TomProTrader
Short

BTCUSD: Stalling At key Level Important Correction #Bitcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
983 5 14
Traders

Afteran upmove into the demand level , the trend has stalled, and we stalled again giving us a double top at demand. We have multiple reversal candlestick patterns at the top of the range, showing us graphically where the bears were going to step in.

There is a Butterfly possibly in play, with the PRZ#1 and expiry some distance away, so we won't see them until the future, however, the bears might start putting pressure to the downside towards these levels. Will update in the future.

Best of luck
Tom

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I wouldn't take anything for granted in this retracement.
Look at December 12th's range...I think the big picture has a larger uptrend with accumulation and usual shakeouts and other maneuvers to stop futures traders out.
BTC is acting well in the daily and weekly. This retracement was caused by a futures contract expiration, there's an exchange that engages in multiple shady practices, causing sudden movements with no followthrough.
I'll update my forecast soon, I don't think it'll fall like you describe Tom.
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TomProTrader IvanLabrie
Yeah, well you're right on the note that the move may have no follow through, and I'd only short on that momentum. But yeah expiration could have kicked the market, but I suppose, if not, at least this idea can be a compass for a move.

Tom
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IvanLabrie TomProTrader


Some key levels here. It'll be a time consuming correction, suitable for accumulation before higher prices is what I think.
Reply
TomProTrader IvanLabrie
Everything remains valid, until invalidated, so we will see what the future holds.

Tom
Reply
IvanLabrie TomProTrader
Hehe, that's the right mindset.

Cheers!
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