Bitshares Trading Diary, Day 15: "It's Happening!!!"

in #bitshares5 years ago (edited)

This screenshot of the six-hour chart I woke up to says more than I could!

Bitshares Six Hour Chart Aug 29

It's the six-hour from 8 AM (all times Eastern.) Finally: the 1030-1050 stone ceiling that Bitshares knocked its head against for two weeks had been demolished. The volume's been so huge, the 24-hour figure as of 6 PM was more than ten times yesterday's. And for the first time since I started this diary, Poloniex's trollbox was peppered with talk about Bitshares and the upcoming Peerplays sharedrop! One trollboxer dropped the foregoing link so frequently into the trollbox, she had to be warned by a mod to quit doing it.

The buying scramble continued until 9:15 AM, piledriving Bitshares up to "Floor 1200s." Then, it stopped and marked time until noon - just hanging there, shuffling along at ~1175:

Bitshares Six Hour Chart 12 PM Aug 29

And shortly after I took that screenshot, another gigantic power-drive of buying entered into the Bitshares market and piledrove it up to its day's high of 1327.

By 1 PM, it was very clear that Bitshares was in some ways repeating the ascent of Nxt. It was on the move!

It's Happening!!

At least, it was...

Afternoon Backslide

That's when the selling started. At first steady, it powered up into three huge bursts than managed to shove Bitshares down to the 1170s:

Bitshares Six Hour Chart

Even though the hydraulic-force backslide was disappointing to traders who had bought around noon, it's a normal part of market life. In traders' jargon, it's called profit-taking. Punters who were fortunate enough to bag a quick and hefty profit sell out to bank their gains. They take the bird in the hand rather than waiting for the two in the bush. They'd rather not endure the risk of winding up with none.

If you were looking to buy some Bitshares, to stick into your wallet or Open Ledger account and wait for the sharedrop, these profit-takers did you a real favor. Until about 6:45, when all sell orders below 1200 were either bought up or cancelled, you could have picked up some BTS a lot more cheaply than if the profit-takers had not dumped. As I write, there's some left below 1220.

The Bigger Picture:Rising Above Frustration

I have to say, the advice that counsels patience is somewhat trite. It doesn't forewarn you about the frustration you have to put up with as the thing leaps, backtracks, makes another run, stumbles, falls, and so on. In a very real sense, speculators earn their profits by having to endure all those false starts and false endings.

If you've been following the market as I have....

Bitshares Four Day Chart 6 PM Aug 29

...this four-day chart as of 6 PM says an awful lot.

Lesson Of The Day

If you're trading on a bullish event, you not only have to be patient, you also have to rise above a lot of frustration. You have to roll with the false starts and cope with the disappointment along the way.

Thanks (again) for reading, upvoting and commenting. Two days to go before the Peerplays blockchain-scanning window! See you tomorrow for Day 16.

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Its not the only one the pump and dump crew have been at.

something closer to ${home} ?

True. Factom, Boolberry (for whatever reason), even STEEM for a time. For some reason, Riecoin's been hyped today.

Is part of this due to traders jumping off the Monero spike?

Yes, in part. Dumpers of BTS from yesterday to about half a week ago were dumping Bitshares to chase Monero. This morning, I saw someone in the trollbox cursing about it :)

BTS is going down now, as is Factom, and Monero's holding steady. As of now.

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