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.
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.
CryptoReporter
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Gann's Square of Nine resistance levels... 281.65 --- 285.86 --- 290.10 --- 294.37
MoonTrader
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UPDATE 5 Jan 2015:
Double bottom has been invalidated, opening to possibility of more bearish action. Market is volatile due to Bitstamp news.
MoonTrader
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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
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wow , i hope as you say ...
MoonTrader
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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
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Not , 18.000 BTC that's about 5 million dollars . Big ...
MoonTrader
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Oh. My mistake, but seriously, 5 mil is still not that much to Bitstamp.
khoilevt
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quite a lot .. i think so . But , why the market isn't panic , it's interesting ...
MoonTrader
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Very true. I don't think the owner of Bitstamp would sacrifice his whole business over 5mil. It's just not worth it.
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.