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04.12.14 – Bitstamp – BTC/USD

Quick Update | 1HR time interval

Since the strong selling spike (5433 coins), price has been very carefully monitored while trading range has been widened.

For the past 4 hours a short setup on the confirmation below $373 has been triggered. If you are actively trading, breakeven stops are advised.

On the long side: At the time of writing, upwards resistance area is estimated between $373 (white dotted line) and $375 200MA (pink dotted line). For any significant rally to commence, price must overcome this area with strong volume.

On the short side: The strong selling volume lead price to $360 but instantly reversed to $366. Currently, $365 200MA Lower BB (blue dotted line) has provided support twice. A confirmed breach below this point will increase the possibilities of price resting back at  the daily $356-$358 intermediate support area.

041214 - Bitstamp - BTCUSD

04.12.14 – Bitstamp – 1HR Candlestick Chart

Overall: RSI confirmed price weakness but has painted a temporary bottom. MACD negative signal has expanded, indicating possible further weakness and Stochastic is mixed to negative. Finally, Parabolic SAR (white large dots) currently confirms the downtrend.

Our Stance: Neutral. Closed 2/3 of shorts.

 

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