Exsilium
Short

BTC-e 545 to 610, or 555 to 655 repeat? Either way, Short.

BTCE:BTCUSD   Bitcoin / Dollar
101 0 2
Monthly Pivot - As you can see from both June and July, price respects the Monthly Pivot points . In June Monthly R1 provided resistance and it very nearly touched Monthly Pivot - In July it the Monthly Pivot provided very clear support, as strong as it was, when it did break it broke pretty hard. That said, the Monthly Pivot is now 605 and is only 0.30 above the July Monthly Pivot . Having provided support repeatedly at this level, this level should now provide very strong resistance.

This 605 level is important for other reasons as well. The 50% retrace from the 655 to 555 move is at 605. You can also see that from the 6/13 545 we found resistance at the 605-610 level after which it fell to 555. From that low on 6/24 we found resistance, you guessed it, at the 605 level. It did break through eventually, but now we find ourselves below this level that has proved to be a bane to both bulls and bears.

We are also facing Weekly Pivot at 598.

4H 200ema has consistently provided resistance and right now its at 598.

Lots of resistance here, do you really want to buy at a top at a resistance level .... be my guest.

Ive been watching order fills and i see the tiny market player buying and the market makers selling huge chunks.... just last night i witnessed a 1000 btc sell on btc-e....
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