The markets felt bearish yesterday, I knew if we hit $231 support again a breakdown was likely. I tested the waters by shorting around $234.50. Increased my position x3 on the market bounce at 233.80. Was lucky my trade executed on time because of the Bitfinex glitch.
I was expecting the dump to last longer but buying pressure was strong and BTCChina was acting bullish so I closed my position at around $230 for quick gains on a larger position.
The big green spike and breakout indicate a possible reversal. I'm leaning towards bullishness but need to see stronger confirmation prices aren't faking out. Waiting for $232 to break with another big green spike to set up a long position on the pull back.
If on the other hard prices drop below $230.50, this may indicate a fakeout and I might set up another short.
I was expecting the dump to last longer but buying pressure was strong and BTCChina was acting bullish so I closed my position at around $230 for quick gains on a larger position.
The big green spike and breakout indicate a possible reversal. I'm leaning towards bullishness but need to see stronger confirmation prices aren't faking out. Waiting for $232 to break with another big green spike to set up a long position on the pull back.
If on the other hard prices drop below $230.50, this may indicate a fakeout and I might set up another short.