Bitcoin market update, 8/19/2014
Market was creeping up for the entire day yesterday, While I expected correction, I didn't expect it dive down again this fast, not that my expectation is worth a dime. I also shorted Bitcoin at 480 yesterday, I was almost stopped out actually.
What is going to happen:
I fully believe we will retest the lows from 2 days ago at 2760 on OKcoin or 450 on Bitfinex. I believe so not because I feel that way, but on confirmations. Short interest are at new highs and swaps (bfxdata) are reducing during this correction.
Those who have a position, be careful in this volatile market. I wrote a short reddit article about general trading tips, I sincerely recommend reading it if you are new to trading.