Low volume is because we are reaching a tipping point. Both buyers and sellers are on hold. There are two options:
a) consolidation phase, plus steady and sustainable growth (no more bubbling for now)
b) bear market, slow and deep decline (as per 2011)
Anyhow, depth on both sides of the order book is big and healthy. ATM sellers are placing asks and not dumping, buyers are placing bids and not making market orders.
We will see where we are heading at very soon. I say give 70% chances to consolidation phase; 30% chances for bear market.
a) consolidation phase, plus steady and sustainable growth (no more bubbling for now)
b) bear market, slow and deep decline (as per 2011)
Anyhow, depth on both sides of the order book is big and healthy. ATM sellers are placing asks and not dumping, buyers are placing bids and not making market orders.
We will see where we are heading at very soon. I say give 70% chances to consolidation phase; 30% chances for bear market.
This guy knows what he's talking about! I'm new to day trading, but I know enough to agree with you. Any tips for beginners? Letting the rest of us know about it can only make Bitcoin stronger?
I can give you a personal advice which has nothing to do with daytrading or technical analysis.
In this game you get the big prize if you have strong hands - hold on your BTC. If you are sure that you can increase both your fiat profits and your BTC stash daytrading, go ahead and do it. But most of people is delusional, they see their fiat growing and they think they are excellent daytraders, but the truth is that they are slowly decreasing their BTC stash. If BTC develops at its full potential, they just missed the real thing.
Then, bare in mind that BTC is a high risk asset, thus invest only what you can afford to lose. Otherwise you will make mistakes driven by emotions.
My personal strategy is the following: build you BTC stash with the spare cash you have. Have some fiat hanging around at the exchange so you can buy more coins in flash crahses, dips and dumps. And go for the long run.
Is you are more interested in daytrading, only advice is to plan your strategy in advance and stick to it. Don't panic, don't be greedy. Respect what you have established as entry and exit points. Emotions are your worst enemy.
