Sadly the long-term indicators weren't lying. I pointed out one month ago that Bitcoin is doomed with many charts in the comments here: tradingview.com/v/7mPxsnSP/ and this week my most bearish doomsday scenario of $333 triggered tradingview.com/v/4WpZy8cK/
So instead of publishing more charts as comments I give you my Bitcoin doomsday dashboard. The only reason why I published bullish charts during the last weeks was because a) I wanted to be neutral and b) I was bearish since the BTC price broke below $610 in July 2014 tradingview.com/v/wRFOPTbL/ and my lowest target back then was $450 tradingview.com/v/HvkyjwBQ/. But the market ignored all negative indicators like volume far too long and now most are caught by surprise and panic sell and the negative momentum will increase even more because of that.
TLDR: This is only the start of a very long downtrend.
$320, $260, $140 all valid downside target on Point and Figure chart.
ChartArt
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--- Update, 1 month later, November 1, 2014 ---
The longterm trend of Bitcoin is still down, the last chance to break the bearish trend was missed, the price didn't hold $400.
ChartArt
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--- Update, 1 month later, October 20, 2014 ---
The longterm trend of Bitcoin is still down, but there is at least a chance to break the bearish trend soon. If the price gets above and holds $400.
MarvinMartian
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Thoughts on this just being a sell off so the richies can buy BABA?
MoonTrader
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How low do you think it will go? Surely $333 is too high.
ChartArt
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$333 was my idea from 1 month ago.
I haven't researched a new lower target.
kwest
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I always have DanV's target in mind: $120. He's spouted that number since early spring, even during the rally he was adamant that we needed to go down.