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RE: Bitcoin Technical Analysis - 1/12/17 - Up or Down?
A fellow BitcoinTalk member has created a free bitcoin trading simulator. It's a great way to get a feel for Bitcoin's trading behavior without having to put real money on the line.
You sign up and receive $100 in play money. You are always either all-in, or all-out. Trades cost 0.2% commission, limit orders cost 0.15% commission (of your fake money).
There is a leaderboard...whose rankings have been changing quite rapidly amidst all this volatility!
Here's the link:
http://www.bit-sim.trade/
Hope to see you all there - I'm Chainsaw ;-)
An example of how playing the game helped inform my real life trading decisions.
About a week ago, one BitcoinTalk member called for a drop to $660, while we were still well above $1000. Nobody believed him. Within bit-sim.trade, he was the only player in the top 20 to be in a cash position.
As the corrections unfolded, his rating shot up to the top 5.
This particular case served as a case study of being greedy when others are fearful, and fearful when others are greedy. The more contrarian the view, the greater the potential rewards. In my view, simply seeing that the market was so overconfident, helped inform my real life bitcoin trading decisions. (In this case I sold some GBTC in the 120s, with the intention to rebuy lower.)
Simply getting a snapshot at market sentiment as valuable, whether you are personally using it as an indicator or a contrarian indicator.