How far down?

With Bitcoin experiencing further drops are we heading back to test ‘the bottom’! ie the area around the lower green trendline on the below chart. Heres a look at todays 1 day chart from btc-e.

Bitcoin has not held the lower purple dashed line but instead looks to be following red bearish lines down, quite steeply in fact. How far down might it be heading? will it get down to that green trendline somewhere around $176 ?

If I switch to log price scale there does look like an area of support before reaching those levels though, heres 1 day btc-e but on log scale this time.

The bullish channel I mentioned in my last bitcoin post didn’t last very long, neither the area of horizontal support. However red trendline which is mid point of large bear channel may provide some support plus round number $200 is where I’m thinking might be next support if price drops further.

Below that there is green trendline on top linear price chart at $176. From bullish point of view I don’t want to see that support fail.

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4 thoughts on “How far down?

    1. Maybe … or simply plunge to a level where its perceived as too cheap and big buyers step in.

      It feels to me like all good news is ignored and all bad news is reacted to at the moment. When this thing really does flip back into a full on bull mode the reverse will be true I expect. Assuming that does happen..

      I’m considering idea of buying more at some point but waiting to see how this latest bear move plays out first.

  1. Just realised not much difference between the linear and log in this post. Ah well.

    On Dash that support line hasn’t held (haven’t bothered to upload a new chart), in a big liquid market I might read more into it. However in alt-coins anything goes. However with Dash I still like fundos and planning to hold / hodl

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