1hr BTCE - fail at top of range led to collapse

BTCE:BTCUSD   Bitcoin / U.S. Dollar
Sadly for those in the Bitcoin             world, today was a very negative day for the cyrpto-currency. Viewers of our show last night should have left feeling the bearish tone to the current environment and indeed, that bearishness has played itself out. Technically, a rather ugly fail at the top of a well defined trend channel and a looming weekly OTE             zone were two reasons alone to look lower. Consider too, the pending fundamental selling deadlines for those within China, and I suppose you could make the 'rational' case for a bearish scenario. Interestingly, those downside technical objectives have now been hit and one has to be left with a feeling of, 'is it over for now?' While our over-bought / over-sold indicator is very much 'stupid' at the moment (and really that seems to best describe price action) neither raw momentum ( MACD Historgram) nor volume (OBV) have bottomed in earnest. The current 'dead-cat-bounce' has brought us back to the 13ema and the bottom of the trend channel. These two barriers may put a lid on prices for the time being. Should we test these recent lows and they hold, a move back above these recent highs might represent a 'double bottom' and if so, I shall pay close attention to what the indicators are suggesting at that point. Should a bottom come in (and we recapture the trend channel) the current OTE             short sweet spot (where institutions will seriously consider shorting again) is right at a significant 'battle line' noted on the chart above.

If my charts help you, or you use my indicators...
please consider a BTC             donation to allow me to
continue my work :

& follow me on Twitter @CRInvestor
Just woke up and so tempted to buy but this chart is keeping me from doing it.
Enjoyed your show. Looking forward to the next one I can watch.
arse fell out of it
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out