Mid-Term Update: Breakdown Imminent

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The price is currently 374.26 USD/BTC on Bitstamp . The dump two days ago caused the RSI to drop another level but yesterday's recovery took it just just high enough to give the impression of a sound recovery. Again, today is critical. Momentum is right at the top of its converging channel and RSI is leaning on that already broken support. Unless there's a breakout to the upside soon and we break that red resistance (unlikely), that purple support is going to get a retest and likely be broken, possibly sooner than indicated by the forecast. I'm going to be busy over the next couple of days so take a copy of this chart if you're interested in monitoring those indicators.

There you have it. The break happened a little earlier than I expected but hopefully it didn't catch you by surprise.

Indicators have been rejected, cave exploring is imminent.

RSI still leaning, momentum straining at resistance; the window for a breakup will close in the next forty-eight hours.
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