Strong bearish move imminent

BITSTAMP:BTCUSD   Bitcoin / Dollar
529 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.

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.

-1 Reply
JTrades AKWAnalytics
Please elaborate?
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...

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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