        yeh its going back down. I think a retest of the good old 440-450 is going to happen before a nice bounce off. I am putting my buy @ 445

      2. Arthur

        Good choice Elie, that was exactly the spot for the bounce (442 at Bitstamp anyway). Well done. I think this crash is not done yet though, so I’m waiting this out a little bit longer with the risk of having no profits. (I’m at work, so I can’t sell/buy/sell quickly also lol)

      3. Elie

        just sold at 460 on Bitfinex. I don’t feel comfortable with all those WEAK bounces… I think we might go down to 420-430 level before seeing a bounce back to retest 485-500. Thats my next buy. But so far does not look good for the short term for Bitcoin. We might be heading to retest 330 and even 266 at some point in the next 2 weeks.

      4. Elie

        were in a bear territory after being in a bull territory since May to July 2014 , see the chart on 6 to 12 hours range to observe the bullish bubble we were in.

        So now the bears IMO will take over from August or September until beginning November 2014. Beginning November 2014 (or end of October) the bulls will then take over probably.

        That’s why I think we might go lower also add the very low demand and weak bounces of Bitcoin and it is summer, people are on vacation until beginning September.

    3. Arthur

      Looks like 475 has now turned to our new resistance. Couldn’t help selling there a little more, and putting it all back at 422 for the moment. Let’s see if we reach that low in the upcoming days… Crazy summer slump.

      1. Elie

        problem with Bitcoin is that we have to analyze it by the hour or the days. it fluctuates so much. I think we could still see a rally to 480-490 as Enky said but not sure when. Will we reach 430 then go up to 490? who knows.

      2. Arthur

        Can’t tell either, but I’ll probably never forget this August I think, lol. Lots, including yours truly, were expecting to see bitcoin on $4,000 by now; instead we’re praying for $400 to hold, so to say. To put things in perspective though, a stunning 2/3 of the top 100 altcoins lost MORE % market cap today than bitcoin… Wow, just wow.

      3. Elie

        agreed, with all the bullishness in the news the only reason were selling out is bcse of sheep immature traders who cant hold and want quick money now. Also another reason could be that the financial institutions and other professional funds want to buy cheap coins from weak hands, and I think thats whats happening right now. They are buying all the coins they can at 400s and maybe soon 300s before leading the next rally.

      4. B.Mums

        Interesting theory Elie…Enky care to weigh in on the next possible low range?

        BTC-E seems to be dragging down all other exchanges now, headed back down from 450 which we couldn’t seem to pass. In a way, I can’t the lowest volume exchange of the big-3 (IMO) is having such an affect on prices. Stamp and Finex both wanted to rally to ~475.

      5. Arthur

        Yeah there is a little recovery to the 480’s. If it’s strong it might go touch 500+, but I’m not so sure about that. I’m expecting another drop from there, maybe not as firm as yesterday, but still. So I’m currently keeping my fiat dry for a bargain buy in the lower 400’s.

  2. Nikolay

    BTC-E is real crap, just like Enky said. Over 4k btc sold and the price drops by 150USD. I am now officially moving on to Bitfinex. The problem for me though is the coins were transferred and I see the transaction, but I cannot trade. Not sure what is required for my account (to be verified?) or I need to set something else, but I am not able to make any actions (sell/buy). Sorry for being offtopic, but can anyone suggest what is so specific about Bitfinex?

    1. Anathema

      A bitfinex account has separate ‘wallets’ for swaps, exchange and margin trade. That’s the three tabs near the top. By default, deposited funds go to the margin trade wallet. You can transfer funds between wallets by clicking the ‘manage wallets’ button. There you can type the numbers you want to transfer, or you can drag/drop them with the mouse (and then confirm with the ‘transfer’ button). Exchange is for non-leveraged trading by the way, while margin trade is for, well, margin trade. ‘Total return swaps is for lending out dollars or crypto to traders, for interest (although the rate is very low now, about 0.05%/day). If you are doing swaps, one site that’s extremely handy is http://www.bfxdata.com/swapstats/usd.php , the guy has added a lot of new features lately, so it can look a bit overwhelming, but i always use it when i want to lend (which i don’t with the current rate).

      Bitfinex also have their own thread on bitcointalk where you can ask questions: https://bitcointalk.org/index.php?topic=229438.4300

      Their documentation is meager to say the least, but you’ll get used to the interface soon enough.

    1. Elie

      indeed time to buy if you did not yet. If you bought anywhere between 443-465 i think its a good buy and great to go long from there. Were going to retest 490-500 resistance. Thinking of shorting there and rebuy lower.

      1. Nikolay

        I’ll join you Elie. You got my trust already!

        Just sold at 484 and re-bought at 477. Awaiting for 493 now. I hope you will be right again!

      2. Peter

        I’m too chicken shit for this. I bought Bitcoin with the purpose on trading it and I couldn’t stomach it and not its sitting in cold storage lol. Goodluck to you guys hope you make lots of $$

Comments are closed.