It was a nice time up here. And I was very bullish. But Bitcoin needs more buyers. We needed to break above $400 again and then we had to stay above $400, but it appears less likely now, therefore I'm bearish.
Volume is negative. I now expect the price to fall down from $380 and lower due to missing bull power.
Yes, I could have waited for more confirmation to be bear. The bearish signal in my setup was weak. But I never know what happens when I go to sleep at midnight (European time zone) and China starts to trade at 6am (in their time zone). Most of the time they sell and when I wake up the price is therefore lower...
The somewhat bullish move today came unexpected. But I will keep my bearish outlook until the price breaks at least $395 on Bitstamp.
ChartArt
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11:54 UTC
Tuesday, November 18, 2014
Current price $376
There could be another round of "The Bitcoin bears are back" in the days ahead:
ChartArt
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--- 16 days later. November 6, 2014, 21:45 UTC time ---
The price is approaching the upper channel of the 4/1 Gann fan after it rallied to above $350 so far:
ChartArt
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--- Update: 8 days later. October 29, 2014 --
Bitcoin broke though the multiple day long congestion area and fell from $350 down to $333.33 on Bitstamp so far. Thereby eliminating a quick bounce back up (Scenario A).
SunnyBOT0
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Looks good man. YOu have my vote! Although i'm thinking we could go for the clear AB=CD too.... tradingview.com/v/ikMLpuyz/
--- Update: 6 days later. October 27, 2014, 11:55am UTC time ---
There is a potential bounce at $350 ("Scenario A"). If the price really finds a solid support here, then I expect a strong move upwards to test $400 again (therefore the rocket icon).
LazyBear
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Nice job
ChartArt
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--- Update: 2 days later. October 23, 2014, 5pm UTC time ---
The forecasted correction began a few hours ago. Current low on Bitstamp so far was $358. Current price $361. Bad news is that old coins from MtGox from 2010 were moved for the first time again.
tradingview.com/v/WMWfeiem/