XBUQ15: bear channel might close before september

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
263 0 0
Backstory: The first pennant did not even form a double bottom so the price spiked into the upper midst of the channel with ease. From there it turned down to almost previous levels, particularly around 266. This couldn't be sustained so the return to the bearish middle trend line followed.

Current analysis: A tight pennant is forming. Futures have a positive premium so entering a short should be easy. However this means the market thinks the bearish cycle will be over sooner so watch your stops closely. There is a possibility that the flag break down soon, in that case the lower regions of the channel could be visited down to 240 is not impossible now. The flag may also end with a double bottom at 255 in which case 260 could be tested again and therefor price remains in the upper midst. When the breakdown comes much later, it is advised to watch out for the 250 level which could then have gained massive support - ending the trend.

SELL 257-261,
BUY 244-250
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