ZenTrader111
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Short term Bearish for BTC-USD

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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The price action has moved below the Ichimoku cloud and the base line is above the conversion line, indicating bearish momentum. The downward trend is currently testing the first weekly Fibonacci support level . The price is likely to tend towards the second weekly Fibonacci support at $357.

The RSI has moved into the oversold zone and if it remains there, this should see the price tend towards the second weekly support level . If the RSI remains persistently inside the oversold zone and a break of the second support level would then see the $318.48 level act as the next support.

The Ichimoku cloud will act as resistance for the next few days at the $414 level decreasing to around $399 by mid-week. However, the indicators suggest that the downward trend will continue this week.
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