4hr BTCE Basically at the mid-point of a downward channel

Amid the turmoil of new fundamental drivers (IRS & BOC) the crypto-currency market has failed to hold the bullish enthusiasm that prevailed a short time ago. Heading into the San Francisco convention price was moving higher and so too were spirits. We were threatening to break out of this rather wide channel (refer to chart) on healthy volume That quickly fell apart as no new buyers came in after the convention and BTC-E in particular has been held within a nasty bear trend since. With the fail of the 78.6 fib I am inclined to think the bull rally off the 430 lows is over and fully expect an ultimate test of that level over the coming months (please refer to Daily chart posted previously). Why exactly she stopped at 445 on this most recent sell-off eludes me for now but the simple fact that we did not take out the 430.12 lows implies we are still within the process of testing the bottom end of a massive trading range. While the current price action is nothing more than a 'V' bottom at the moment, if we do indeed turn here, one ought to consider upside resistance levels and potential targets for the bounce. the 38.2 Fib really stands out to me. Considering the most recent peak and the original 4hr bear ab=cd target are in that area, I have high confidence we may see that level hit. Should we recapture the 38.2 I would then ultimately be looking for a rally into the Optimal Trade Entry (OTE) short window which currently is just above $600. That is where the sharks are waiting to hit the market again in my opinion.

If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :

1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5
& follow me on Twitter @CRInvestor

Additionally, if you have questions about my indicators feel free to inquire as to when my next Google hangout tutorial session is scheduled so you can ask me in person...
(or go here: www.google.com/calendar/embed?src=YTJscj...)