Bitcoin Price Action On The Edge

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
169 5 3
Closed my $228 long position on the second attempt at a breakout. Bitcoin             prices appear to be on the edge of the next major move. If prices move back up along the blue trend line our next attempt at $238 may be a real breakout. If on the other hand prices fall down and we break $232 support I anticipate the potential for a dump back into the $220's.
I would not call the peak there a fake out. The price was simply super extremely overbought and ripe for a pullback.
ChartArt ChartArt
FYI: You posted a really good chart and I share the same expectations trend price action wise :)
Good point... it faked me out at the time. ;-) Looks like the markets are losing strength, perhaps we'll get a repeat of last weekend? That said the $233 zone has been holding all day. Thanks for the feedback. Cheers!
ChartArt BTCcoinsultant
This price move was very evil. First we dropped below the stable area and then we suddenly pumped through resistance.
Ya I noticed that, very erratic. I set a short order at $230.80 to catch the dump and fortunately it was low enough that it didn't get executed on the dip.
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