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

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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.


    https://www.tradingview.com/x/pyGDPP4F

    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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