ALWAYS BET ON BLACK - Update 19

NEW BOTTOM FORMING?  NOTHING SURE YET!

Previous positive signs of bottom and good fundamentals were not enough to generate the required buying follow-through at the critical point break -out at 0% Fibonacci or 33K.

This turned the all of the positive momentum previously accumulated to a negative momentum to 25K.

Click on Image for Full Size

For this new downtrend I modified my Fibonacci Retracement Lines from top to bottom and drawn the new Fibonacci Down Trend Fan from top to bottom.

We are testing if the previously established low of 23.5 and the new day high of 30.36K:  Is it just a retracement of the trend or are going to break the 23.5 low?

The momentum MACD are currently trending down with some slight upturn near the 25K support. Therefore we could be at a turning point if enough buying volume takes out the sellers pushing the market lower.

Click on Image for Full Size

Again I am long on this coin and continue to buy (like my name clearly states) on any retracement.

Buy-Black

The following two tabs change content below.

• Bio
• Latest Posts

Buy-Black

Latest 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