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MoonTrader
Apr 14, 2015 6:35 PM

Return to the breakdown zone Long

Bitcoin / DollarBitfinex

Description

It's hard to define exact levels of resistance around this area, but we seem to have a descending wedge into strong support here in the 210s, which should result in snap back up for a correction. After that is anyone's guess, but I'm still leaning toward a long term bear market.

Given the oversold condition, I would say a snap back to the 240s is likely. There was a good breakdown trade opportunity at $235, but I missed it. That said, I think there will be more shorting opportunities in the future. Volume is nothing spectacular at this moment, so we should see a break in the selling soon.
Comments
ChartArt
+1 like always. If I could only follow three traders on Tradingview you would be one of them :)
MoonTrader
:)
Burrmarket
+1 Moontrader!

As usual I largely agree with you. The neckline is going to be too much for people to resist. 1800 BTC to pick up on quarterlies at 229.

However, getting past that seems a bit overly optimistic to me. *we will see* :)
MoonTrader
You may be right, but at any rate, I think we're due for a bounce.
Burrmarket
I couldn't agree more.
Alekznder
lmao your the worst charter
MoonTrader
Care to explain?
Alekznder
I retract my comment. Your moon charts seem to have been replaced with bear ones.
MoonTrader
lol
MoonTrader
I've been bearish ever since we touched $300. Where have you been?
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