bitstamp whale consolidation channel updated.
not much has changed since the last whale consolidation chart. Each time the manipulators to breakout upwards to rally higher, they fail lower. we could not break 1000, then failed at 900, this past weekend we failed to break 850. my previous chart: tradingview.com/v/76mc3sJ0/
basically we had a bearish rising wedge that broke out upwards on 1/4/14 that ended up bring us even lower than the breakout point. we discovered support at 765 stamp. then we had another
that tells us that buyers are gettin weaker and weaker at these prices. i see way too much manipulation Huobi to believe that we are standing at solid support at the current price of $820 bitstamp. then we had another descending triangle formation that broke upwards very weakly this past weekend that failed to even break $850. now we seem to be trending sideways. what the action from the past 3 weeks has shown us is that there is absolutely no buying power that can take us to 1000 and sustain that level without an ensuing sell off.
staying in fiat until clearer trends are shown is still the safest play.
basically we had a bearish rising wedge that broke out upwards on 1/4/14 that ended up bring us even lower than the breakout point. we discovered support at 765 stamp. then we had another
that tells us that buyers are gettin weaker and weaker at these prices. i see way too much manipulation Huobi to believe that we are standing at solid support at the current price of $820 bitstamp. then we had another descending triangle formation that broke upwards very weakly this past weekend that failed to even break $850. now we seem to be trending sideways. what the action from the past 3 weeks has shown us is that there is absolutely no buying power that can take us to 1000 and sustain that level without an ensuing sell off.
staying in fiat until clearer trends are shown is still the safest play.
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