Negative media attention signals bearish trend. Short to $300

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As the media starts rolling articles about how bitcoin is about to get banned staying in a long position just goes against all odds. Once the news passes and the market stabilizes the healthy growth phase of bitcoin will continue.

However, we are currently at a major roadblock not only with the negative light that the Paris attacks shine on digital currencies, but the fact that black friday is coming up and many merchans will look to cash out customer's bitcoins which will lead to further increase in sell pressure.

The fib retracement shows that if the price continues to remain stable at $320 then we broke out of the bear trend and it would be safer to buy.

I wrote up a more detailed analysis here on my blog:

Disclaimer: This is not trading advice.


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