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RE: Bitcoin Technical Analysis - 1/5/17 - Crashing from 1166 to 851?!?!
In the time since I've posted this, we have broken out of a wedge to the upside, while on a decline. This is the first antipattern movement we've had since the big correction.
I also note that while BTCChina and Huobi seem to be down, OKCoin's price is now at parity with Bitfinex.
This strengthens the case that our consolidation range has been defined and that we'll range within it for awhile.
It further suggests that we may be ready to test some of the higher levels of the consolidation.
That breakout has confirmed.
Recognizing key levels becomes so valuable amidst greater volatility. Once a confirmation level is broken, there can easily be $30-50 runups in seconds.
Selling at 992 - this looks local toppish. (bitfinex did not clear the local 994.6 high on its most recent high --> more down!)
(Check out bit-sim.trade for a free paper-trading bitcoin game - it's a blast!)
Finally got confirmation. The declining volume and failure to breach 994.6 were early indicators, but we dropped to 967 now, on volume.
I expect the $909 low to be the bottom of this shortest-term wave, at the lowest.
I will be quick to take profits here, as the upswing should be violent.
This continues to develop and is being covered live here:
http://www.youtube.com/user/russeljc79/live
I exited this position at 970 for a >2% gain.
it looks like it's a good time to buy some BTC but the fact that the price is unstable & the reasons why aren't abvious yet is what make it kind of worrisome
Emotions, both fear and greed, run highest during rallies.
My goal in analyzing is coming to some conclusions, right or wrong, that I can put on paper and question with logic, related data, and historical precedent.
Then, when the terrifying (or greedy) moment comes, we can rely on our pre-set plans rather than our emotional mindset.
In the shortest term, I expect great volatility, both to the upside as well as the downside.
Are you a long-term holder, or someone thinking about newly getting into it?
to be honest im a miner and im new to crypto currency, i have done some research to understand the basics about how economy works & how crypto works too so you can say im not that good in making some good judgement! but i have some BTC that i earned plus i bought some at 700's & i want to hold it atm
Sounds like you're on the right track. You can lose your shirt trading, whereas Bitcoin has been the best currency something like 5 of the last 6 years.
When I got into Bitcoin I was frivolous with them. I cringe to think how many $5 Bitcoins I just threw away on stupid stuff.
It's a good time to be mining, that's for sure!