Market trading in a tight range

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Support and resistance levels have been defined and market is holding slightly higher lows and higher highs. For now, however, it's just sideways action. I'm already long at $266 with stops just below at $264, so this is a good R/R trade. If and when that resistance breaks, I believe it will just be a matter of catching the pullbacks, but the overall trend will be up.

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I was too quick to invalidate my double bottom idea. It appears to be holding higher lows and pressing up against resistance at $280. I don't have a definite target yet, but I'm expecting a good bounce.
+1 Reply
CryptoReporter MoonTrader
Gann's Square of Nine resistance levels... 281.65 --- 285.86 --- 290.10 --- 294.37
UPDATE 5 Jan 2015:

Double bottom has been invalidated, opening to possibility of more bearish action. Market is volatile due to Bitstamp news.
I don't think there's any reason to panic yet. They've issued a statement and are working on it. I don't think anything has been lost. I don't use Stamp, but I suppose I would be nervous if I did. We'll see.
khoilevt MoonTrader
wow , i hope as you say ...
MoonTrader khoilevt
If they really did LOSE 1800 BTC, then I think they will honor all funds owed to customers and refund all accounts that were lost. 1800BTC isn't really that much, anyway. That's about $540,000 so it's not like Gox where 200,000 BTC were basically stolen. I think any problems Bitstamp is having is the result of a genuine mistake and not the CEO making off with $540k, which is probably chump change to him anyway.
khoilevt MoonTrader
Not , 18.000 BTC that's about 5 million dollars . Big ...
MoonTrader khoilevt
Oh. My mistake, but seriously, 5 mil is still not that much to Bitstamp.
khoilevt MoonTrader
quite a lot .. i think so . But , why the market isn't panic , it's interesting ...
MoonTrader khoilevt
Very true. I don't think the owner of Bitstamp would sacrifice his whole business over $5mil. It's just not worth it.
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