ChartArt
Short

The bulls are turning into bears (Measuring trend strength)

BITSTAMP:BTCUSD   Bitcoin / Dollar
162 4 0
We were starting to go over into a uptrend after leaving the bottom at 550 US Dollar             , but because we broke through the 600 US Dollar             area, when Bolivia announced that they are banning Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have still trouble with DDoS attacks on their service providers CloudFlare and Incapsula making trouble for trading bots (and there are also still discussions regarding the 51% issue with GHash ) I expect a downtrend to follow, after we didn't break through the resistance around 620 US Dollar             .

I fear the 600 US Dollar             neckline (which I described earlier in my chart named "BITCOIN - LEAVING INVERSE HEAD AND SHOULDERS") turned from a support area into the new resistance zone which we are currently bouncing against in the 1-day chart.

http://www.coindesk.com/bolivias-central-bank-bans-bitcoin-digital-currencies/
https://twitter.com/btcecom/status/479884231251066880
https://twitter.com/bitfinex/status/479574324761079808
http://www.coindesk.com/51-attacks-real-threat-bitcoin/
Possible short term retracement, if the resistence hold
ChartArt
2 years ago
UPDATE

Just 3 hours later after creating the above chart, the other indicator also turned bearish, as well as the 1-day bar.

snapshot
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ItisCalvin
2 years ago
Ah the bears are growing again. But we have not moved. I am curious what will play out over the coming days.
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rizlas
2 years ago
Bearish it looks... I estimate about around 80% chance we hit 550 in 3 days but doubt we'll go lower unless any bad news come up
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ChartArt
2 years ago
UPDATE from early Tuesday, 24 June:

snapshot


Maybe the downtrend is finally increasing after 3 days.
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