Bitcoin weekend update: market consolidation 9/13/2014

13. Sept. 2014

Market is in consolidation still between the two horizontal resistance on the 1hr bitcoin chart. We hit the high and then we retested the low. Last night, there was a huge sell-off of a single market order of 2000+ btc coins bring prices of all exchange down 2% or more. However, by this morning, we are at pre-crash levels. If this was a market order during the downtrend, we would have been a few percent lower than when the sell-off started. What does this suggest?

Market short term is neutral, intermediate term is down, long term is down. I went long a few days ago actually, my accessment is based on LTC/BTC correlation and how LTC leads BTC. I believe short term will follow LTC and we will be bouncing to test higher levels. As I type this, there is a 3k wall on bitfinex. We'll see if the bears win again. As a trader, I am wrong all the time, but as long as the trade has good risk/reward ratio and are likely to reach target, that is all it matters.

BTC/LTC assessment:
ibankbitcoins.com/btc/bitcoin-market-update-9112014
My Trade:
tradingview.com/v/OL1li8DS/

I do bitcoin market updates and live trades daily . Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, twitter.com/ibankbitcoins