BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I've been watching the market very closely the past couple of months and this does not look good. What I see is a bear pennant that just broke down. BTC has already had a monthly MacD cross down, broken this bear pennant , and is about to have a bearish 4hr 50/200SMA death cross. All bad news to me. If this does play out with a 50% correction, just imagine what that does to Alts. Tread carefully over the coming days.
Comment:
5 Day Time Frame shows a clear breakdown from the pennant. It's a downtrend continuation break.
Comment:
The 4hr is pretty oversold at the moment; so I expect a retrace up to the death cross around $42,900, followed by rejection and then the waterfall begins.
Comment:
The 50 Month MA is right there as well, so lots of confluence on this anticipated move.
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Couldn't even manage a bounce to $42K and broke the bear flag. Short term target of $36.3K
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