Looks like we've completed the head and shoulders pattern after the dump, which leads to another dump. Seems like a pretty common pattern here. I believe the only reason we even got close to breaking 223 was because of margin calls and people staying short on the retrace.
To be safe, you may want to try and only use 10x leverage, it seems like the bulls have been...
These are my thoughts and projections on the price at OKCoin.
We may see a little choppy flat motion as well before a solid leading decline. A choppy flat motion usually leads to a steep decline in Bitcoin land, at least in my opinion. If Bitcoin isn't gradually moving up then it is either going down or about to go down.
It looks like the momentum from the bull run has died off. There is a lot of uncertainty in the air surrounding the Bitstamp episode as well.
I believe once 289 is breached then it is a confirmation that we are heading back down, not necessarily to the recent low, but just above it.
PS: First published chart. Welcome!