Topic: Daily Bitcoin Update (Read 842 times)

Wisdom. It's all about the pumpin and dumpin. There are no "fundamentals" or "momentum". Just bubbles, crashes and low-volume stagflation. Sadly we are currently in the last of these three - the most boring.

These forex analysis say alot about the authors, first being they know nothing about trading currencies, A rally and pullback HAHAHAHA. Hello experts this is not forex, you can stop your technical and fundamental based and backed by nothing analysis. In order for an analysis to be complete you need a currency that has some kind of demand out there to base that analysis on.

The only good thing in this analysis is the warning and predictions about the silk road auction off. those are good and true, everything else is just hogwash when it comes to crypto-currency trading.

Yea yea get it out now, call me names, tell me I dont knwo what i am talking about, BUT I call your bluff. It will not be me getting slapped with insults and criticism when Ops like this one make an analysis and some holder of bitcoins blows his assumptions out of the water and in the wrong direction. there are enough wallets out there to take any technical or fundamental analysis and flush it down the toilette.

The sooner you "Forex Experts" and "Chart Lovers" realize this, the better off you will be. Stop wasting your time on long term charts, you need just about 2 days of charts, there are no moving averages in Bitcoins or any crypto currency, the charts are not where you need to be. you need to be concentrating on getting on board with as many pump and dump groups as you can find, then you could sell your analysis and make some real cash off your advice

Im just saying

Here are my thoughts;

Daily Bitcoin Update

The bitcoin market has failed to move in the last 24 hours, mainly due to low trading volume. The price is still trending sideways and seems to be in a congestion pattern. Interestingly, the price movement is above the daily moving average, indicating a near-term bullish sentiment.

The upcoming Silk Road Bitcoin Auction seems to be one of the major reasons affecting bitcoin price movement (or lack thereof), with the bitcoin market remaining fairly cautious. 50,000 worth of bitcoins are scheduled to be sold this Thursday meaning the bigger buyers may be able to single-handedly move the market in any direction should they choose. Should a purchaser openly sell a large parcel of bitcoins (think back to early October and the Bear-Whale), the bitcoin price will decrease due to an increase in short-term supply. Should the purchaser(s) hold on to their newly acquired bitcoins, we could see an increase in the bitcoin price as investors waiting on the sidelines step back into the market.

December 2nd Bitcoin Trading Session


BTC/USD opened at 380 on Bitfinex while trending sideways in a congested pattern. As you can see the buying and selling volume over the last couple of days (the red and green bars), seem identical. Meanwhile, the price is trading above every simple moving average and the RSI is also holding above 55. This indicates a near-term bullish sentiment in the market.

What to Expect Today?

If the bitcoin price continues to hold above the daily moving average, the bullish bias will continue. A rally above 390, complimented with the failure of a pullback, will indeed bring the price to a stronger bullish zone. In this case, the next upside resistance will be towards last month’s peak of 450.

If the price dips below the daily moving average and fails to bounce back, the next support level in sight will be around the 350 mark. Any attempt to break below this wall will open up a strong bearish zone, where the downside risk will be towards last month’s low of 320.

In the meantime, watch out for December 4th – The Silk Road Bitcoin Auction.

Conclusion
Current Mood: Neutral-Bullish (on Daily Charts)
Moving Averages: Buy (8 Buy 4 Sell)
Technical Indicators: Buy (6 Buy 2 Sell 4 Neutral)

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