ALWAYS BET ON BLACK - Update 22

THE GOOD NEWS WE BROKE THE DOWNTREND - THE BAD NEWS UPTREND LOSING STEAM

The market has managed to break out of the down trend that has trapped the price by pushy sellers for a long-losing week. The break out was done with 849 BTC, followed by a short consolidation and subsequent second attempt which totaled 819 BTC. These are good numbers and in the process the buyers have taken out some of those PESKY sellers!

In the Bitcoinwisdom chart we see how the market finally broke out of this trend, forming a new high. Then it was stalled, and attempted again while breaking the previous high of 38.06K to reach a new high of 38.36K. A market double top has formed which becomes cautionary. Additionally we see that MACD is trending downward since the first strong push to the upside, again this is showing some weakness and a new attempt to break the 38K barrier is not going to happen any time soon. Finally the price has bounced off the down trend fan support line. if we break below this line we could be heading lower for further consolidation before any attempts to the new highs are made.

And again some of the details with at a close up! Note that although the MACD is trending negative, this is somewhat expected after the previous run. Look for MACD trend changes for buying opportunities!

Buy-Black