Holy crap just looked at the chart to see bitcoin down 14% ! Thats a big drop even by bitcoin standards. As feared the horizontal blue line marking old April 2013 high has now given way. On following log chart can see another line which ‘may’ be providing some support, for now..
Heres btc-e on log price scale.
(tip I usually make the images clickable if you want to see them enlarged)
Will this line hold ? If it doesn’t then what support is below there ? Could that horizontal blue line below be next support ?
Heres a look at btc-e again but this time with a linear price scale.
There is no real support on this view until the lower bearish sloping trendline is hit which is down near $186 ish.
Unfortunately (or fortunately depending on your viewpoint) it looks like sub 100 bitcoins might even be on the cards before this is over. How quickly things can change.
Looking back at log chart again perhaps there is a channel with support on lower trendline. Heres the chart of what I’m looking at.