Price has hit the $450, the 50% range along the short term pitchfork channel, one more time. 50% was hit on the previous short term pitchforks just before switching to another another channel.
Expecting to head down to $415 which is the bottom of the longer trend pitchfork and at the intersection with the longest trend pitchfork going back to $547.
Then a...
Drawing a trend line from the October $85 low to the most recent bottom has yielded good short positions previously. Now we are at that same intersection again. If we consider the last two booms from April and November as one, the 88.6% fib retracement points down to $280 from here.
Revision of previous Bitstamp chart but using BitFinex and cleaner presentation.
Price could swing up to $450 range along the short term pitchfork one more time, before heading down to ~$415. Potential bounce past the middle of the longer trend pitchfork channel, which is right below the 50% ($444) fib for the rise from $340 to $548. From there down to somewhere...
Price could swing up to the $450-$465 range along the short term pitchfork one last time, before heading down to ~$415. Potential bounce to around the middle of the longer trend pitchfork channel which is right below the $444 50% fib for the rise from $340 to $548. From there down to somewhere between the top and middle of the longest term pitchfork channel, which...
