MoonTrader
Short

Dead cats tell no tails

BITFINEX:BTCUSD   Bitcoin / 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?
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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
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
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MoonTrader FredBastiat
Finex is lagging behind for some reason.
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You nailed it. Again!
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MoonTrader ChartArt
That's how I do it ;)
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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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