BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Technically Bitcoin is still in a downtrend as we have just seen a lower high of $9400 being printed on the chart.
Bitcoin has recently been retracing against the main down trend. We appear to have seen the end of retracement.
We now have a confluence of resistance of upper trend line of main down trend and upper trend line main of H4 retracement channel. We also had a daily pin rejection around the $9400 mark, so I expect to see sellers to coming in from now or more accurately profit taking by the big boys in a new downtrend phase to follow.

Only a convincing close above $9500 and successful retest and rejection to the upside will invalidate this short idea


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