BTC Update for yesterday - Korea and Japan pretty much bounced off support (although I think its quite weak for these exchanges). USD exchanges bounced off the descending trendline having broken support and upward trend. It appeared the finex bots kicked back in after it went below 12 and rescued it.
On the 15min it is showing EMAs at buy but not on any higher time period. It's near enough formed a triple bottom, but then this can also be construed as a downward triangle.
It needs to break the downward channel now and get past around 137 to break short term trend.
(Note: I track 4 x USD exchanges, Bitstamp, Coinbase, Bitfinex, BIttrex along with a Japanese and Korean exchange. I have observed any of them can lead a trend change, however it appears (at least recently) that Bitfinex whales in the order book are the best at bringing a trend to stability).
"It appeared the finex bots kicked back in after it went below 12 and rescued it. " how did you came to this conclusion?
Very nice information! Thanks!
Trader-Elisa
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@Chuckytuh, I've watched it fairly solidly for over a month now - can't comment on prior. I look at a site called bfxdata and check the order books. Whenever the bots/whales are active (ie large buy or sell orders >100 BTC) the price stabilises alot. There were none in there when it dipped below 12k yesterday for the first time but they reappeared and seemed to stop the second dip. They can get pulled so it's not infallible obviously but I'm finding it a useful indicator of where movement will slow before seeing the relevant candles on the charts. I saw similar behaviour with large sell orders earlier in December when the price was on the rise, which stabilised the price and limited increases.
Unfortunately this behaviour I also think drastically limits the ability to use TA for longer term predictions! Hope that helps :)
Trader-Elisa
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@elisahp, just my observations BTW, if you start looking and see something different let me know :)
Very nice information! Thanks!