rv
Short

BITCOIN/USD

rv  
BITSTAMP:BTCUSD   Bitcoin / Dollar
856 8 7
BITCOIN/USD

Confluence of resistance above, rejected and reversed.
Several channels, 200 sma , downtrend line.
Blue channel may be key.
June looks like a neutral to bearish month.

targets
591 , 565( 50% retracement ) , 540 channel 100 sma

breaking below the channel, exposes 424, 379, 338

Related Ideas

IMO 683 wasn't so much a rejection as a massive pump and dump...in which case it says nothing about the actual path of the commodity at this time.
It was pumped way over the line of current progress upwards and then dumped at the point where people were likely to get twitchy.
If anything this says to me that 613 is a strong line of support as it came down very very hard and it still stopped it.
I don't see why this = 'June is a bearish month'?
Reply
rv johnrfraser
hi John, possibly the case you say. Its just a different perspective, at the current timing..:)
i take into consideration, other factors and cross correlations, for this timeframe.
Reply
Hi there, thanks for your reply.
I think I see what you're saying now that I didnt before...your middle blue trendline shows some strong resistance, suggesting the lower channel and thus the 591 initial target.
This certainly looks plausible!
Reply
rv johnrfraser
yes..you are welcome. on the edge. ( interesting numbers )
Reply
Good chart
Reply
rv flibbr
thank you flibbr.
Reply
Great piece of work!
+1 Reply
rv HamzaLeith
thank you HamzaLeith. lets see from here..
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