6-5-2015 Bitcoin traders report, weekly wrap-up
As of today, we can clearly see a bear flag forming on the daily. This is bearish and a continuation pattern. Take a look at the bear flag pattern, also check out the bull flag trading pattern which is better explained. As a trend following trader, I am short and I will continue to follow the trend religiously. I do not know if bears have enough selling pressure to push to new lows below 210. For the bull case, there are a lot of shorts on BFXdata. Some are expecting a bounce to higher levels before resuming the trend. In addition, 215 or so is pretty strong support for bitcoin, it has bounced multiple times on strong volume.
If you don't know what I mean by following the trend religiously. Please read the followign excerpt by Jesse Livermore if you havn't already.