Another bull channel busted – back to riding the bear fork rails

BTCE:BTCUSD   Bitcoin / U.S. Dollar
1325 11
No matter how you frame it, this recent corrective channel (since mid-January) has failed to hold. And a quick look back at the history of this big bubble bear slide shows we're just getting started on another bloody descent. Happens every time, and until the candles finally bust that fork top, the dominant trend here is still down...

If there's one thing that Bitcoin loves to do, it's a full retracement of extreme moves. And what better way to do that than to take one more bear leg down to $120, back to that nice flat floor of September 2013, before the Gox Rocket was lit. That would make for a nice and tidy ABCD pattern , and would satisfy the fork harmonics which seem to be calling for another touch of the blue channel bottom. But a double bottom in the $154 zone could form, so I'd say anywhere from 120-160 is a good time to fill them bags again...

I'm intrigued at how all four times the bull channels popped, they did so while crossing the daily RSI exactly at 38. No clue what significance that might have. I wouldn't think such alignment would happen coincidentally 4x in a row, though. Maybe someone can enlighten me...
Great stuff! Nice to see you have preliminary similar targets.
Awesome work! And nice find on the RSI 38.
Agreed, a lucrative pattern if you play the big moves.
Very good:)
HOWEVER -- don't be surprised if the ride isn't over at $120. As our buddy @SPYderCrusher likes to illustrate, there's not much dynamic level support on the Monthly until $63 :P Would make for a good panic spike and then bouncing up to consolidate on the "sensible" $120 zone
+4 Reply
Jameve ronfkingswanson
That same level is a weekly support level too..
Jameve Jameve
+1 Reply
Jameve Jameve
Well it appears to be somewhere between $55-65 but hard to tell
SunnyBTC ronfkingswanson
i like the train of thought on this! Good work all. 120 is a great target and theni have 70-85 after that
BitRod ronfkingswanson
i feel like we are going to have a fomo of 63 because everyone will wait for this bottom but it wont come. Ill have buys spread from 90-130.
+1 Reply
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