Bitcoin market update 8-21-2014
Market has pulled back from yesterday's strong rally. We've consolidated over the last 24 hours, a really choppy market really, not much fun. Daily discussion comments dropped from 385 two days ago to 200 yesterday lol.
At this juncture, the bears now need to push price down, can the bears bring the price back down 485? Anything above 485 suggest we could be in a head and shoulder style reversal pattern. Disclosure, I am still short btc from 2 days ago.
If the recent bull's momentum is any indication, market needs to consolidate at the upper range of ~500 usd/btc then breakout higher to convince me that this bear trend is over. The above scenario would also break above 62%fib retracement of this bear run.