Bitcoin fall blamed on impatient traders

[Kimba_Coinarch]

Bitcoin started on a bad note this week with the price failing to sustain itself after falling during the February 22nd trading session. Experts blamed the fall on impatient traders who closed their positions before the bitcoin price was able to build the necessary momentum.

As we predicted yesterday, the 232-234 area received strong support and kept the price from testing the new bottom of around 227.

As sellers disappeared, traders started entering the market, subsequently initiating a slow rally towards the next resistance level.

The BTC/USD opened right near the oversold threshold around 235 and continued to dip in the next few hours. For a brief time, the pair remained below the lower Bollinger band and was soon followed by a price correction. The upward movement however influenced other traders to enter the market, probably to make near-term profits. The overall movement, at press time, is consistently reaching higher lows.

What to expect today?

The slow uptrend is inspiring and a volatile rally is hopeful but unlikely. The market has formed a new consolidation range after breaking away from the previous support level around 210.

As per the technical indicators on the 4H Bitfinex chart, support near the 234 mark has been formed and the price is validating 240 as its next target. As you can see on the chart above, the price is still trending below the 50H MA, while the RSI continues to remain near 40 – with its head towards the north. The near-term market sentiment is clearly bearish.

Tip: It is recommended that traders go short if they notice slow momentum near or before 240 mark.

Conclusion (On Daily Charts)

Current Mood: Bullish

Moving Averages: Buy (8 Buy 4 Sell)

Technical Indicators: Buy (4 Buy 0 Sell 7 Neutral)

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[oblivi]

I don't think traders are enterily to blame, that is a small portion of the current Bitcoin crash.
It's just a mixture of things. Mainly because the technology is too advance. It's like offering BlueRay in a world where VHS just came out. Let's give it time and start counting after 1.0.

[WhatTheGox]

Traders arent to blame its just natural growth of a new market.  The more people who want to trade the more the bitcoin price will have to go up.

[txbtc]

Watch the charts at http://bitcoinwisdom.com and learn when it will potentially go up.

[Q7]

Bitcoin started on a bad note this week with the price failing to sustain itself after falling during the February 22nd trading session. Experts blamed the fall on impatient traders who closed their positions before the bitcoin price was able to build the necessary momentum.

As we predicted yesterday, the 232-234 area received strong support and kept the price from testing the new bottom of around 227.

Sometimes it may not necessarily true that the fall are caused by impatient traders. If you ever play on margin you will realize that exchangers will automatically close the traders' long position if there is a margin call which means there is not enough fund in the account to sustain their negative position. This has to be done to protect the exchanger in the first place.

[1Referee]

It's a free market. Every trader is free to sell or buy loads of coins at any time.

Bad news after more bad news is what made the price most likely go down quite a bit.

Every exchange has their own orderbook, which is weak in every perspective.

Large dumps on one important exchange makes the price go down on every exchange.

With only one orderbook the price would be way more stable.

That in return would make merchants more willing to keep the Bitcoins instead of having a third party that converts it instantly to fiat.

[rosh]

As long as traders make money, they care two hoots about what happens to bitcoin's price or the bitcoin economy.
They have their priorities laid out before them, very clearly.

[cellard]

It's a free market. Every trader is free to sell or buy loads of coins at any time.

Bad news after more bad news is what made the price most likely go down quite a bit.

Every exchange has their own orderbook, which is weak in every perspective.

Large dumps on one important exchange makes the price go down on every exchange.

With only one orderbook the price would be way more stable.

That in return would make merchants more willing to keep the Bitcoins instead of having a third party that converts it instantly to fiat.

Yeah. It's pretty ridiculous to blame it on freemarket. Bitcoin is a true free market experiment. That's it's main strength.

[ajareselde]

Bitcoin started on a bad note this week with the price failing to sustain itself after falling during the February 22nd trading session. Experts blamed the fall on impatient traders who closed their positions before the bitcoin price was able to build the necessary momentum.

As we predicted yesterday, the 232-234 area received strong support and kept the price from testing the new bottom of around 227.

As sellers disappeared, traders started entering the market, subsequently initiating a slow rally towards the next resistance level.

The BTC/USD opened right near the oversold threshold around 235 and continued to dip in the next few hours. For a brief time, the pair remained below the lower Bollinger band and was soon followed by a price correction. The upward movement however influenced other traders to enter the market, probably to make near-term profits. The overall movement, at press time, is consistently reaching higher lows.

What to expect today?

The slow uptrend is inspiring and a volatile rally is hopeful but unlikely. The market has formed a new consolidation range after breaking away from the previous support level around 210.

As per the technical indicators on the 4H Bitfinex chart, support near the 234 mark has been formed and the price is validating 240 as its next target. As you can see on the chart above, the price is still trending below the 50H MA, while the RSI continues to remain near 40 – with its head towards the north. The near-term market sentiment is clearly bearish.

Tip: It is recommended that traders go short if they notice slow momentum near or before 240 mark.

Conclusion (On Daily Charts)

Current Mood: Bullish

Moving Averages: Buy (8 Buy 4 Sell)

Technical Indicators: Buy (4 Buy 0 Sell 7 Neutral)

And why are traders to blame? its not being impatient, its about using every opertunity to make some profits (which are rather low at his point in trades,atleast for me)
If bitcoin is ready for a rise, it will happen no matter how impatient some traders may be, and those of us that sold will have to buy back in at a loss, and we know thats the risk.
Im waiting for 200$ range for and extra 10-15% increase in my bitcoin trading funds, and im pretty sure it will happen.

cheers

[pitham1]

It's a free market. Every trader is free to sell or buy loads of coins at any time.
Bad news after more bad news is what made the price most likely go down quite a bit.
Every exchange has their own orderbook, which is weak in every perspective.
Large dumps on one important exchange makes the price go down on every exchange.
With only one orderbook the price would be way more stable.
That in return would make merchants more willing to keep the Bitcoins instead of having a third party that converts it instantly to fiat.

Yeah. It's pretty ridiculous to blame it on freemarket. Bitcoin is a true free market experiment. That's it's main strength.

Free market is one thing.
Market manipulation is another. A punishable offence, irrespective of the market.