Since the end of the S.F. convention and the BOC
ban on new BitCoin
deposits, price itself has been slowly working its way lower within a very well defined price channel
. On a 1hr basis, BTC-E has been slowly climbing its way off the bottom of the indicated channel and looks to be trying to test the top of it. A test of that top would bring price back into our OTE
short zone (where institutions would ideally like to short), the 200 sma
and into another 'battle zone'. I for one shall be looking to exit longs in that area for yet another test of the lower end of the channel shortly thereafter.
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