JTrades
Short

Strong bearish move imminent

BITSTAMP:BTCUSD   Bitcoin / Dollar
524 8 5
On the Daily chart we see BTCUSD             is failing to make any new highs and has formed the bearish descending triangle pattern. We have just seen a kumo twist which is now showing the cloud as bearish .

If we see a downward kumo breakout I believe this could be the catalyst to break though the descending triangles base and could see a move down to the $429 level of support.

Price would need to see some significant strength in the next couple of days to avoid the kumo breakout to the downside.
I don't agree with the descending triangle - if you just draw two trendlines usind the line chart you may see a bullish flag ...
+1 Reply
JTrades w2314
Appreciate the comment. I think I can see what you mean on the daily chart. Can you see the same on the 4-hourly? because to me it looks even less likely it is a bullish flag.

Perhaps you could reply with a picture of your chart, so I can get a better look.

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We are in a clear down trend on the 4-Hourly and price has just hit resistance on the underside of the cloud. We still have 2 hours left on this candle so anything could happen yet...

Sell order in at $587.

snapshot
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Rough
-1 Reply
JTrades AKWAnalytics
Please elaborate?
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JTrades JTrades
Price smashed through this level, so our sell order never got hit. Price on the Daily is now touching the Kijun Sen, will it hold as resistance...

snapshot
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Interesting that the Ichimoku indicator now also shows a downtrend. I can't say anything about the triangle, but the Ichimoku indicator itself is more reliable than most indicators I tested so far.

Check out my chart. I also think a larger downtrend is coming, as shown using the Stoch RSI:
The real reason Bitcoin is doomed in Summer 2014


The real reason Bitcoin is doomed in Summer 2014
+1 Reply
JTrades ChartArt
Looked through your charts, some god stuff. I think we both agree bitcoin could be in for a tough summer.

For the first time price currently looks like it could close below the kumo cloud on the Weekly.
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