24. December 2017 13:31 GMT – It appears that the BTC market has been rising on almost no volume and falling on relatively substantial selling. The result is that the bandwidth is now stretched between $15k on the high side and $12k on the low side. What that results in is that there were very few transactions yesterday (23. December) going up, and a fair amount of transactions today, mostly sells (at least up to now) going down. It is interesting to watch if you are not in a position where you have to do something.
It also is interesting that the news finally discovered the BTC sell-off. The various news services are touting the “largest fall since XXX” but they are out of date and the price is already rising by the time they publish. “Anything to sell newspapers”, I guess.
Since my BTC is in CryptoGold, I can just watch the excitement with no concern about what is happening short term. Join me! Click on the banner below and join for free.
25 December 2017 14:07 GMT – More of the same, except that the traffic last night was not as heavy as before. The mid-point right now seems to be about $13’500, but that could change quickly. Merry Christmas for those who celebrate it?
Yesterday afternoon (19 November 2017) the Bitcoin-USD exchange rate topped $8’000 and continued to stay in the $8’000-plus area up to now (10:30 GMT, 20 November 2017).
Looking at the news today, there does not seem to be any specific reason (like discrete actions) to push the price up. It appears to be the continued push that we have seen since last year, although there have been some bounces along the way.
There are some technical predictions that there will be “resistance” to exceeding the $8’200 mark (later this week?), but we have seen this consistently. The price gets to some predetermined point, and a (or some) large trader(s) sell off a large amount and the price drops. Then there is a rebound as other traders want to get in at the (relatively) cheap new price. So – compared to a smooth movement, it will tend to be something of a staircase or an up-and-down motion compared to a smooth curve.
If you are a trader but not so large that your movements have a significant effect on the market, you should be able to predict and make money with these relatively predictable movements – sell off at the top (or safely close to it) and buy again when it falls.
This trading action is part of what the professional traders at CryptoGold should be doing (I can’t say whether they are that active in this format yet or not) to advance the value of the CryptoGold members’ holdings. Click on this link to discover more http://krypto-gold.ch/.