"BTC Sharp Channel Down" by trader BullFish — published August 12, 2014

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Bitcoin / U.S. Dollar (BITFINEX:BTCUSD)

BITFINEX:BTCUSD Bitcoin / U.S. Dollar

We couldn't break out of the larger channel (yellow) and broke down out of a wedge . Like a similar pattern and setup we had a sharp fall. I think we'll be in a similar steep channel down for a few days. Looking at targets 555-550 for small bounce and then 540-545 for a bigger bounce.

***update. We just tagged 545. I think we may have a bounce then back down to tag 537ish and then we may have serious attempt to crack the yellow channel***

Those are a lot of lines !! Keep up the hard work :)

Ahmed-J

hehe thanks. My architecture work is creeping into my charting :)

BullFish

Haha, interesting to hear that. What sort of architecture do you do?

johnrfraser

hey John, I mostly work on residential projects at the moment. I'm doing contract work from home and so have a chance to get some serious charting done in between work and can spend time watching the charts while not annoying my boss :)

BullFish

Hi JMatth, thanks so much for your EW samples the other day.
Guess we've hit your yellow channel now!
Hope the architecture isn't taking a back seat during all this action...I'm a 3D artist (interiors) so know how it feels ;-)

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