It doesn't look good for the bulls. We're still in a consolidation period, but once we break the blue line, it's a good sign of more downside, and I would be looking to pick up a short. From the looks of things, we may reach the consolidation low before the last bubble, and after that, who knows.
In any case, as long as this bear trend holds, there's no basis for bullish speculation. This consolidation appears to have taken the form of a descending triangle and bears resemblance to other breakdown patterns that yielded a lot of downside. Based purely on zones of strong support, these are the anticipated targets for bitcoin for the foreseeable future.
That didn't take long, we already broke down. Shortville here we come!
MoonTrader
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Careful. Huobi still hasn't broken its lows and we're oversold. We may get that bump first after all. There's a lot of support here.
blackswan
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i was thinking to take some short term position by going long but find this drop looked like marketing probing and we might see some more surprises so i'll probably stay on sidelines for now...
blackswan
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should've said "probing the market" not marketing probing...
Mathijs
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Also my next target! Great chart!
ditz
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Agreed, never seen the Bitfinex order book look so bearish - same volume to fall below 200 as to climb to 260