MoonTrader

Triple bottom or triple fail?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I'm expecting a small retrace here. I don't recommend going long in a downward trend, but this might not be a bad place to close shorts and look for another entry in the $340s.

There appears to be a reoccurring pattern between here and the last bull run where the price bottomed out 3 times only to fake out and plunge again. I know it's not technically a triple bottom, but the two highlighted areas do appear to be similar with candle wicks from the first bottom reaching past the other two later bottoms. I suspect it will be a similar pattern here. Support at $315 is strong, but it probably won't last, especially with the lack of demand shown by the low volume here.

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