I consider adding to short position at this level if price doesn't rebound quickly from this $8,650. This looks like it's going to go deeper. My current short-term price target is 8.3 - 8k.
Further bearish speculation. The Mt.Gox Address by Kobayashi just moved 7,000 BTC to Bittrex. Take what you will from it, but to be safe I definitely wouldn't go long right now.
I am still leaning towards further downside but it could bounce a little from here as well; which is why it's not such a bad idea to scaled part of your position out at the current price of $8,425. You can always reenter position on the a bounce.
Trade closed: stop reached
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Close remaining short @ current price of $8090 and wait for bounce.
Yeah, baby! I am in the green since 9k (shorting since).
Coindicator
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@mightytrader, Good stuff, right under that 200 daily MA. I like it.
I've been saying that level would be hard to break the last few says. That's why I recommended to enter between 9,150 - 9050 for a conservative short a few days ago. Seems like we think alike. :)