CryptoBanker
Short

Bearish Pitchfork to Continue BTC Downtrend

BTCE:BTCUSD   Bitcoin / U.S. Dollar
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The following modified Schiff fork seems to be a good downward guide for price. The numerous ellipses highlight where price reacted to the parallels of the fork and the fork therefore has a high level of validity. Maintain short positions while price remains inside the fork with an initial target at the median line of the fork. If very strong downward action develops we may dip all the way down to the lower parallel. A sustained break above the fork would put the bearish case into question and may be a good indicator to lighten up on shorts.
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