Originally published in the BullBear Analytics Weekly Report released on 11/19/2014. Partial excerpt only. Written by @AKWAnalytics.
The consolidation around key support levels continues as traders attempt to wade through the chop that has plagued the market for the past week. The parabolic rally up to 450 $ certainly spooked the bears, and the subsequent washout did no favors for the bulls.
As we outline in the full BullBear Analytics Weekly Report, we are not ready to jump back into trading this market just yet as the technicals remain too mixed. However, unless key support levels at 334 $ and 320 $ are broken, the onus is on the bears to prove themselves following the volume breakout last week. As the rest of the week, and weekend, progress we will be quick to issue a ProTrade from the long side if the setup we are looking for materializes.
Other than price action, there really is not much to report as far as fundmental news. Coinbase announced a tip button, the World Bank said bitcoin is not a Ponzi, and the emerging market story continues to gain steam. We see nothing from this perspective that would justify a new low in the market, therefore the move would be purely technical, in our opinion, should it occur. That alone tells us that a dip back below 300 $, and especially a new low in the 240 $ area, should be bought with both hands.
Cheers,
@AKWAnalytics
BTC/USD 480min chart
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