Very Hard Time to Pick Short Term Direction

BITSTAMP:BTCUSD   Bitcoin / Dollar
884 11 6
The momentum legs from the $275 low have been taken out. There is a clear Support / Resistance Horizontal channel identified by the Fibonacci's. The RSI and MACD are right down the middle and no one know what the make of the FinCen & SEC news.

Waiting for a break down under $340 or a Breakout over $365.
Were going up :) Bears are pissed, shakedown didn't go well for them. Honestly I haven't seen BTC look this strong in a really long time.
Tone_LLT PRO mike.lewis.ULV
I wrote the same thing 10 days ago in the following article:

"Regular readers will recall how a few weeks before the big drop to the US$200’s, it was stated in this series how this was the scariest charts have looked in a long time, well now we have the complete opposite. Sitting right here on the verge of breaking back above US$400 is the best charts have looked in months."

After the fall last week I am not as Bullish, it needs to turn back up quickly or new lows are possible.
+3 Reply
Papa mike.lewis.ULV
strong? we are in a bearish market, bitcoin is not going up since the higer prices doesnt justify is current performance in the market.
+1 Reply
ya ok buddy
mike.lewis.ULV mike.lewis.ULV
BTC 1k by black friday then huge dump
-1 Reply
Maddie mike.lewis.ULV
;p ofcourse haha
mike.lewis.ULV mike.lewis.ULV
Geez I wonder if BTC is going up? ltc/btc going down?
IncreaseMyT mike.lewis.ULV
I will make sure I come back and remind you guys that you gave me negative points for saying BTC to 1k by black friday, when BTC is 1k by black friday.
Tone_LLT PRO IncreaseMyT
Please do, i hope it does, but you will see me apologize to all my article readers if it's even above $500 by then... I don't see it... there is just not enough demand right now. Unless some major EU country decides to have a bank holiday where they confiscate assets, i'm still a kind of bearish on btc.
Dude... so much analysis on a simple thing. just read the price. Momentum is consolidating for another slight drop towards 330 area, where it is a high probability BUY for bitcoin up reach 566 area ready for a big drop south. :)
Haha, it's not that much, each comment on the chart is added with time cause it's the same chart. BTC is too unpredictable long term so i'm looking at it just a few days in advance.
+2 Reply
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