ALWAYS BET ON BLACK - Update 8

UNABLE TO BREAK 53K - UNABLE TO HOLD 50k - CONSOLIDATION IN PROGRESS

The short term Pennant Pattern did not yield to a break out (yet). Not enough buyers to take the nervous sellers. The market has now established some important support areas and resistance forces that need to be resolved. The upward momentum is temporarily on hold until new buyers come to support the price. This is a small market so things can change very quickly!

A longer term Pennant Pattern still remains displaying the squeeze of both sellers and buyers. Given the strong fundamentals of this coin I am going to bet on Black. but it is obvious that others have been taking the opposite side and began selling in the case that we go to test he 40K support.

See here for an explanation on Pennant Pattern: http://www.investopedia.com/university/charts/charts6.asp

Found a better chart for BC here : http://altcoingraphs.com

The three day chart shows the shorter term situation in which we are reaching a point where some strong volatility may occur. On this chart we still see the Pennant pattern and soon we will see one of two events: a run up above 50K or a drop to 40K. I see a good possibility of further consolidation needed and thus we may go down to the 40K support level to begin a new run to break the 50K resistance.

Click on image for larger size

It is time to maintain a big support on the previous support floors to make sure prices are well protected. Here is the current (15 minutes ago) buyer vs seller order book showing a weak 45K support.

Just as I finished writing this update we are testing 40K.. sorry I was busy!

I will do another update in about 30 minutes.

Buy-Black

Share this article: