Brodie_MT
Long

Falling Patterns in BTC

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Just some thoughts on the bearish btc             market weve been experiencing of late. Seems like the price is confined to a descending channel and it's been experiencing quick drops with rebounds to attempting recoveries. So IF we get are going through a third attempt at this pattern, we just had our second rebound and the price is dropping a little more (probably to the orange line ~$10k or so) then it should quickly move up to test the upper channel line (around $14k). If there is confirmation of a break here and support holds we could break out of this downward spiral. If not... look to the previous support line and set your buys accordingly. The good/great buys shown here should be taken with a grain of salt, but it seems to be a good level of previous resistance and support so I would be surprised if we don't see another bounce from those areas in the event of a big dip. Good luck trading... not investment advice.
Comment: Orange line seems to be holding. Upper channel line test ($13-$14k) still in play.
Trade active:
Looking at the RSI on the 4hr time frame; it appears to be rebounding.
Trade active: Stay on target...
Comment: looks like the bears won this round; through the support line. Look for those low buys coming up!
Trade active: Into my "good buy" zone. Starting to enter small long positions.
Trade active: didnt quite reach the "great buy" zone but the day isnt over. looks like we are coming back up for a breath for now.
Comment: Trying to break that ~9200 support/resistance level. if no break we should push lower.
Comment: if you balked on the first trip down... here is your chance. looking to enter the "great buy" zone.
Comment: Well? Did you control your emotions and BTFD? Should head back to test the 9200 level.
Comment:
hoping for something like this... notice the enormo-green volume bar
Comment: This was almost spot on ^

Hope youre all still hodling!
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