wompeter

Long-term trend intersection coming up

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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To break the bear market, bitcoin has to close powerfully above the red downtrend line.

Some long-term support lines are roughed in in blue. Closing dailies below the blue lines will probably see immediate drops to the next support zone .

Looking ahead it seems as though there will be another intersection of bear line vs. long term support line (at next blue arrow). A drop down would be a pretty powerful signal that we're not close to bottom yet. At this point, sentiment is pretty brutal, so I kind of expect it to dump there unless we have some great positivity generated in the next few weeks and we can generate significant buying volume .
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