MikeN

BTCUSD Short term

BITSTAMP:BTCUSD   Bitcoin / Dollar
43 0 0
Trapped in the cloud :

Conitnuation of my previous chart, we failed to breach the strong resistance around 650 and were sent down towards retesting the support zone. As the support at 605 is solid and 615 is holding, i believe we will have most likely a rebound towards 650. If the bear pressure greatly increases and we pierce the support, we'll enter a more bearish state as we will have the cloud above us.
For now we are still in the uncertainty zone (inside the cloud) with a more likely upward outcome, the question is, will we be able to break free of 650 ? Failure to do so could spark a stronger bear sentiment and send us with greater force towards support .
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