Bitcoin Trading - Jan. 29, 2017
What a terribly BORING day in Bitcoin trading. As I mentioned in my previous post, Bitcoin broke out of it's pennant consolidation pattern and made a run for it. It quickly jumped to $927.49 on GDAX, only to immediately resume it's consolidation back in the $924 range. It's spent most of the day bouncing around between $924 and $925. Very little action to speak of. At least we're getting that stable price we've been looking for, huh? I did manage to catch the jump and capitalize on it. I sold a little bit early at $926.44 and followed the price down with a Buy Stop. I was hoping to get back in at the low $900s, but alas, Bitcoin had other ideas. My Buy Stop was hit after the lowest red candle when it pulled back to form the first green candle after the drop. I managed to squeeze out a few more Satoshis.
What the charts show is ANOTHER Pennant consolidation pattern, so I look for the same thing to happen today. I don't think it will go any lower today, because every low since the pullback has been a little higher than the one before it. I look for a repeat of yesterday's uneventful brief jump and return to the $920s.
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Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
You may call it boring but for institutional investors the free market drives them crazy. They are so used to having the FED pump
freemoney into the big banks and for the most part the stock market has always gone up due to thisfreemoney flowing thorough the stock market. I can't wait until hyper-inflation happens and the dollar crashes to the point where no one will want the fed dollars because they will be on par with the Zimbabwe dollar. At this point they will watch cry like babies about how they can't make money in such a volatile situation. Welp!Very good points. The stock market is always inflated. I was looking for a breakout to the upside, but it looks like Bitcoin decided to move the other way. I'll take it as a good time to snatch up some coin at a discount. :-)