DamianRichardson

BTC to test the central band and retake 16,000

BITFINEX:BTCUSD   Bitcoin / Dollar
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I thought I would highlight all of the arrows on the side that are pointed to the right which show price coming in close contact many times with the upper band. Its useful in gauging the trend and confirming the upside momentum

There is a subtle blue trendline which held for support to some degree and maintained that angle, if it gets disrespected again we'll have to change the angle and maybe point it down. Time will tell

On the other hand with the swift decline recently the central band has turned down and indicates some lower action to come. At least thats what is indicated by the reversal candlesticks and the overall slope changing direction. Also, the lower bands were tested and held which means there could be a revisit to the central tendency (the black centered moving average) at 16,000

So for now being so mid-range and indecisive I would see a low risk opportunity in riding some of the wave established in the past day. It might bur out but it was good for a mid-day trade/swing time frame.

The winds are so strong in favor of bitcoin             but everyone still needs time to digest what new information will be coming out now that it is getting everyones attention. It seems that the main beneficiaries are the short sellers of the futures contracts, if there comes a chance for all of us to make money on a short sale I'll surely put one up.
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