LeMogwai

We didn't touched the trendline, we can't go down until we do :)

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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As you can see, on the previous rally we touched the trendline before making major movement down.
Nothing is suggesting that this time will be different.
A bounce from here will fit fine on the RSI trendline.

If the bounce from here is confirmed (break of $280 and stabilization around $270), the target is $305-$315 level.

But a breakdown of the 250 level could be fatal for the bull trend, i expect a retest of $220-$230 level before heading to $200.

Comments

Agree it should/probably will attempt this before beginning its decline to a new low - just doubt whether the upper trendline will actually be reached.
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