Dead cats tell no tails

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.
Still expecting the 220s MoonTrader?
MoonTrader FredBastiat
What do you mean expecting? It happened! And not only that, but it looks like it may not stop here. We may be seeing sub 200s.
+1 Reply
FredBastiat MoonTrader
Okay well that's positive for my shorts :) Went to sleep and my mid/low 220s sell limits didn't get touched, so I didn't see that happen but looking back at it I do see your original target was right
MoonTrader FredBastiat
Finex is lagging behind for some reason.
You nailed it. Again!
MoonTrader ChartArt
That's how I do it ;)
UPDATE 11 Jan 2015:

This was a good short opportunity and a successful idea, but I may have forgotten to outline another level of support where we are now. We may see a reversal from this point. If we continue through it, then it's back to bear like the chart indicates. If not, don't pick up shorts now.
+1 Reply
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