Bitcoin likely to make short term lows in coming weeks

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC/USD has been tumbling in past months and there seems to be no shortage of bears in the markets currently. While the fundamentals of the protocol and currency remain innovative and potentially disruptive to global finance, the short term is likely to see a continuance of downside pressure.

Most recently prices fell through the long term lower bound trend line at $460USD and unless markets can rally through early week trading to regain a positive stance above the aforementioned trend, lower target seem likely. While major target prices exist between the lower medium term trend line and the lower long term trend line this projection focuses on a worst case scenario of a fall to the lower bound between $215 - $305. Bulls will likely see a formidable re-entry to the markets at this juncture and could potentially reignite a new long term uptrend.
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