windjc
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April 03, 2014, 06:03:03 AM

The problem chessnut - and this what took me until about a week or two ago to realize - is that there just is not enough fresh fiat coming into the markets to stop the bear market. As a result we are just slow and steadily melting right down through all the "buy" orders between here and $380. Its like watching lava hit the ocean. It falls into the ocean and then a plume of steam rises (takes us up to the nearest fib retracement level) and then another piece of lava carries us back down with it.

And its not showing more resistance, its showing less. After we reached 710, we literally have had almost no buy action. No one wants to buy. No one is buying. And traders who set buys at <$420, then can't make the market go up, they just create the steam we see rising up every once in a while.

Bitcoin may not be cheap again until $250 (or less). You need to really brace yourself for the possibility. Otherwise all you are going to catch short term is steam.

Sounds like a TraderTimm daily report?

Probably. He's one of several reports I follow. Not an intentional rip off though.