Bearish fork update

The falls from that double top are looking pretty brutal already. Price down to about $716 US on MtGox as I write, down about 16.5% for the day.

Anyhow without much further ado, I thought I’d post the latest update to my fork just, on this chart showing last couple of days with 30min candles.

The fork points down pretty damn steeply but even then the price fell out the bottom of it, so I’ve extended it to show additional trendlines below. If the price can get into the top of the fork might see a rally back towards $800, perhaps a recovery which will really be a dead cat bounce, however it would be battling against the bear trend we are now in and more likely will keep dropping in the near future.

I’m still looking at the double top formation to provide first target, which is somewhere around $440 I think. Doesn’t mean the bear trend will end there but it looks like a good candidate for now. Not much to add to that. If you hoping i would say bottom was in, I dont think it is myself.

Usual disclaimer, any trading advice given here is taken at your own risk.

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