BTC/USD Support/Resistances and Trend Analysis

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
$BTC Has been consolidating in the range of $12,000 - $10,000. Currently there is no significant reversal patterns in play, so both possibilities of breakdown or breakout are possible.

On our daily RSI we possibility of retesting the bigger down trend is increasing. There have been a good amount of shorts entered in this area for people who want to see sub $9,000 $BTC. Those shorts can help fuel the breakout run up to higher time frame down trend.

As a reactive trader, I would trade the more confirmed moves. Currently looking at $12,000 and $13,000 for long position plays. As well as $10,000 and $9,000 for a short play.

Market : Neutral
Overall Trend : Down
Current Play : Lower time frame swing trading
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