Just a quick update. Sticking with the second chart from my last post.

Price still looks to be following the bearish fork down. Which is quite a steep correction. Now at a critical area of the first fork, will there be support from those up trending lines? Looks like the bottom of the fork may have given us the last bounce. Have added a wavy line to show where I’m looking for support from that fork.

edit: May put updates to this in the comments later as things progress.

9 thoughts on “Waterfall

  1. Heres an update, haven’t found support there, theres another chance for support on the line below that one. If that fails too will have to reassess where to look for next support

  2. Support has been breached in the second place i was looking for it. Now falling below the original bullish fork. The slope of the bearish (red fork ) looks pretty accurate. Hard to say how far will this correction go now, could get pretty brutal.

  3. Final thought for now. Have fallen below original fork however the downwards momentum looks like its losing steam. The last lower low is corresponding to a higher low in momentum which is a divergence. I’m thinking price might start stabilizing from here.

    Have extended the original fork a little bit to see if lower trendlines will come into play.

  4. Are we starting a new upward trend ?

    “This is captain speaking we’re entering in area of turbulence, please fasten your seat belt”.

    1. Yes seatbelts fastened!

      Not sure if its a new upward trend yet.. This current climb might be a bit of a dead cat bounce, I’m a bit wary of that possibility, its climbing a bit faster than I would like.. It is also possible the correction is over and its up up and away again.. In bitcoins anything can happen it seems.

    2. However I have gone long and bought some more bitcoins myself yesterday, toying with the idea of buying a bit more today with the rest of my spare fiat. Even if there is another correction, if you’re holding long term as I do I reckon hard to lose.

      1. I bought a few more yesterday around $480 BTC-E, also sold some at $550 as I forgot I had a sell order in place, looks like we might be seeing a bit of resistance around $680 which it hits the top of the Ichimoku cloud on 1 hour ticks. But we’re well above the cloud on 4 hour / 1 day ticks so still bullish long term but in the middle of a short bear spell I think.

        Going to get some more fiat into BTC over the next week I think.

  5. Good for all of you. I feed up of missing good opportunities. I’m buiding up a stoploss script and going to buy some.
    BTW, has the dead cat fallen over a trampoline ?

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