[Flash Report] Bitcoin Recovery Phase 1 - 12/20 Lunch

[BitcoinTraderFX]

We warned our traders yesterday that bitcoin's recovery would halt at 750-800, but that's okay. For a recovery to be sustained it needs to rest (as strange as that sounds). It more has to do with a technical flushing of orders out of the system, blah blah blah. But the bottom line is that what has happened is a normal phase 1 recovery of prices.

Now the big question is: will bitcoin push on to phase two, and move to the next level of recovery. There are several critical points for bitcoin to make to continue.

And in the news still has bubble talk, but they are going to teach people how to mine bitcoin on Bloomberg Television (okay, stop snickering), the Native Americans want to really carve out their own world and move to bitcoin as their currency, whereas online poker and Overstock.com will start taking bitcoin shortly : )

Overstock is the first hint of a big e-tailer accepting bitcoin. This progression alone will add to bitcoin's long-term prognosis.

<Begin Pointification>
             Stay safe over the weekend, control your risk, and buy bonds, er, bitcoin
             (but only in small risk controlled purchases).
</End Pontification>  

 ...   and on with the pretty pictures  : )

cj

[SgtSpike]

Source for the Native American news?

[Stuartuk]

'The majority of technical indicators that professional traders are watching' - I don't agree. Technical indicators don't work for generating reliable entry or exit signals and generally speaking professionals don't use them. If you do see a fib or 50ma on a 'pros' chart it won't be used to open or close positions but only as a reference point. To say that most professionals are thinking of selling because of, say an ma cross, is far from true. What about the stochs screaming over-sold right now? BTC is a unique market in it's earliest stages and indis are the least reliable tool right now. This stock is news driven. That's not to say big and educated players won't use previous highs or areas of support etc (the $450 and $1240 levels prove that) but no indi could have predicted the parabolic rise so why are they relevant now?

[samo]

Source for the Native American news?

http://www.forbes.com/sites/jasperhamill/2013/12/19/native-american-activist-wants-to-swap-the-dollar-for-bitcoin/