Bitcoin market update; ascending channel 10/6/2014
Market inside ascending channel. As we speak, we are testing the supporting trendline once again. In addition, there is a short term double top forming. In other words, this supporting trendline is pretty important.
I still believe we will retest the bottom of 275 once again because such a strong bear momentum doesn't just instantly recover. Imagine a car trying to come to a stop and reverse. It must slow down, stop, and then reverse. Although the analogy isn't completely true to the bitcoin market, but the sentiment of this forum is an accurate comparison.
I talk about about winning trades the same as my losing trades because emotions only gets in the way. I am still short and holding tight. My percent chance of a profitable trade isn't high, maybe 40%? I have to be patient with my winners because those are the ones that counts. I have to be impatient with losers, so I can cut losses fast.