TerryKinder

Bitcoin at Critical Juncture

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is nearing a critical juncture as can be seen on the chart. Price is currently in a descending channel (yellow and pink shaded area).

Price broke through Pitchfan support around $500.00 back in September 2014.

Next support is near $185.00 and rises to around $245.00 by October of this year.

The Bitcoin price needs to break above the descending channel it is trapped in or else it breaks the next Pitchfan support level . If it breaks the support level next decent support wouldn't come in until around $118.00 or so.

Comments

Spot on, as usual, agreed.
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