#BTCUSD: Bear market still ongoing...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The daily trend had a bullish signal which I sadly overlooked and missed the move here, I still sit in cash, luckily I did cover my shorts near the very bottom. There is an interesting scenario setting up, everyone is once again complacent and bullish to the extreme, people are trading JPGs for millions, no one gives a damn about regulatory risks and everyone is back to believing in the Super Cycle nonsense. The daily chart suggests we could short under a daily low, specially after August 10th, when the current uptrend signal expires. Risk a move into new highs after that happens, and ride the next leg down with some luck.


Ivan Labrie.
Trade active:
Trade closed: stop reached: This will top very soon, just not right now.
Comment: RgExp down day in $BTCUSD
reacted to a big OTC level from the Feb distribution pattern area
someone bot big in that area, and seems to be getting out at break even here (perhaps they rebalanced and added on the way down, these were institutional buyers)
Check out how amazingly well those levels defined the trading range here...
(thick pinkish red lines, labeled 'OTC')
A few alts are flashing reversal signals, might have peaked here.

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