Why BTC Sold Off Last Night

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Like I said in January, I expect all bull markets
to be met with some strong selling pressure at resistance
levels due to "bag holders" who are looking to get out
at higher prices. This is exactly why I closed most
of my swing trade long position in between ~$585 & ~$660.

There was a nice short opportunity last night on the break
of the bull flag , but I didn't catch it because I was on a train
in Italy.

So far, the bull trend still looks "healthy", so we could see
higher prices, but I'm expecting more consolidation and
maybe a deeper pullback before going higher.

Fundamentally, there's sold silk road news that could add
extra selling pressure to the markets.


Chris, were obviously going to retest 550 in the next 72 hours do you think it will hold a second time? Seems everyone is worried about the June 27 SK auction which is laugable bcse its rather positive. I am looking to buy in 50% and then 50% later on when it dips to 520 if it ever does.
Chris, thanks for taking the time to share your insights. I have been doing some swing trading on BitStamp but you cannot short on their exchange since its not a trading platform as such I guess. Can you recommend a platform for short selling Bitcoin as well? Thanks Jon
Bitfinex has short trading along with margin and swaps.

I've been using Finex for a while and find it to be great. Plenty of liquidity and I love putting some money towards swaps. If you don't know what swaps are they basically provide someone else with money to trade on margin. Very low risks in losing money since if the position turns against them Finex will eventually close it.
+1 Reply
Cuda ItisCalvin
ItisCalvin, thanks for the info. I will try over there.

Cheers ;)
nice report, good work chris :)
and that 51% again...
It looks like the government may have sold some silk road bitcoins.
ItisCalvin shawndietzer
None of the Bitcoins from the SR have been sold. THey are all being moved into blocks of Bitcoins for the auction.
Chris,since you cant be creative with bitcoin investments< such as spreads or options, are you just buying low and selling high? or do you have other suggestions? Thanks
-1 Reply
ya, directional trading is my only strategy right now until it becomes a more liquid and mature market.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out