First red candle on Bitcoin Daily after 8 days.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin continues to fall this morning just after it posted its first red candle after 8 consecutive greens and a strong performance last week.

I expect this short term trend to continue until resistance is found. My guess is it will be found in the 0.5 - 0.618 retracement range of the 16218-24298 fibo. That will be a good spot to seriously consider exiting short-term short positions. There have been bounces on the 0.236 fibo. The 0.382 and 0.618 indicate resistance as well, thus why I'm sticking with this particular drawing of the fibo retracements as providing useful guidelines.

I don't see a reason be bearish beyond the short term.

(My first post. A bit of a test.)


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