Bitcoin Drop Out – update

As an update to last post Bitcoin Drop Out, heres the latest view of the bitstamp chart, again showing 1 day candles.

The wedge I showed previously has now resolved downwards with price falling down to about $580. Now I’m looking for support around this price level which is quite a good test of my pitchfork hypothesis.

If the fork doesn’t hold, I would look for next support line at about $530 which I located with some parallel trendlines matching the slope of the pitchfork.

Lets see how it plays out


11 thoughts on “Bitcoin Drop Out – update

    1. Hi Nik, thanks for taking the time to comment. I believe you can subscribe by ‘following’ the blog. Perhaps you need a wordpress account to do that though? will need to look into it.

  1. 5 day drop. Are we entering in the sixth ?
    StochRSI is touching 0, can’t be lower anymore.
    Bitstamp ask depth is slim. Only BTC536 asks under $599.

    I’m expecting (wishing, praying, imploring I dunno) a quite big up-move coming promptly.

  2. I’m trying to find optimistic reasons to think we’re out of the drop.

    See this chat below.

    Broken blue dotted pennant, we almost reached the target (about $555).
    Plus, a tripple bottom.
    Plus, a daily stoch RSI rising
    Equals happiest days are coming up 😀

    1. You were right about the rally. Price is $607 at the moment, but I think this was the top price of this rally. As afbitcoin says, it may still drop to $530 level from now on.
      However, I can not decide for a short term move, because of PayPal news. It is almost certain that, they are going to enter the Bitcoin market sooner or later.
      What do you guys think ?

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