2/21/2014 Projection target area hit our road map continues on.
All previously identified levels will come into play as they are reached be objective. I.e. if we reach 779 expect some resistance on the bottom of the old channel and so on
Here all the minor and major ones I can find right now.
545-550, 565, 626, 660, 685, 700-706, 761, 779, 815, 849, 893 - 908, 963
- Don't be afraid to sell a break down of 420 should price visit this level again.
Can we retrace a little sure. We are actively scalping to the long side anything that comes near 626 - 630 and proxy that level with the 15.50 area on LTCUSD noted on that chart posted with this one. They are both extremely correlated so that is why I do that if your wondering.
As a rule when prices are rising parabolic you should never buy into that. It is sign of emotional illogical buying that is apt to end and end badly. On lower time frames its consolidating in the area it just broke into 700 - 630 as the range. How it sets up in this range will determine if it can just carry thru to the next target area of if it needs to pull back to the 565 - 580 area and reset for a move from there.
I got laughed at for the call to buy Bitcoin when Gox price was hitting 100 on that exchange. Our trading grouped killed this last move. If you let the news get in your head it will invoke the fear that will keep traders out of the real opportunities. Just read the price not the news!
The price wouldn't have held if the Gox problem wasn't localized. It was a GOX specific issue that took them down. And because withdrawal was so hampered the arbitrageurs couldn't load up and dump onto the other exchanges to bring them down anymore. Real positions that I could identify held and accumulated all the week hands who were sucked into the news feed about GOX...but if you look across Bitstamp, BTCE, & Houbi you could see it clear as day that the level was going to hold. https://twitter.com/kazonomics/status/439133715827273728 I posted this one to show it. And the "highway robbery" was a stop run that came from Houbi which I also found live as it happen and we were able to buy into at 450 and take back thru 500 on btce posted here: https://twitter.com/kazonomics/status/439089729296809984
The reason that target level held though is because there was a real position there