Bitcoin: checking upper support, but where then?...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Note: using Kraken exchange prices

Well, we should see here soon (anywhere from the next 30 min to the next couple of hours) if BTCUSD is thinking about breaking out from its current major support somewhere around the $10100 line. As I speak its having trouble with it...

Just my two cents and I'm not a professional, just going with my gut and what I've learned, the prices should stall out around $10k for a little while perhaps even break the $10.1k line for a short time... However, we are currently in a downward cycle.

Downward cycles don't like testing upper resistance for long, even if they do for one cycle, they like to break it for at least three cycles before you can think about looking at the fundamentals and drawing more conclusions from there. But besides all the bad news with exchanges currently, I see this as a classic bear trap.

You see those buy bars practically all in unison on the one minute chart and you can immediately tell that those are bots. And let me tell you, those bots have learned over time how to effectively take people's money. What's even better is: it's not like artificial intelligence hasn't progressed some in the last few years.


Yup. You heard it here folks. What's better than a bot that simply does what it's told by programming that has all the technical specs in it? One that can beat them, and you..... So could our current market be seeing a fight between the uber smart and the uber rich? Hmmmm... I guess if that's the fact, we are just mere spectators and if we get lucky from here on out it's not because of knowing all this investment knowledge.

What? You think A.I. hedging the markets is a far fetched idea? Really? How do you think you're even using the internet right now? You'd be surprised... All I'm gonna say.

Please note: I believe the Earth is round, that NASA did IN FACT land on the moon, and aliens (maybe) exist. And no, I don't get my news from Info Wars. :D
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