Hourly chart at BTCchina, it is interesting to see that the market behaviour has been bearish all the way down since 1240$ top of yesterday. The volume activity also confirms the short term weakness, bearish volume (second pane in the attached chart). In the third pane there is the total volume, two volume spikes are visible when the market bottomed twice at 950$.
I think that now there could be a short term trade opportunity, for who want to try i recommend to buy now and sell half position at the first resistance , the VWAP at 1055$, and the rest of the position at the first deviation line, around 1150$. Stoploss should be placed below the double bottom, at around 920$. Also the relative strength index oscillator confirm the trade because it is reversing to the upside from an oversold position.
UPDATE 10 HRS LATER
As you can see the signal worked and now we are at a resistance, the VWAP, and the RSI oscillator is overbought, both price and time indications that advise us to close the position in profit. This is a nice example of the intraday possibility of this market.
Bitcoin Trading Ideas, Analysis 
I’m looking to get long Alt-Coins whenever a new bottom is in, what do you think?
Ok – so at the moment, long-to-medium term bitcoin is bearish?
I made the short trade as you suggested sir. Thank you. I will be eagerly awaiting your suggestions on another good time to buy in. Also I agree the alt coins are just along for the bitcoin ride.
Thanks Enky your last 15m chart post and this one have been really helpful. After last post is when i really started making successful trades. I have a question though. This time you picked 1h chart instead of 15m, if i understand it is the speed at which market and price move that makes you pick, correct?
When would you predict is a good time for a first time bitcoin buyer?
I just want to say thank you for sharing your idea in the blog
Your analysis has been accurate and visionary. Would be nice to see you update more frequently.
looks like btc has loss the uptrend momentum, maybe that’s because it challenges the price of gold
people are waiting to see what’s going on next, even myself stop trading and have all my position closed since the movement is not clear
meanwhile ltc is going back in track, I don’t think ltc will ever replace btc but it is still worth a look imo, the market should be able to support 2 different crypto-currency at once, ltc has it’s unique value and more importantly it’s 30 times cheaper than btc
at the end I definitely agree that bitcoin will still go up in the long run,unless satoshi decide to throw millions of bitcoin into the market at once, lol
I should clarify my thoughts better, I do agree that the majority of altcoins are distraction, it just make the serious innovative cryptocurrency look stupid.
This may sound silly, but the fact that the price/ltc is cheaper make me feel that people may be more willing to put money into ltc. PLUS, the confirmation of transaction of ltc is quicker than btc, more coins will be released, still in early stage means it has higher potential to grow. The technical specification of ltc is different.
Think of it as gold and silver, the global market can definitely support both btc and ltc.
Having 2 kind of currency has it’s benefit, one could act as reserve and damp the price moment of the other.
All in all, what I am trying to imply is that ltc does worth noticing, I am not saying it will replace btc, in fact I don’t think that is going to happen. My view to ltc is open ended, it could go either way but I am in favor of it.
Cheers!
That’s wrong Enky, you can’t trade with 0.001btc
Minimum to trade is 10$
Thank you
Huge sell-offs happening right now… My guess is it was triggered by the news about “China central bank warns banks against use of bitcoin”. There was also a news about Greenspan but I don’t think it was very significant.
Alright…. I’m out wonder where it’ll stop
Enky, doesn’t China state that business and financial institution and instruments are banned from using bitcoin? They also defined it as commodity not currency. Do you think we can expect further sell-offs
or is this bullish news, i’m so lost…
Wait and see. This is really long term news. I hope the trend doesn’t reverse now.
support 800 gox?