ryopphdi
Short

Bitcoin's correction on weekly - probably just the beginning

BTCE:BTCUSD   Bitcoin / U.S. Dollar
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Looking at bull market which started in 2015 we can see five yellow rectangles. These rectangles show situation when weekly candle went above upper Bollinger band meaning market went too far. In every case there was long green weekly candle followed by red one. Red candles almost always completely retraced green ones, indicating quick decision of market participants to either cash their profits or open short positions.

Last week was an exception - at first we saw deep retracement (after SEC announcement), however soon after BTC went up. In the end red candle retraced just about 50% of previous week's gains. In my view it is likely BTC is going to experience longer correction and this was just the beginning. I do not expect BTC to go above 1230 on btc-e this week.

However if market shows strength and BTC rises above 1250 this will show extraordinary strength and mean we are going to go much higher.
Well it's over 1230 now.
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At this point it's not good idea to short.
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