Bitstamp
Upside breakout scenario.
We are flirting and have been bouncing around $820 and there seems to be some form of resistance here, it is a little sticky..trading sideways into a channel around $820
If we go continue to go up from here we may go from this $825 (ISH) channel top we have been in trading sideways and go up to $840 -$858 then there may be some resistance.
If we go up from there
$840- $858 then I think we could trade in-between there up to $880 -$885 and see more resistance, if we break that then it is set for hitting the $900 - this is a psychological resistance point..
If there is a break out and if we go past $900 and break $910 -$915 then it has a chance to go onto break $928 and from there maybe we see a real break for $945 - $970 - $991 + then things get interesting...
I see us going up , but ...
Downside scenario from this current channel I can see the possible resistance/support levels
$825
$817
$800 psychological
$775 ish
$757 ish
$749
$725
??
Edit.... or for now we see more of this sideways trading within a channel $775- $820 until something goes bump in the night.
Bitstamp
Starting point was $820/5 today at around 02:55:31 PMI have laid out my upside possible resistance/pivots/supports from my original post for easier viewing.
If we break out from now or over the next few weeks or at least the next month
then from $820-$825 I see the following possible resistance/pivots/supports.
$840-$858
$858-$880
$880-900 ($900 psychological for USD)
$900-$910/5 (could be a psychological resistance level as also $908/10 = CNY5500)
$910-$928
$928-$945
$945-$970
$991 - (could be a psychological resistance level as also $990/1 ish = CNY5500)
$Cape Canaveral
Downside scenario from this current $820 - $825 channel I can see the possible supports/pivots/resistance
$825 (this price could also be a psychological support because $825= CNY4999.99)
$817 - We dipped down to here for quite some time a good few hours now hovering on or around $817 within plus or minus $2ish- or CNY 50 short of CNY5000 $817 first acting as support then switching to resistance - within $2-3 but $817 is quite a specific number we have been pivoting on off for quite a few hours… not $833 or $823 or $807 - but quite strongly pivoting around $817 (+- $2-3ish) ….quite interesting to see what happens…. next…., if there is consolidation at this level then there should be a movement one way or other…
$800 psychological
$800 - $775 ish
$775- $757 ish
$757- $749 ($740 = CNY4500)
??
EDIT:as I was writing this we just shot up to $823 on Bitstamp, lets see if it can hit $825 (CNY5000) and what it does if and when it does....
EDIT 21:44 PM: The price levels and pivots I have posted are actually based on Fibonacci retracement lines over two timescales, however a few of the numbers also coincide on several occasions with psychological resistance levels, but in CNY as I have noted in brackets, which is a curio)
Poll
