Bitcoin Price Fails at Major Resistance

January 16, 2014 15:58 UTC
Bitcoin price has fallen rather sharply following failure to breach a strong resistance level. I was hoping for an upwards break but the pesky full moon appeared (again at a market inflection point, starting to think there’s something to this moon phase stuff…) to foil my Plan A.

The bears have won a minor skirmish – but not the battle and certainly not the war.

After failing to breach a key level, 850 on Bitstamp or 950 on Gox, the Bitcoin price is now staging a fighting retreat back to Support.

At the time of writing, the down move has at least paused around the 820 / 0.236 Fib level.

If we move lower, I expect a lot of enthusiastic buyer support all the way down to 800 and the upper 700s.

If price breaches the previous fractal low at 783 (Gox 880) I’d consider the bears to be in firm control.

Below 765 (Gox 859) and it’s time to chain up your garbage cans because bears are roaming freely through the city.

As usual, there’s talk of whales and dumping while this move is happening. My advice is to ignore such chatter and focus on the facts: the price you see on your chart.

The Bitcoin price picture is a lot calmer on the Daily. If you’re a holder (sic) as opposed to a trader, maintain your jimmy status at unrustled.

As for my trading, there was no break of 850 so I’m not in the market. 800 is a tempting level to buy in so I’ll be watching it closely. I’ve got some fast-decaying fiats lined up for conversion to proper money so I’m not going to cry over a cheaper Bitcoin price.

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Last modified: January 16, 2014 18:56 UTC

Former swing trader of equities and daytrader of futures, out to make it in this crazy crypto world. I'll be doing some chart-reading aka fortune-telling, plus some interviews with crypto developers and miners. And maybe even some cartoons. If you like the cut of my gib, visit my website (goldrhino.tk) and pick up a Ⓑ keychain or Ⓑ leather mousepad.