orminlange

The situation of Bitcoin.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Failure to pass 9000$ mark woke up the bears. To play shorts however is to early. If similar formations as triangles or flags will be created here, we will se probably more dump, like it was before. I smell 3000$ if the bearish scenario (with proper price formations) will be in play. On the other side, succesful attack of 9000-9500area can cause bullish scenario for midterm. I am now in observe mode here and will choose the winning side of this battle:)

The hope for bulls is this formation:


but in case of IH&S after so bearish trend , formation like that tend to be fulfiled partially (50-60%).
Comment: One thing thta i forgot to say is that for price targets i use logarithmic not arithmetic chart (in other words arithmetic chart only for view not for targets). From my experience that works better than arithmetic targets (but not always of course).
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