BITFINEX:BTCUSD Bitcoin / Dollar
Retest of the bottom then UP
I'm going for 445-449. I think it could will test 440 again, but I'm more than content getting out once it gets under 450 and reevaluating. My charts are suggesting the same as low pro's, and I'm expecting as usual the market will allow china to lead us down when the new day begins there. I'll be keeping a close eye on the momentum on the way down and potentially hold a short longer, but from what I see now I do not think that will be happening...
I'm sorry, but what is this "UP" prediction based on? This strong impulse down has to be tested, yes. But how far "up" can we go then? Maybe 480, 490? Then we got a lot more "down" to contend with - we had plenty of time for new buyers to come in and now this new "news" from China has confirmed the bearish sentiment as continuing. And this "news" will not play out until March 10th. Without new buyers, which there have been none in months, have far "up" can we really go?