BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin appears to have bounced EXACTLY AS PREDICTED on the side-wards support! That's good stuff... But doesn't mean a lot if some factors don't come into play.

- Bitcoin did just hit the massive converging moving average resistance above, and needs to break and retest that to confirm the bounce actually worked before this qualifies as a successful analysis

- The candle before was a huge red one, so the bounce isn't majorly exciting, it's just something to take heed of.

- Just because it bounced that does NOT mean buy. No point jumping in early and facing these obstacles... Just wait, watch a movie, sit on your hands, something...

Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!

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Comment: Lovely down move! Now we know the bounce failed and we can next look to my horizontal support zone for a new buy. ;-)

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Comment: Still sitting on my hands, the bounce failed completely, just need to see a ride to horizontal support now.

Let's all wait for that to happen and let the whales do their thing.

I figured the bounce would fail - but it's always a good thing to emphasise levels that are considered "key" levels until invalidated :-)

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Thats not a BOUNCE, better luck next time
+3 Reply
Didn't happen this time!
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