4hr BTCE - The Bull's resolve is being tested

BTCE:BTCUSD   Bitcoin / U.S. Dollar
202 3 3
In what can only be described as dramatic (and maybe even a little that a word?) price action, BTC-e saw double digit percentage losses today as a plethora of fundamental events have hit the market since the end of the San             Francisco conference. The end of that event should have been a warning sign (sell on the news) and indeed price headed south shortly there-after. Interestingly, this dump in price has not been accompanied by momentum or volume suggesting that OTE             long zone (and the sweet spot in particular - 509'ish) of this entire bull rally may be an interesting level to consider. I find it interesting how price is now using the well mentioned bear ab=cd target (534.11) as a pivot . If that level can be reclaimed, the worst of the storm may be behind us - for now...

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So in the next 12-24 hours - do you say it's a long or short?
CRInvestor FrancisKim
I am not taking this setup in particular but it goes something like this. Buy the OTE long ss (509) risk to lows (429.99) and look for test of old highs (699). Its a little more than 2:1 r/r so not a bad setup - but that is the key to all of this, it is just a setup, nothing more nothing less. If you take the setup then live with the results and the stops too. If you believe this market is bullish then you take bull setups, when they work you look like a genius, when they don't you look like a normal human. I have learned that ego aside, I will be wrong at least 30 to 40 percent of the time. The way I stay alive as a trader is when I am right I get paid twice what I loss when I am wrong......frankly I don't know if it is a long or a short and really I don't that answers your question...
FrancisKim CRInvestor
+1. Thanks a lot. Will be looking to donate a little soon.
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