Zammo
Short

A 3 stage descending triangle

OKCOIN:BTCUSD   Bitcoin / Dollar
211 0 3
We are currently in a channel that is forming a large descending triangle. This triangle is taking the price down to $175. If this scenario were to play out, I feel it could damage confidence in Bitcoin and make a breakout that takes the price above $216 unlikely without some extremely good news.

We have hit some long term support at 216 and this support is creating a new descending triangle within the large triangle. If we are unable to drop below 216 we would see a breakout during the first week in May. What happens in Greece around the 12th May will play a part in this scenario. This breakout would also take us outside the long term down trend. A bounce back to $270 would be a strong possibility and if coupled with some negative news from Greece, ie a failed IMF payment or a bail-in announcement, $300 is a certainty.

Dropping below $216 would test an area of huge support. $205 is the yearly S1 pivot and there have been several failed attempts to break this level in the last few months. The support would again create a descending triangle that is the support held, would see the same breakout to $270 or higher depending on Greece.

Breaking the support at $205 would inevitably mean a drop to £175
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