Bitcoin market update 8-20-2014
With all trends, at some point the market gets a correction. Whether the correction will become a trend reversal is difficult to predict. Our recent bull run is impressive, huge rally to retest critical resistance at 525 or 3200 on OKcoin. Whether this is a reversal or a correction, I cannot predict that. You can refer to a post I did on trends and reversals earlier. A correction or reversal will be decided by bears. Can the bears push price back down to the 480 mark? If not, market will shortly rally to 550 on the back of short-sellers like myself. Oh I almost got stopped out today by 11 cents.
Nothing fundamentally has changed in the past few days, but the price action was a rollercoaster. One day, market participants claim bitcoin was going to crash to 300, next day someone says we are BACK in the bull. As if, the bears and bulls need to prove that they are right by saying "I told you so." I never found any trader make money on pride though.