MTGOX:BTCUSD   Bitcoin / U.S. Dollar
562 2 1
I'm the only one that sees a 'P' formation here?

I think this downtrend is coming to an end.
My POV -- this was a weekend, so I'm not reading too much into the fact that we haven't continued moving down. Look at the Dec 5 drop and what happened after that. We walked sideways for a few days, which looks exactly like what we're doing now, then it continued falling.

What I'm looking for is one more test of support. What happens during that test will be telling. Heavy buy volume rushing in to make a higher low? Heavy sell volume eating through support to make a lower low? If we do make a lower low, is it on higher or lower volume than the last low?

If I had to bust out my crystal ball I'd say we dip at least one more time, and in all likelihood it will be fueled by news that is released next week about China.

An alternate scenario: We range for a month until the Chinese situation is over (Jan 31) then resume.
So far, so good :P
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