Bitcoin Market Update 9/11/2014

Market since earlier this week is still in chop phase, no clear indication of trend or direction. Bitcoin price is bouncing between the two blue support/resistance line. As you know, I've went long yesterday at a sub-optimal price from today's hindsight; not too concerning since my trade's time frame is much greater.


There is nothing much to talk about in terms of price for BTC, but lets take a step back and look at LTC. LTC has long been considered the silver of cyptocurrency, and their correlation mathematically is R>0.8. If you are not familiar with correlation coefficient, here is a wiki. My point about LTC and BTC is that they should move in tandem, one should compliment the other. LTC has been strong lately, making 10 day high. LTC has been leading this trend down, making new lows before or together with BTC