Bitcoin Chart 7

Bitcoin Bearish Trend Resumes

Bitcoin BearishTrend Resumes by DanV on TradingView.com

21 January 2014

Updates and comments

The last chart with short term bullish expectation did not really find follow through, though long trade would have been profitable still.

However, now the Flat pattern described in earlier charts and YouTube videos Video 1 and Video 2 is likely to play out to the downside in that we have 3 swing down and 3 swing up to form the Flat pattern with wave "c" to the downside which is already in progress.

This is more likely to form 5 wave decline to new lower low, with AB=CD Measured move targeting 300 range. If it morphs into a potential large triangle then support could form around 600 level, though at present remains a possibility however slim.

I might not be able to update this after 30th January as will be away till 3rd March. Thank you for your interest in my chart and hope you find it useful in your analysis.

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