There is very little support under $230 (the $223 Fibonacci on the 120 min chart, $213 recent low, and the round number of $200) All of them are fairly weak and the moving averages are clearly still trending down.
This entire set up is negated with a close above the recent highs of $243 which would also put it above the 50-day . Without getting too greedy, look to take profits around $200 once the $230 level is broken to the downside. Though the chances of dropping under $200 are also pretty high.
Good Luck Traders.
Recent Article: http://bravenewcoin.com/news/weekly-bitcoin-analysis-may-4/
We had already a kiss of death with the 100 day moving average a month ago :( I guess it has to get worse before it can finally get better.
I need over $243 to go neutral, over $265 to be somewhat bullish and over $303 to be really bullish into year end.
Also something to keep in mind is what was happening during the Evolution theft a month ago or so. When $12 million was stolen there was fear that those coins would flood the market. The selling was not that big at first but out of fear many traders took their bids off the table thus removing the buy side of the market. The price was dropping quickly but not because of big selling but because of no buying. Then when the price fell enough, the leveraged longs had to sell and selling ramped up late in the day but it did not start out that way.