CryptoBanker
Short

Bearish Pitchfork to Continue BTC Downtrend

BTCE:BTCUSD   Bitcoin / Dollar
80 0 0
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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