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BTCUSD: Zooming Into The Weekly Chart Doesn't Look Good

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Using the 2100 & 4200 MAs on the 4hr chart (like a weirdo) gives us the 50 & 100 Week MAs on a zoomed in time-frame. Although we already had the bullcross on these Weekly MAs, on a 4hr chart ("in real-time"), we are now seeing the bullish crossover with the price sat underneath it.

This follows two weeks of rejection fom the median of the bear channel , continued failure to maintain support above the 0.382 fib retracement (of the $3,100 to $13,850 move), as well as arguably initial rejection from the bull-cross itself that "IRT" occured yesterday.

With the volume dropping off and another descending triangle being established, this is enough reason to be bearish right now.

Related TA:

Could This Descending Triangle Be The Final Fake Out?


Measuring The Move of the Descending Triangle Breakdown


Descending Triangle On 4hr Chart To Look Out For?


Extrapolating 2014 Correction - Could $6,500 Be The Low?


Miner Capitulation Or Minor Capitulation?


Bitcoin Repeating History: 10 Part TA Series On Repeating Past Patterns
Full series with recent updates: https://bitcointalk.org/index.php?topic=...

Comment: For reference sake, here is the bear channel on the Weekly chart,




Comment: Currently testing the 0.382 fib retracement with precision.
Comment: Now testing the "lower band" support of the long-term bear flag, again with reasonable precision.
Next target would be the support trend-line of the bear flag, currently lined up at $6,290 (and falling).
Comment: Just realised I predicted the volume breakout too by chance, go me :D
Comment: 0.382 Fib looks like a flag too, just saying.
Comment: Note we are still being rejected by the median downtrend resistance of the long-term bear flag after briefly wicking above it followed by getting rejected by it on the 4hr chart, as well as for now, the 0.382 fib retracement at $7,231. We remain bearish on the Weekly chart, the price requires follow through in order to become bullish.
Comment: Still struggling to break through and hold the 0.382 fib retracement, not good for the bulls.

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