**UPDATE** **WE ARE NOW IN A DOWNTREND**
See:
With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder.
Because we broke through the neckline at 600 US Dollar, when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have trouble with DDoS attacks on their service providers CloudFlare and Incapsula (and there are still discussions regarding the 51% issue with GHash) I expect a downtrend to follow. I fear the 600 US Dollar neckline turned from a support area into the new resistance zone.
---------------------------------------------------------------------------------------
After falling down from around $675, we had a large inverse head & shoulders pattern, with a bottom at Bitstamp at $538 and a left shoulder at $550 and a right shoulder at $552.
We just completed the head & shoulders pattern with a retracement (pullback) to the neckline at $600.
Previously we tested the bottom of this trend 4 times, as I mentioned here:
-----------------------------Related Ideas---------------------------------------
I strongly agree with the "BULLS STILL CONTROL THIS MARKET" idea of ItisCalvin, which is currently the 'most agreed today' BTC chart on TradingView:
Another good chart showing the major support was made by Low Pro:
I also agree with the "BULLISH TRIANGLE TO 640" idea of LeMogwai, which confirms my theory. We are close to a breakout of his triangle - in my case - leaving the inverse head & shoulders pattern:
--------------------------------------------------------------------------------------
P.S. Here is a Youtube video that explains the inverse H&S chart pattern:
www.youtube.com/watch?v=QLU4wjmS...
See:
With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder.
Because we broke through the neckline at 600 US Dollar, when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have trouble with DDoS attacks on their service providers CloudFlare and Incapsula (and there are still discussions regarding the 51% issue with GHash) I expect a downtrend to follow. I fear the 600 US Dollar neckline turned from a support area into the new resistance zone.
---------------------------------------------------------------------------------------
After falling down from around $675, we had a large inverse head & shoulders pattern, with a bottom at Bitstamp at $538 and a left shoulder at $550 and a right shoulder at $552.
We just completed the head & shoulders pattern with a retracement (pullback) to the neckline at $600.
Previously we tested the bottom of this trend 4 times, as I mentioned here:
-----------------------------Related Ideas---------------------------------------
I strongly agree with the "BULLS STILL CONTROL THIS MARKET" idea of ItisCalvin, which is currently the 'most agreed today' BTC chart on TradingView:
Another good chart showing the major support was made by Low Pro:
I also agree with the "BULLISH TRIANGLE TO 640" idea of LeMogwai, which confirms my theory. We are close to a breakout of his triangle - in my case - leaving the inverse head & shoulders pattern:
--------------------------------------------------------------------------------------
P.S. Here is a Youtube video that explains the inverse H&S chart pattern:
www.youtube.com/watch?v=QLU4wjmS...
