NEW SUPPORT AREA ESTABLISHED #btc #bitcoin

UPDATE 1: Long plays are in effect. Target range was effectively reached. BTCUSD & LTCUSD hit corresponding support zones simultaneously. LTCUSD was the trade taken due to its underperformance in the drop. Reminds me of the way Silver does the same thing in major drops with Gold. Both are viable long candidates with their high degree of correlation.

Don't get complacent now that they have established new support, they are both still very volatile. I am still trading longs in and out with tight stops until price totally stabilizes. Buy only with proper buy entry set ups don't be impatient. The last distribution and climax were very small compared to all the others so pay attention incase more volume shows up.

P.S. Seeing so much chatter about Zynga, China, India, Blah, Blah blah on social...Its really hurting folks who need good information or think that any of that is useful info. "Funnymental" trading will get you in trouble trading, in this arena everyone thinks they know something. Truth is anything worth knowing will always be kept secret from you.

****None of the people in your social networks have the hot tip 1st...NONE**** Believe this you must! In here everything you need to know is in the price. Price is the only thing that pays you. No opinions, not a hot tip on Google, linkedin, twitter, yahoo etc.... When is the last time Warren Buffet tweeted out to you his trade and why?? Never!. People who get Billion dollar hot tips don't post them to the planet on social media to make the information worthless...that doesn't even make sense if you think about it. When you finally hear about it, it will be well after it they have already made the move or it will be shrouded with so much bad info you won't be able to discern in time. I'm a technician I don't read news I read charts! Stick to charts they have a story to tell! Good luck happy trading to all:)