The Tale of the Bears

BITSTAMP:BTCUSD   Bitcoin / Dollar
239 2 0
To make sense of all these colors we shall look at the some past history. The highest of the highs back in January 06, 2014 started the downward trend. The trend broke in February when the long term Fibonacci retracement (not shown) hit the lowest level.

Now BBands are rather easy to predict that the we are going to fall back onto them. Funny fact I happened to draw that arrow before I made that Fibonacci Retracement . Anyhow, a fall back is the best possible scenario as the bulls are taking a break before they pick up momentum. 590 would be the lowest level I would consider before I would consider that the bears have one.

For the short term I am bearish . The coming days looks like it will fall back to 636 retracement levels. Would not be surprised if we started entering another sideways market.

This is just the start of the accumulation phase expected to last for about 27 days.
Interesting to look at this chart now… This literally coasted right off of the top of that fan.
+1 Reply
ItisCalvin dopebroker
It is fun to see how it mainly stayed in the top of the fan for a little over a month. Then you also have the bounces of the Fibs. Then near the end it broke the fan, stayed in a Fib for a few then broke down into the next Fib zone. 400 is going to be a trying time if it gets down that low.
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