Let's take a look at the Bitcoin technical picture at the H4 time frame. The market is about hit the projected target zone for the wave (c) of the wave (2) and now it should bounce form it in order to test the local technical resistance at the level of $9,434. The market conditions are now oversold, so it should help to bounce in the short-term. Nevertheless, if the zone between the levels of $8,184- $7,703 is broken, then the next technical support is seen at the level of $7,464. Green scenario - wave 3 to the upside progression. Red scenario - decline to the swing low development.
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Chart.
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The longer we stay inside of this sideways move, the bigger problems will bull have to surge higher. It might look like the market wants to test this 61% Fibo level.
Guys! Any news about this MtGox trustee guy dumping on the market? News flying around he has been the major cause of the huge dump and he is being told to stop and auction it instead. I am not sure how the last part is going to play out though. Should we have any positive effect on the market if this tends to be true?
deco_in
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I could not find where that 1,618 (7703) is coming from? a little help :)
great insight by the way
INDeedFx
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cd_kagaya
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Anyway, the volatility will be furious in either direction, nice