MoonTrader

Dead cats tell no tails

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I know, lame joke.

Anyway, we're seeing the price retesting the important $275 support level at the moment, which happens to lie around the 61.8 fib level. I expect to hold it up for a little longer, but it's already been broken and the lack of overall volume tells me the trend is still intact. I'll be waiting for a pullback and possibly shorting the pullback depending on price action, or waiting for $275 to break with volume .

I still have my eyes set on my original long-term targets of $220 and $240, but I'm leaning toward $220 right now. The $300 level is proving to be strong resistance and the rally appears to be ending.