Hodlers hodl - they are irrelevant, but who sold at 900 and now is buying back? For me it looks like at least a temporary bottom.
After my spidey senses haven woken me from my sleep just as Bitcoin hit $666.66666666 after a ~1700 single sell order hit, I placed a sub $500 buy-in. Now are at $720, charts are looking horrible although past experience and 'common sense' tells me that this still should be a good time to buy as we are likely to reach up towards new resistance level ($765) over next few days.
However, I have absolutely no faith that some whale isn't sitting watching and even encouraging buy-in support building up, with 5000 BTC ready to dump on the market. This slide, consisted of some ridiculously 'well timed' humongous sell orders that came right out of blue. Are these just a big bunch of 'panicky whales' who happened to have impeccably bad timing, or is this all deliberate?
It's too difficult to identify these "resistance" and "support" levels during a serious downtrend. I thought support today was going to be 750 or 720 but it was 619 and now I have no idea where "resistance" is going to be. The levels are always likely to be lower than I expect or descend too fast for me to respond to and then I make a failed trade, losing fiat value. During a downtrend it is important to preserve fiat value rather than coin value and it will ultimately end up buying me more coins - as long as I reverse this strategy once the uptrend starts.
The major episodes of slippage were caused by whales coming along and dumping 1500+ BTC all at once. A swing trader simply cannot legislate for that and how can anyone have any faith that the same thing isn't away to happen in 10 minutes or whatever. Only reason I think it won't is cos a 1500 BTC sale would knock the BID wall back $100 USD at the moment. It won't happen again until reasonable support builds up,....I wouldnt have thought..
