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Bitcoin: BTCUSD Retest of lows underwayBitcoin Update Spent most of yesterday buying dips from around 14050 and higher, looking to increase on a break of the neckline of what has turned out to be an imaginary reverse head and shoulders - and again on the break above another imaginary flag formation which was then sitting at 15500 with a stop at least 100 points below the line. So we blew 150 or so points off the top but at least managed to trap in bigger profits accumulated during the rest of a turgid, slow day of trading. Not very good, but it could've been worse. The pattern Bitcoin has made overnight has done nothing to improve the picture. The last comments had warned that Bitcoin only turns bearish again on a break below 14465. Overnight it broke this level, fell through the next blue line of support to the next line at 13571, bounced back to test the 14465 level from the underside, turning it into resistance as it did so and is now falling away again...every move it's made overnight has been bearish. If you were around to short on the fall below 14465, lucky you Now it's coming back to test the right hand 'shoulder' at 13560-13450 - Bitcoin must hold here - as this is the last real chance of support holding up and preventing another retest of the lows. Therefore, should it fail to hold at any point today look to short on a break below 13450, looking for 12600 to begin with and then after a potential bounce from here, look to short again from 13088 looking for a retest of the lows. to retest the lows which must hold at all costs today. Failure to do so will tip Bitcoin further into terrible technical trouble and likely force price all the way back to 10486 to begin with and then to 8324. It's beaking down now as this is written up... Suggest closing out ALL longs on any Alt asap - we can buy back cheaper later.
BITSTAMP:BTCUSDShort
by sumastardon
11