Supplement to the 30 Min Channel posted previously.
All of the levels previously identified have come into play. Price has broken down out of the 779-849 Channel and proceed to the 660-700 accumulation zone now consolidating around the 706 Level.
I've found a possible bearish channel it's entered with a target on the longterm uptrend line around 549-565. There was a small volume climax on this last move so prices are stalled and consolidating
Price can retrace a little in the channel but while under either 779 or below the 706 level and still in the new bearish channel look for sell set ups in lower time frames.
Never mind the GOX or BTC-E Ruble news we were selling this before either story appeared. Price moves before you will find the story. Read the charts not the news. Price pays only nothing else. GL everyone
Comments
johnrfraser
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I have a very similar chart. Everything seems to point to 500 doesn't it? Strong resistance there though...what happens if we break it?
Kazonomics
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It depends how we break it I think. If its sharp parabolic move it may just wick the area by some $$$$ say as deep as 420-400 level triggering margin stop out like all the other moves have and then recoil. If it meanders down there and then snaps thru that could be catastrophic.
JustinB
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People began encountering issues with Mt. Gox BTC withdrawals (myself included) on the 5th of Feb. That is when a major decline in price began for Mt. Gox.
Did everybody catch that one!?!? Awesome short hope you had your orders ready below levels indicated. Read the charts not the news it won't lead you wrong. The seller was evident from long before Mt Gox news was ever known.
BuyOnPurple
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I had trailing buys between 680 and 450 on BTC-e... they all hit and averaged out to about 650 which is the price I woke up to... sometimes even great predictions don't pay off I guess
Kazonomics
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I wish I had bids still in I had it for a while down there in the 300 & 400's but pulled them all out for more margin to short. I try to stay with the main direction in the higher time frame charts. I had plan to put bids on the long term avg too but I wasn't looking for the target to hit with 24 hours of the chart. I layed out my shorts and TP & SL and went to sleep...crazyness lol way to start a monday.
Gonna be more opportunities but I guess I am gonna have to use another exchange cuz that BTC-E wick blew this chart up for years to come.
BuyOnPurple
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Very nice, thanks. Especially like the end of your written summary.