mushroom
Short

DOW Theories applied to Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
I'm getting more bearisch as the RH&S does not behave as expected by my previous Ideas.
But it's weekend and things behave different while WE.

Now, i never used DOW Theories onto Bitcoin and i cannot recommend that.
Still it is a very simple way on looking at price movement and is best applied to longer intervals.

Technically speaking. If we look at the current price movement with the DOW theory, this could be interpreted as a RH&S but an already failed attempt of an RH&S since "IV" closed under "II". After DOW theorys we will go down further. Expected next price range that will be tested: 440-400.

If you want to read more about DOW:
* https://en.wikipedia.org/wiki/Dow_Theory
* http://www.investopedia.com/terms/d/dowtheory.asp

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