BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The Bter phenomenon was one of a series of failings in the bitcoin exchange market that could empower the bears in the future. The market is now back in the "Zone of Uncertainty" where we've spent the majority of our time since bottoming out in the $160 area. Within this area, it is very difficult to predict price action, although we have had a couple of good trades, notably the double bottom I highlighted rafter the big crash and then a triangle break, later, both bullish signals.

Without any clear patterns, however, it is best not to try to predict direction within this zone. The last bull run was quite fast, which leads me to think there may be a large counteractive downside to compensate for the reckless bulls.

Part of me suspects we may make a double bottom at $160 and start a new bull trend, which is similar to what happened in 2011 after the big $16 bubble. All of this, however, is speculative without a clean break either way.

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