phenein

Don't hold your breath for 8.5k anymore

BITSTAMP:BTCUSD   Bitcoin / Dollar
Two weeks ago, the Bitcoin             Bears pulled the price down to $9,200. As I charted prior to the dip, we bounced back to 13k             , our old support which is now acting as major resistance. As we pulled back down, everyone set their orders between $8500 and $9500. But what really happened? All the sellers had already been shaken out at the first dip, and the second dip dropped under $10,000 for just one little 4hr candle and buyers appeared right away.
So, what's next?

I believe that the buyers won't let BTC             go under 10k anytime soon. Stoch RSI shows a hidden BULLISH divergence .
Scenario 1: If volume appears, we can break out of this trend line and attempt to break through the 13k             resistance.
Scenario 2: CME futures expire tomorrow, I wouldn't be surprised if this caused us to dip back to $10.5k, which would be an entry as long as we hold the trend line .

KEEP AN EYE ON 13k             ZONE! It will determine if we can bring the bull back.

Feel free to ask questions!!
Kommentar: Scenario 2 is active. Futures expiration dumped us right onto that trend line which held nicely. Now let's see if we can break out.
Kommentar: Keep a very close eye on these two trend lines. Whichever way we break out will probably lead to strong movement.
Kommentar: Breakout spotted of the upper trendline. Looks like we'll head to 13k zone soon.
Kommentar: Nope! Another rejection at the trend line. Back inside the triangle. Continue monitoring both trend lines. At this point, a breakout is going to need volume so keep an eye on the too. Any move without volume will be a fake out.
Kommentar: Breakout with much better volume should send us to around 13k
Kommentar: Very nice following Scenario 2!
I do NOT expect to cross above the blue resistance area UNLESS volume picks up more.
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