Wow, guys, did you see that shit happening yesterday evening? Truly, I was preparing some rant about a possible short-term selling points while sending a few BTC to an exchange afraiding of being too late to the sale party.
Actually, one minor profit take target would have been hit (if only I had really spotted that sell opportunity and took the trade in time), but expecting something more would turn into a loss or a break-even at best. Until my bitcoins had arrived and been prepared for the sale, the price was back as if nothing happened.
It was really huge lesson yesterday, same as when the fork event happened. That 20% sell off took two hours, while strong buyers returned the price back in an hour. Is this price action telling you something? For me it means very strong up trend and as I keep saying from 50 USD/BTC break: 100 USD/BTC is a question of days (maybe hours, but you know long weekend is coming) not weeks.
Conclusion: Do not mess with the bull market. And give me some trading platform with good liquidity where it is possible to set stop loss and take profit orders. And of course with some usual leverage. Until that time I’m personally hesitating to day trade this market:)
Btw, today’s buying point at 89.55 would have been triggered. Stop loss at 86.50, first profit target at 94.80. After breaking yesterdays high you know what the next stop is…