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Bitcoin BTCUSD Happy Bitmas to You and YoursBitcoin BTCUSD. Christmas Day What kind of sad tw@t would be writing on Bitcoin today? Hi there. So how's Bitcoin behaving over Christmas? It rallies all morning in Europe and then at 12.45 GMT as everyone goes to lunch and buyers dry up it falls 1200 points to the lower line of what is now a developing continuation pattern, and, as usual tracking parallels. Jeez. If we'd known that was going to happen that could've paid for lunch a few times over. Maybe next year now we know... So Bitcoin swings across the globe into the hands of the USA for a few hours - who don't look too interested either way, but Bitcoin does top out at 1.30 EST - do you guys eat a little later than UK on Christmas day ? Anyway, now I figure most will have finished, as Bitcoin has started to rally again....so next Christmas day maybe we have an idea of how this behaves...no one around and it goes down. Amazing. Who'd have thought? Looks like it will grind higher but still be subject to fairly sharp drops - just don't want to be buying this high and then getting whipped out in zero volume conditions - so can only think of buying if the lower parallel is tested with a stop 50 or so under the line - but when Bitcoin skips across the Pacific to land in the far East volume should start to rise, and they are more likely to be buyers than sellers...but the chart will confirm - or deny - this for us...can get pushed up to 14648 but not likely to get much further without Eastern buyers and some volume...if you see this some time around the open or within an hour at most and 14648 is broken through it can be followed for 800 points or so up to 15509. It should come off again from here, if not from 15814 later on though. On downside there is near term minor support here, at 13982 with stronger support at 13717-13679, where the lower parallel lies now - Bitcoin must hold up off this line on all retests to avoid falling back into negative territory, most likely driving price back to the left hand structure that began this move at 12617 -12500 with smaller counter rallies most likely off the blue support lines at 13456 and 13086. Any break below 12500 would trigger another good short back to 11391-11165 range.
BITSTAMP:BTCUSD
by sumastardon
3