sumastardon
Long

BITCOIN: BUY SET-UP for this dip (conditional)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin:BTCUSD If you want to hitch a ride to the craziest show since internet there is an opportunity coming up if conditions in comment are met. Otherwise wait because this shake out won't be over yet if it cannot regain the trend line just above it and turn it into support - and we should then get a better chance from lower down still
Comment: Update
So the lower parallel has held off the bulls and Bitcoin is still therefore under pressure. There is support at 2265 extending
down to 2222. It's trying to build a base just above 2265 but runs into problems at 2335. So far we haven't seen even a
double bottom, let alone a higher low to give a clue that downside momentum is waning - so it looks prudent to stand
aside for a while longer, at least until a higher intermediate low has been created. There is still a chance that it will break
below 2222 before it can reverse higher again. There's minor support evident at 2200 - if that gives way at any point now
Bitcoin should fall back to 2002 and just maybe a little lower still - if it comes back to 2002 I'll be looking to go long again
with stops below 1900 if price action shows that a low is forming around these levels.
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