Bitcoin market analysis 9-16-2014
Market is starting to slip a little but still in consolidation. Looking at the hourly chart, there is no trend, there is hardly any trading opportunities for trend followers like me. If you are the trend reversal type of trader, this is it. I see many successful stories of buy at support sell at resistance. I on the other hand is holding long, and watching the tape closely for price action and volume; focusing on volume more actually because volume is so shit these days. I will be getting out near the lows of at 465/463.
Back to the chart, we are bounded by the short term declining trendline. Is that because of the constant selling pressure from mined bitcoin? Or possibly the gradual selling from large players? Does the reason matter? The selling is there. Remember those 2000 btc market orders on either way. What is strange is that the price isn't responding to selling or buying.