BTC-e/USD Projection chart

BTCE:BTCUSD   Bitcoin / U.S. Dollar
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BTC/USD Daily chart continues to make lower highs, and lower lows.
If the trend continues I think we will break the support line and hit the 1.272 & 1.618 Fibb retracement as it is confirmed with 4 retracements in total.

The green trend will come to fruition if current trend breaks, as of right now it doesnt seem to be the case, I personally think this trend line is the least likely to happen, but you can never rule anything out.

The grey trend line will happen if we develop strong support at the $430/$420 support area ,
I think it will meet resistance at the trend line capping at around ~$460, of course it could breakout, if it doesnt I think we will retest $420 support and possibly fail due to forming a descending triangle pattern, next support would be at $340(possible support at ~$380 as well), which I think we can bounce forming a double bottom and retest the trend line once again to determine whether the chart will breakthrough or fail.

The red trend is about even with the purple/grey IMO , because they all follow the overall trend of the chart. once the red trend line fails to find support at the ~$420 area it will fall through and find support at the ~$340(possible support at ~$380 as well) area then bounce and find resistance at $420(previous support), once it finds resistance there I predict it to fall and find support at ~$260-$290 based off of the Fibb retracements, but we could go as low as $230-$240 possibly.

Any questions or comments feel free to write a comment below.
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