CRInvestor

1hr BTCE - resistance was just too much to overcome

BTCE:BTCUSD   Bitcoin / Dollar
345 2 2
The bears have been in firm control of the BTC             market for a few months now. We recently tested the long standing downward pointing price channel and have resolved bearishly. Indeed, as of my last post, I was trying to sell some BTC             in that topping area and was only able to get filled on 1/3 of my order (61.8 tag, 705. tag and 78.6 tag). As a sign of just how weak BTC             is, we were only able to work our way up to the 61.8 fib and then failed. Over the short term I shall be looking for a battle in and around the 428 area ( OTE             long sweet spot). If that fails I fully expect the lows of 410 to be tested in earnest. Additionally, if that 410 level is broken it leaves a move down into the higher time frame OTE             long zone open to be tagged and a serious test of the lower end of our price channel mentioned.

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Bears are slowly turning into bulls...
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well, I would expect that from you....hahaha
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