Looking at the 1 week chart, it isn't too pretty. You can see where BTC
broke above the old channel and where the price targets are if it retraces back to those trend lines
. The MACD
has crossed and we had more downward movement today. I've sketched two scenarios of what I'd guess will happen assuming we don't just go to 0 which I'd find highly highly unlikely, but anything is possible. This isn't meant to scare people into selling, since I've personally already bought back in a large portion from my short. This is meant more just to show that 5k etc BTC
isn't really all that far-fetched of an idea. These trend lines
just happen to intersect at fib levels etc which is a bit ominous. =\
Personally I don't see it going lower than that, and think we should get a decent bounce by around 7800 range and hopefully that'll be it....but it really could go either way. I see 8k BTC
as BUY BUY BUY, and even more so at 5k range.
Keep in mind the scribbles aren't meant to be exact on timing or anything, just mainly was getting at where the two different scenarios start will probably be a pivotal point one way or the other if it plays out like this.