This is on the month log scale, and it appears we may have just broken bitcoin's oldest support line. I hope I'm Wrong
It is crazy how well these line up. maybe history will repeat and we will see a gentle bull run during the litecoin summit.
The 15 min is showing a pretty clear wedge building, likely meaning a continued fall in price. We are however approaching major support from previous lows at about $53.50, and $50. On a possible short term upside, we are close to breaking the downward channel on the 1 hour which could mean a pull back.
There was a solid reverse head and shoulders set up that failed, so the falling continuation pattern seems to be pretty likely. I could see a potential bounce to the upside off the the daily trend (the dotted line) but I do not think it is likely.
It looks like we may dip below $80 within the next few days, then we can hope for a conservative bounce.
It looks like we may dip below $80 within the next few days, then we can hope for a conservative bounce.