MoonTrader
Short

Bears just don't give up - Eyeing historical support

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I closed my shorts at $185 for a 15% trade and followed it by a long at $180 and closed at $198.

Now, just watching and waiting. If this breaks down, which it looks like it's going to, I'll be eyeing strong historical support in the $130s and will probably go long there if it makes it there.

The downtrend for the entire bear move remains unbroken and a descending triangle is forming now. We've had a large downward move on high volume , but still not entirely sure if I can call it climactic because the volume density was higher in the last panic sell to $275 and also the quick rise to $453. We may see one more leg down, but the market is looking ridiculously oversold regardless, so let's hope this scenario plays out.
UPDATE:

Just broke. Looking at $130 target to close shorts and go long.
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MoonTrader MoonTrader
Update on that: I'm long. Downtrend is broke.
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UPDATE:

Triangle broken, TODAFLO!
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rivet.popper MoonTrader
So you're buying in the 130s? I think historical support is 124.
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MoonTrader rivet.popper
LOL, I'm not worried about $6 or whatever. You won't be either after this is over. :)
+1 Reply
FredBastiat MoonTrader
We re-entered the triangle... You think a strong break down is still imminent?
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MoonTrader FredBastiat
It's still valid until it breaks the slanted line. It never left the triangle on Stamp, so it still looks like a bearish scenario for now.
+1 Reply
+1 on hoping this plays out. Thank you for your analysis, MoonTrader
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You're welcome. Thanks for subscribing.
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Whats ur twitter handle?
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