trader0225

BTC Consolidation and Areas to watch for move further down or Up

BITSTAMP:BTCUSD   Bitcoin / Dolar
Bitcoin             is currently in its consolidation phase with 12,000 and 12,500 holding as support and triple bottoming in this area. We are in a short term down trend which means we could see a further move down. Levels to watch are 11,700 10,000 9,000 8,000 and 6,000 is not unrealistic. At 6,000 we'd be breaking through the long term trend line but it has happened before and recovered nicely. In order for BTC             to continue upwards it would have to break the downwards trend line around 15,500 and to move up to retest 19,000-20,000 we would have to run through 16,700-17,000. I am long BTC             adding below 13,000 but in small increments and ready for below 11k where it can get bloody.
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