The fact that the market is narrow and dull and at the same time trading not so far from recent new highs for the rally from the april 2011 low gives me pause. We have broken well above the previous high of 4.15 but now no aggressive buying activity is evident. Experience shows that when the market gets dull after an extended move it is about to go into reverse. This leads me to believe that a break down to 6 or even further is imminent.
Day: May 18, 2011
Short Term Update
FLAT | waiting next trading signal
We are in the process of closing a dangerous pattern thatn can either explode on the downside or upside. In the 2 hour chart it is clearly visible. The hourly chart already gave a buy signal that i haven’t followed, i prefer to wait for a buying signal on the 2 hour chart with a tight stop loss. It is crucial to stay above 6.80$.
Bitcoin Trading Ideas, Analysis 