Bitstamp Weekly Chart - Updated 15 July 2014

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
6224 4 6
This is an update to my previous 'Bump and Run' chart (link below). I've simply added the magenta upper and lower trend lines along with my new target area around 260-280. I've also relabelled the AB=CD movement.

I'm guessing that as our old support line has now been broken, it will become resistance and push price back down. We've been pretty much sideways in a $150 price range for the last seven weeks and I don't think the bulls can push this much higher.
Question is now - Do we bounce here off the long term trend line and then break through on the next attempt, or do we just plow on straight down.

Either way, I think overall we need to drop further towards 160-210 before we can call this bear trend over.
DanLaffas pseudomarcus
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