if the descending triangle develops completely the outlook is negative. Target areas could be within 260 and 280 USD/BTC.
I regard this negative version with a possibility of 60%. In consideration of the boom in the asian markets bulls could destroy the pattern easily and as we have seen in the last months - in the case of bitcoin everything is possible. (we have...
The resistance level at 15545 created in the weekly chart in May was tested two times and never (really) broken in the week's closing price. This time the resistance was tested again and a shooting star doji tells us that we will see the price falling another time as before. Target price for is at 14800.
Unclear which support level stops the right shoulder. The bigger reverse shoulder-head-shoulder formation which was formed from April has been weakened by the losses of yesterday. What's definite is that the outlook is positive - Gold takes a run-up to break through the 1432 USD resistance in a single jump targeting at prices over 1500 USD/oz.
Rising wedge formation in the chart with possible break out points marked according to the recent movements that were less and less steeper. Resistance levels would be 2952 and 2890. Downward break outs should occur from 05-07/11 or on a second try 1 1/2 weeks later. This pattern is broken if the price breaks the upper resistance trendline.
The negative break out from the rising wedge is obvious. Applying Fibonacci vertically, retracement fits in perfectly. By applying it also horizontally for the time frame, the forecast shows the next stop at the strong support at 188 USD/BTC.