BTC_Daily.Pips

Important Week Again during this First BTC Downtrend

BITSTAMP:BTCUSD   Bitcoin / Dollar
Week of 4th of June 2012 signals the dawn of uptrend with RSI making a new high at the level which will prove to play in important level.

Week of 13th of August brought first correction of uptrend to about 0.764 from 17$.

Week of 8th of April             2013             brought the next top of approx. 250$ before a 14 weeks correction to again cca. 0.764.

Week of 25th of November 2013             registered the next top(about 1,135$), which is stil             the ATH             before a 5 motnhs correction to a low of about 360$ at again cca. 0.764 level. RSI tests support. ATH             shows first sign of weakness of uptrend on RSI .

Next bull run proved to be a bull trap, hiting the top at the beggining of June 2014 at cca. 680$.

Second half of September confirmed bitcoin's first downtrend breaking the 420 support culminating with 280$ new low and RSI breaks support at the beginning of October 2014.

Price reaches about 460$ which eventually proved to be a lower top under previous support and fail for RSI to break back resistance which lead to new low of roughly 160$ at the beginning of January 2015.

Bitcoin price test in first half of March 2015 previous important support level and RSI tests again resistance which again failed and and btc suffered a setback to the important support of 210s.

Second half of June 2015: Bitcoin tests again a lower resistance of 260, RSI again facing the test of resistance line. In my oppinion, closing this weekly candle under 236$ could lead to another failed test to break this important RSI resistance level , thus postponing the eagerly waited longer term buy signal for a new price surge or even uptrend.
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