BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
858 8 7

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.

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

breaking below the channel, exposes 424, 379, 338

Related Ideas

Great piece of work!
+1 Reply
rv HamzaLeith
thank you HamzaLeith. lets see from here..
Good chart
rv flibbr
thank you flibbr.
IMO 683 wasn't so much a rejection as a massive pump and 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'?
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.
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!
rv johnrfraser are welcome. on the edge. ( interesting numbers )
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