[Flash Report] Bitcoin Stuggling - 12/6 NYLunch

[BitcoinTraderFX]

Last night we put our traders on strong caution (do not buy), and unfortunately it was correct, and it's still on. Bitcoin is struggling. When Asia clocked in, it pushed bitcoin lower, Europe woke up buying bitcoin, then New York started selling again. Buying does not seem to be strong enough yet.

None of our systems are screaming BUY yet.

News is mixed with the debate between Bank of America, China and now Ron Paul (I think he just wants headlines.) There are several scenarios for bitcoin to recover, let's see how they play out.

[BitcoinTraderFX]

Lower Fibonacci supports broken under heavy selling. Next line of defense is at 850.

[accord01]

Lower Fibonacci supports broken under heavy selling. Next line of defense is at 850.

Well that 850 has been broken on both gox and stamp

[BitcoinTraderFX]

Defenses trying to hold at 850s. But heavy selling.

Buyers are stepping in to hold the line.

[BitcoinTraderFX]

Bitcoin just printed a volume exhaustion candle (which is potentially a good sign). The next few hours will tell if a recovery can be established.

[rayfloyd]

Up, up up!

[canada]

is 600 the next support line if 850 doesn't hold?

[An amorous cow-herder]

Anyone know just how heavy the selling was?
There seems to be a bit of a hole in the data at bitcoinwisdom between 19:48 and 21:02 CET. Data seemed screwed during that time, but every now and then some very weird volume sizes showed ...

[FiatKiller]

It has not reached the DEC 1st low yet. Very close, though.

[canada]

Anyone know just how heavy the selling was?
There seems to be a bit of a hole in the data at bitcoinwisdom between 19:48 and 21:02 CET. Data seemed screwed during that time, but every now and then some very weird volume sizes showed ...

this might explain if you're referring to mtgox

https://bitcointalk.org/index.php?topic=360140.0;all

[BitcoinTraderFX]

When I was watching the sell-off, I saw 100s per order printing. Sell 100, Sell 75, Sell 200... those are some big prints at 800-900 each.

[leetlamer]

We were bound for a correction. Rapid price increase due to speculation is unsustainable.

Panic not, Bitcoin will survive this bubble. And the next.