Bears still in control

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I'm short-term bullish as we come to the end of a bigger descending triangle while testing $340 resistance, which has been tested several times, but there's been a lot of selingl volume lately. Sometime in the next week, I expect the price to react to the new moon and finally break $340 support with conviction and go on to test $300s and possibly down to $250 in the longer term.

The big blue line on the chart is the long term downtrend line from the $995 peak shortly after the ATH from the last bubble. I expect this line to stay intact for now, but as I've mentioned before, I think we're headed for a significant crossroads soon that will determine the long-term future of bitcoin . This pump appears to be somewhat more resilient than the last one, but it's still following a downward trend that could end in a panic sell rather quickly.

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