dopebroker

Slowing downtrend (Keep things simple…)

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BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The fibonacci retracement is in place in order to show the price levels that this has followed on it's way back up from the initial dump and the overall downtrend.

MACD Oscillators show that we're in the same position as the last big leg down. Stoch RSI confirms that, as well as the positioning of candles and the 50 SMA , and 10 EMA .

The 50 SMA aligns with the downward trend line at this point,

Buy volume is still light in comparison to sell volume .

I believe we could see $350 before this turns around. Anything below $340 could mean for lower 200s by the fall. If you are long I believe you should sell here and buy back after the next drop.

Comments

I need to see 443 break - then I would agree, otherwise it could explode up very quickly to 617 with wicks into 700ish depending on how fast the shorts cover.
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I completely agree - things seem eerily similar to before $340 dip. Thx for posting!
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