danielgwatkin
Long

TOUGH DAY FOR BTC BUT LIGHT IS AT THE END OF THE TUNNEL

BITSTAMP:BTCUSD   Bitcoin / Dollar
The bears took control today. We are at support and about to make a double bottom on the 4hr . It is quite possible this may not be enough to hold off them off from having their way, but it will definitely give everyone time to think about what happens next. There is a lot of negative press at the moment which is playing into the bearish move and one reason why this may go all the way to lower support... time will tell but what ever happens it will effect some of the other coins on different levels, the stronger ones less....We
Trade ist aktiv: We are finding some support at the current level, but is it enough? not at the moment, we need more positive moves before we can get our hopes up..... It really needed to come down a little more to make it happen sooner. We will need to wait a little longer now if any realistic/positive move is going to come from here....
Trade ist aktiv: BTC is getting pulled down fast to its major support at 7900 so this retrace may not take long...!! Or we could bounce off the double bottom around the 9200 mark back up to around 1150. But as some traders have suggested, the clouds maybe too heavy and we are pulled straight down. Looking at the speed of the decent we may just travel straight there....
Trade ist aktiv: So as predicted by other traders, we came down to around the 7900 and made consolidation. It has looked weak off of this low but this is not surprising considering everyone's resolve has been tested. The shock of this price action has caused some damage to the market and understanding this will explain the chart that we see at the moment. I do believe though that the recovery has begun, but until the last high is breached at around 12000/13000, which would signal the start of a bull trend, anything can happen.
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