ALWAYS BET ON BLACK - Update 16SELLERS CONTINUE TO PRESSURE -STILL TRAPPED BY SELLERSWe are trapped by BIG sellers while smart buyers set their low-priced buy-walls at critical support levels.From a trading perspective the 27K low is critical and if broken could cause a sell-off to 25K, 20K, and maybe even 12K.Some signs of bottoming out are consolidating.1. Double bottom at 29K2. Bounce from the Fibonacci bottom fan-line (support) to a horizontal consolidation.3. Consolidation on the 78% retracement line4. Selling volumes are decreasing.5. The fundamentals of this coin remain very strong.First a long term chart showing the selling pressure and the buying support with the critical price support levels. Next we review the Fibbonacci Retracetment support and resistance lines.Currently we are at the 78.6% (31K) line which is typically not considered as an entry point to a run up since it is so close to the bottom. Most people will consider this area as a very risky to go long for an upside trend and prefer to wait for a double bottom confirmation at 0% (27K). If the price goes below 27K then the recovery is considered not possible and the price must go below 27K. As the price breaks upward through each Fibonacci level the recovery would be considered stronger and stronger until it breaks out of the final 45K resistance. Click on image for full viewNow lets use a second tool called the Fibonacci Fan which is used to follow a trend and to determine if this trend is about to go up or down. Again look at each of these lines as support and resistance lines. Support if price is above the line , and resistance if the price is below the line.Click on image for full viewThe short term trend established by Fibonacci is drawn from the high to-the-low price of the trend in question. At the moment we have moved horizontally (against the trend), have crossed the second resistance line and moving toward the third. If the price is not able to penetrate this line it may bounce and go lower to the previous support line.The downward trend will be considered over when the price breaks out the final resistance line in the fan. We are about halfway there!And finally here is the current Buyers vs Sellers displaying some buying weakness and dangers like that lack of BTC walls below 16K. This is a typical weakness shown when the buyers are under pressure and use all of their resources to protect the front lines.I have been using each dump to pick up cheaper BC.Buy-BlackThe following two tabs change content below.BioLatest PostsBuy-BlackLatest posts by Buy-Black (see all) ALWAYS BET ON BLACK - Update 33 - May 25, 2014 ALWAYS BET ON BLACK - Update 32 - May 24, 2014 ALWAYS BET ON BLACK - Update 31 - May 16, 2014 April 25, 2014 by Buy-Black 1 comment 2736 viewson Technical Analysis by buy-blackShare this post Facebook Twitter Google plus Pinterest Linkedin Mail this article Print this article
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