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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