MatTheCat predicts!
Despite the textbook bullish pennant, Bitcoin is more likely to break down before it can break out due to heavy selling pressure that seems to be operating primarily through Bitstamp. I am looking in the first instance for a retest of the $620 range and then we will see where we are and whether Bitcoin wants to rise or correct further down to say $580. In the case that I am totally wrong, then should Bitcoin break above the new long term downtrend resistance line currently at $665 (dating back to Nov 2013), and on strong volume, than that would be a time to go long.
This one came pretty good.....a bit too fucking good and if it doesn't stop soon, it might turn pretty bad. Had buy-in tranches from $600 right down to $560, but all this was happening whilst world cup was on, otherwise I would have been in position to place my buy-ins a bit better.
Big bad bear is operating on Stamp as well, forcing all the leveraged longs out their positions on other exchanges, at least to a certain extent. Built a nice big 1K wall at $575 which is around $10 beneath my average buy-in price.....
.....certainly glad I exited my $660 position though as I would be sweating blood right now. Worse than that. I would have done a Veronica for sure.