As you may recall, last February 10th, we called for a probable reversal and decline of this bitcoin (see analysis here: as well as a BTC-e analysis here: https://www.tradingview.com/v/Z95pqkHo/).
At this hour, our second target got hit (first was the target about 5 candles since the release the first two targets back on February 10th).
At this point, we continue to set our sight on the bearish-most target, defined as TG-Low = 385.94, set on February 22nd.
More analysis/review if/once TG-Low gets hit.
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IMO there are few chances for TG-Low = 385.94 to be reached just because this target is below the 1 year moving average (430$) and bitcoin has never moved under its long term VWAP (1 or 2 years VWAP).
This VWAP perfectly worked as support with a 50% price increased, right now the price decrease, 530$ should act as support, if breaks, I hope the lowest support will be the long term VWAP.
Right now we see a decrease after a 50% increase from the 1Y VWAP, 530$ should act as support, if it breaks
1 - BTCUSD (Bitstamp) on February 18th - Added confirmation of target TG-1 = 449.89 defined on Feb. 10th:
2 - BTCUSD (Bitstamp) on February 23rd - Addition of second bearish target-low, TG-Lo = 385.94 on Feb. 22nd:
3 - Update-2: Here, I am explaining that for the time being, there is yet no indication of any reversal. In fact, i decided to go into some depth to explain my EAGLE trading methodology.
Hoping this helps answer your question and more.
Now watch for 530.00 acting as overhead resistance. In fact, a BACA (i.e.: "Break Above, Close Above") 635.73 is likely to bring a reversal signal in our system, and should concern any bears.
For now, trend remains bearish without any clear indication of reversal.