CRInvestor

15m BTCE - Who says you can't make money on the long side

BTCE:BTCUSD   Bitcoin / Dollar
71 0 0
The recent sell-off in BitCoins has cast a shadow over this entire market. From IRS             'capital' rulings to an outright ban on the use of the Cryptocurrency by the Central Bank of China, it would seem everything but the kitchen sink has been thrown at BTC of late. The end of the San             Francisco convention was indeed the last exit widow (sell on the news) but just because price has been falling of late doesn't mean there won't be windows of opportunity for the bulls. On what appears to be a capitulation (from volume perspective) we hit the 445 area on BTC-E with a thud. Selling at that point looks to have peaked and we have been slowly climbing higher since. The double-double bottom pointed out on the chart was an absolute fantastic long setup for those that were not asleep at the wheel. That trade is long gone but it does appear we may be setting up for a bullish ab=cd price pattern. If that is the case, longs around the 490 area may be handed a nice 3:1 reward/risk setup here. Seemingly to confirm this notion, those wishing to short ought to pay special close attention to the Optimal Trade Entry ( OTE             ) Short zone .

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