Bearish Forecast Becoming Reality Sooner than Expected

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
831 3
It looks like we're coming in for a third contact with the lower mid-term support when every other contact with these purple lines has been a single touch before traversing to the other one. It seems obvious that the orange resistance is coming into play even though it's a good distance away from the current price.

The RSI has broken down from the steeper gradient that I predicted, however, I don't think we'll see fireworks before it breaks that second, lower gradient that was actually in play rather than just predicted. The price has been propped up for almost a week by that long-term 0.236 (372.74) fib retracement. That looks like it's about to yield with the price getting intimate with it as I type. Once broken, I'd forecast a fairly strong bounce off the mid-term 0.5 (364.27) fib retracement and mid-term support (purple) before meeting resistance from the fib lines and finally breaking that mid-term support. However, if the RSI manages to bounce off that second gradient, there could be some upside left in the coin yet. Buckle up.

There you have it. The break happened a little earlier than I expected but hopefully it didn't catch you by surprise.

Indicators have been rejected, cave exploring is imminent.
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