MoonTrader

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Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
If we were to reverse here, this is how I see it playing out. We've already broken the neckline of the most recent double bottom , so we may be experiencing a small retrace, followed by the price shooting up. This pattern was well-documented at the low of $255 and seems to be following it a la textbook.

In the last double bottom , the price retraced to the 61.8% line, so based on areas of support and resistance outlined on the chart by the red bars, I would expect the same thing to occur here.

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