The Bitcoin rally appears to be over - at least for now

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
398 6 10
The price is sliding lower and lower. The weekly RSI is maxed out, just like Litecoin was in the past.
Next support is near 2035 CNY             and if that level also breaks down, the next support range is at around 1575 CNY             .

Litecoin's rally pump and dump as a comparison to the Bitcoin             rally so far:
Comment: The Bitcoin price is falling even more as predicted yesterday. Now down to 2200 CNY:

Comment: the price is still falling like a stone, now below 2100 just one hour later

Call me crazy but i think we might go under $300 the emotional level if we don't bounce soon. I am waiting for the 4H RSI to floor under 30 around 15-17 to close my short
ChartArt BitcoinGuru
Long-term support is around $225-$250 therefore it's not crazy to see a test of $300.
we will be trending above 2400cny support before crashing like BTC did on LTC pump. Note how we consolidated back then for more than 2 weeks at 1600cny then went up to test and try breaking out? I am expecting the same here.
+1 Reply
ChartArt BitcoinGuru
Good point, the "dip" buyers might bring some bulls back into short-term action.
+1 Reply
BitcoinGuru ChartArt
yes short term consolidation range imo 2350cny to 2600cny for 1 week then pop to retest new high - we fail. drop down to 2150cny wick down/fake out lower shoot back up to past 2600, 2800 + more like healthy pump then the 2013 mega pump.
+1 Reply
BitcoinGuru BitcoinGuru
retest previous high (not new high) - we fail*
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