ChartArt

Ultra Bearish Bitcoin Future Scenario: "The Final Leg Down"

BITSTAMP:BTCUSD   Bitcoin / Dollar
What happens if Bitcoin             drops down further in a fast flash-crash when $300 and then $275 doesn't hold? Here is the most bearish scenario I could think of.

If you think this is too bearish , please look at my bullish chart scenario:
23 days later. Bitstamp has hit a new low of $216.


12:11 UTC
Tuesday, January 13, 2015, week 3

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ChartArt ChartArt
Zoomed in more and changed the option to show the bars of my original forecast as a line instead:

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The red uptrend line is in the wrong place.
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ChartArt MoonTrader
My red uptrend line is a connection of the October 2014 $275 low with the last December 2014 $304.99 low. So it's a valid trend line. The difference is that I extended it much further and then you see it's starting to correlate with old uptrend prices from the year 2013, but not 100%.
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MoonTrader ChartArt
Ok, but I would personally never draw a trendline against such a recent low. There's no way to know if it's going to stay valid for 3 months or 3 hours.
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ChartArt MoonTrader
We are in a very oversold area right now. I guess most people don't see it. There is also massive bullish divergence (not visible in the price). The 1 week MACD almost crossed up, as one example.
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MoonTrader ChartArt
It's possible we could have a flash crash to the trendline that actually lines up with those 2013 prices and then proceed bullishly. Right now, we're testing recent highs on non-existent volume and are having a hard time breaking them. If we fail here, that's the scenario I'm looking at. We're also overbought on the H4.
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I believe that we will see $190 bottom.
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