Downward Triangle: Fall Incoming
First shot by a daytrading noob at a prediction. Input and critique is welcome.
I want to make clear calls, so I can't fool myself about my accuracy.
Basically I see a triangle. It comes from a downtrend, so will go down further.
China is still skittish, and the US fixated on them.
Looking at historical data, after new heights, there can be months of consolidation. We are still in that frame.
The next reasonable support would be around 750 (Gox, or 700 at BTC-e). Though with these nervous Bitcoiners you never know how much they'll panic.
I want to make clear calls, so I can't fool myself about my accuracy.
Basically I see a triangle. It comes from a downtrend, so will go down further.
China is still skittish, and the US fixated on them.
Looking at historical data, after new heights, there can be months of consolidation. We are still in that frame.
The next reasonable support would be around 750 (Gox, or 700 at BTC-e). Though with these nervous Bitcoiners you never know how much they'll panic.
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