Bitcoin Tumbling with no End in Sight            

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btc pic 4 dec 9

A new decentralized Bitcoin marketplace called Bitmarkets was recently launched with Tor Support. The marketplace has privacy-preserving features, a novel escrow system and a requirement for vendors and consumers to transact in Bitcoin. The founders of Bitmarkets believe that this will maintain user privacy, which they feel is a “basic human right”. It is imperative to state that Bitmarkets is an open source effort. Industry experts believe the escrow feature will potentially attract more users, wherein funds will be released only after both parties sign off on a multi-signature account.

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During last night’s session the bears were finally able to breach the important support zone near the $360 level. The BTC/USD currently is trading flat in this morning’s session, maintaining its negative bias. It additionally fell beneath its trend line support, which is of course a bearish indicator.

The BTC/USD has been forming lower-highs and lower-lows, which implies that the bears are using every rally as a selling opportunity. As of now it currently trades below its daily moving average and its relative strength index is providing a clear sell signal. Additionally, its stochastic oscillator continues to trend lower. The next support level for the BTC/USD comes in at approximately the $340 level, which was its most recent low.

Actionable Insight:

Short the BTC/USD at current levels for an intermediate target at $321, with a strict stop-loss above $377.

Long the BTC/USD only if it moves above $389 for an intermediate target at $412 with a strict stop-loss below $375

 

  • Adam Meister

    Attention getting title. Nothing more nothing less.

  • Neal Palmquist

    If you can’t see the bottom yet, that means you just haven’t seen the bottom… yet.

    • doggiepuke

      Trolling Bitcoin articles must be a full time job for you. You must make a really nice living short selling Bitcoin. I’m kind of jealous, really. I just hope the next rally doesn’t wipe out all your profits.