Bitcoin market update 9-01-2014
Back to Bitcoins after labor day weekend. Market sold off during the weekend, Chinese exchanges lead the way down. This is interesting because Saturdays and Sundays are times in which volumes are thin and prices are trendless. But not this week, we pushed down key supports over the long weekend. Price action trumps all, but its something interesting to think about.
Market doesn't seem like it is holding well at this level, we are going to retest previous lows of 441. In the bull's case, market needs to form a double bottom or a W shaped pattern to stop the bleeding.
I saw a few posts regarding "manipulation" based on bot trading volume on bit-e exchange. While it is interesting in nature to observe. The overall market price was in-line with bit-e's. Therefore, the decline was not attributed to bot manipulators. Still holding short from 512 from 2 weeks ago.
I think I am gonna be posting an update everyday at 7UTC, and maybe a weekend update on Fridays before I head to the bars. Expect more from ibankbitcoins.