Bitcoin - Short & Intermidiate term still Bearish by DanV on TradingView.com
23 March 2014
This is not necessarily a new chart. Take a look at my previous charts:
chart 8 and chart 9 and YouTube video here - explaining potential triangle.
This is what I prefer to see as the most cautious downside target. But as I have explained several times elsewhere, the rising trend line of the possible triangle has been bothering me in that it is very gentle and not symmetrical with the declining trend line. Hence almost giving a look of descending right angle triangle.
Also checking various other indicators it seems that I am fully prepared for this alternative and more likely possible outcome with possible low forming in the region of $100 - $200 zone as measured move downside target. This also fits the EW guideline that on completion of a cycle, the retracement could retrace back to wave 4 of one lesser degree which you can just about see on the bottom left of price chart being $100 zone.
Take it for what it is and only considering TA and not the fundamentals for which I have not experience or grasp. Better this scenario never comes about and you are prepared than the other way around.