Downtrend drags on

Heres another look at bitcoin from btc-e.

This chart shows bitcoin with 1 day candles on timescale going back as far as start of 2013 and using linear price scale. I’ve redrawn all my lines but similar downtrend marked with red channel still looks to be in control. The ‘to the moon’ coinbase announcment got price to the top of the channel but not enough to break out. Still there might be hints that an uptrending slope is ready to influence price at some point, I’ve marked in some candidates with green lines. If those green lines are valid we might see support at about $172 and formation of a new wedge.

One thought on “Downtrend drags on

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s