Short term Bearish for BTC-USD

BITSTAMP:BTCUSD   Bitcoin / Dollar
65 0 2
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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