BTC_Daily.Pips
Short

Bitcoin Changing next Gear soon on the "New Low" Highway

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Adter possible sideways in the 210-230 range, I think we shall inevitably break 210, which should bring us into the next stage to accelerate the downtrend. The target is preliminary, at that moment will watch the volumes on selloffs for the shorts' target.

Previous Chart about another trend perspective with similar target:

Also older chart of market cycles with similar outcome:

The Grids are multiple uptrend and downtrend fibo channles that can be seen here:

Update: Copied the text from the chart here, in case someone has difficulties reading it:

Slower Trend Phase - Region marked by indecisions
and where the last bulls try to join the ride, volumes
speak for themselves.

Intermediate Speed Trend -Lagging indicators starting to look bearish , downtrend seems
to continue still, plenty try to catch falling knives or enough buyers try to speculate on
support or previous chart structure, slowing down an accelerating downtrend.

High Downtrend Acceleration - After breaking a major support, normally of the last upswing,
market enters into a fear and then panic stage accelerating the downtrend, culminating with
high volume selloffs, which is a good spot to cover longterm shorts and prepare accumulating
longs for a major correction (if not reversal).


Cheers!
Getting interesting, looks like a rising wedge between this trendline and fib channel line that could soon get broken:
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BTC_Daily.Pips BTC_Daily.Pips
Trend line broken, next step: retest 210 followed by sideways ranging in the 210s and then, inevitably, break the 210 essential support for next level plummets on a new speed:
+1 Reply
BTC_Daily.Pips BTC_Daily.Pips
After all the BTC-e madness today, this area marked by rectangular is the bullish zone, where the trend reversal might happen, till then, it si still in the bear trend
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