FXHighway
Long

BTC is drawing the road to escape

BITSTAMP:BTCUSD   Bitcoin / Dollar
326 10 0
Bitcoin price on the way of drawing a double bottom formation on the intraday basis, with confirmation line located at 592.90, so, breaching this line will activate the positive pattern that has targets reach near 650.00 initially.

A positive overlapping signal on stochastic could be a motive to breach the neckline, while on the wider time frames, (you can zoom out the chart and see the coordinates) , this breach could represent the key to exit the dominant short term correctional trend that was started recently ...

That's why the current areas could be the next destination key for Bitcoin ... The bullish trend could be revived.
Very speculative assumption. It is more likely that the Bitcoin bubble will further deflate and the downtrend continues. Nothing but short here....
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FXHighway HolgerFertig
All depends on the next moves and behavior according to the key levels : 592.90 resistance and 565.00 support ,, it is a technical overview , and our mission is to measure the expected targets; whether up or down
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Sure it depends on the next moves and behavior, but the overall downtrend is very obvious and real. I agree that our mission is to measure the expected targets, but given this chart, the next expected target is rather somewhere below 500 than a breakout scenario. While the breakout above could happen, the probability is very low. There is a much higher probability for a continuation of the downtrend. I am waiting for a proper bottom with a real capitulation event before even thinking about going long.
As you have not shown the more possible downward scenario, your observation is not neutral... I am shorting the hell out of bitcoin at prices >780
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FXHighway HolgerFertig
I'm still overall bearish on this thing :) ,,, that was just a zoom-in on the few days actions , and thought to share that idea of a possible pattern to be completed ...

Here's my main idea and opinion ,, still under more bearish correctional pressure

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FXHighway FXHighway
Bitcoin hits the first target, heading for the next one
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FXHighway FXHighway
Resistance line came lower now to be at 582.00 ,, my targets start at 550.00 then testing the critical 496.80 again.
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edit >580... typo sorry
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These markets are so hard to predict aren't they?
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Yes bitty, IMHO.
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FXHighway bittyview
Its not a real market, thats why it could be hard to control it as any other instrument ,,

We are trying to see the best way to predict it , if there's any way to do so .. and the best thing is not to trade it ,, just watch and study for enough time to feel yourself managing it ... and at the end; dont trade it :)
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