Oversold, But Look Out Below!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
494 0 4
-S3 Fib pivot break
-Vortex indicator shows a lasting strong sell signal, However VI - is nearing extreme limits above 1.3, and VI+ is crossing above 0.7
-Longer term RSI crossover shows that Bears currently have the edge, as both 14 & 28 are below 50. As well, since 14 is currently below the 28, the price is likely to behave very bearish . This is evident by today's price movement
-Shorter term RSI crossover shows that Bears currently have the edge. The 7 period RSI is below the 14 period RSI , one should expect bearish behavior in the near term. Again, today's move is evident of this.

-Both RSI 7 & 14 are entering oversold territory. It may be possible that the current down trend is nearing a bottom, but for now the outlook is still bearish

-I created a 1.27 Fibonacci extension for the Fib monthly pivot . That Support level is at ~$238.14. If the current downtrend continues, I thoroughly believe it will become too oversold. Please see my linked chart for why I believe it can't go below this point. There is a long term falling wedge in Bitcoin             , even if the long-term support line breaks, the support from the falling wedge will help provide some support.

1.27 =~ $238.14 $431.96
1.382 =~$229.58 $440.51
1.5 =~ $220.59 $449.52
1.618 =~$211.58 $458.52
1.786 =~$198.76 $471.34
2 =~ $182.43 $487.67
2.27 =~$161.83 $508.27
2.382 =~ $153.28 $516.82
2.5 =~ $144.28 $525.83
2.618 =~ $135.27 $534.83
2.786 =~ $122.45 $547.64
3 =~ $106.12 $563.98

**UPDATE** For the 1.618 Fibonacci extension for the monthly pivot I drew, I placed the line at the wrong price. It should be at $211.58, instead its lower than that price.
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