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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