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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.
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.
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Bear flag?
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about BTCUSD
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.