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11.12.14 – Bitcoin – Update

Price at Bitstamp below key resistance | 1HR time interval

For the past 10 hours, long counter trend setup above $354 has been active.

On the long side: If this rally attempt is to continue, a confirmation is required above $365 key resistance which also serves as the 50MA Daily resistance. A clean break may drive price up to $378 intermediate resistance, where the recent breakdown on 08.12.14 was initiated.

On the short side: Temporary support is set at $354 (long setup trigger). If price manages a strong reversal under this level, technical support has been refined at $345. A confirmation below the latter will possibly lead price to retest the current daily low at $339 or even further.

111214 - Bitstamp - BTCUSD

11.12.14 – Bitstamp – 1HR Candlestick Chart

Overall: Indicators confirmed the rally attempt. RSI is clearly following the overall market. MACD is still healthy, however, a negative cross signal may indicate possibilities of price failure. Finally, Stochastic is in consolidation with a small tendency to reverse downwards.

Possible Scenarios:

Long Price Setup: On a confirmed break above $365 – Price Target $378 | Probability: 36%
Neutral Price Range: $354-$365 | Probability: 29%
Short Price Setup: On a confirmed break below $354 – Price Target $345 | Probability: 35%

Our Stance: Neutral. Long stops above breakeven. Treating current rally as a counter trend attempt until proven otherwise.


Price at BTCe below key resistance | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above $360 – Target $373 | Probability: 36%
Neutral: Price Range $349-$360 | Probability: 29%
Short: On a confirmed break below $349 – Target $340 | Probability: 35%


Price at Huobi below key resistance | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥2238 – Target ¥2318 | Probability: 36%
Neutral: Price Range ¥2170-¥2238 | Probability: 29%
Short: On a confirmed break below ¥2170 – Target ¥2100 | Probability: 35%


Price at OKCoin below key resistance | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above ¥2240 – Target ¥2314 | Probability: 36%
Neutral: Price Range ¥2173-¥2240 | Probability: 29%
Short: On a confirmed break below ¥2173 – Target ¥2100 | Probability: 35%


Price at Kraken below key resistance | 1HR time interval

Possible Scenarios:

Long: On a confirmed break above €295 – Target €304 | Probability: 36%
Neutral: Price Range €287-€295 | Probability: 29%
Short: On a confirmed break below €287 – Target €280 | Probability: 35%

 

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