Bitcoin grinding down

Heres the gruesome chart from Bitstamp with 1 day candles.

I’ve modified it a bit to hide some of the bullish lines which have become woefully irrelevant lately. Looking for support on the solid red trendline. Blue dashed line is where the April 2013 bubble peak ended, hopefully that area will be solid support? Hard to see a big rally starting from here.

One thought on “Bitcoin grinding down

  1. I agree. It is definitely going down to $290 level but I can’t see where from there… I got 2 scenarios in my mind:

    1)Doom: Hits $290-$300 rebounds fast to $330-$400 level then decline continues to $257. If decline continues then there is no reason for 1 Bitcoin = $1
    2) Happy Ending (According to data from 2013/07 Bubble initiation): Hits $290-$300 then slowly raises then next bubble happens.

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