Bitshares Trading Diary, Day 15: "It's Happening!!!"
This screenshot of the six-hour chart I woke up to says more than I could!
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:
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!
At least, it was...
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:
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....
...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.