prosperity-trading

BTC/USD breached major support

Short
BITSTAMP:BTCUSD   Bitcoin
Bitcoin has breached a major support zone!

Price has fallen through its range support at the $31,000 mark and also the $30,000 major psychological level, likely drawing more sellers in.

However, Stochastic is indicating oversold conditions or exhaustion among bears, so turning higher might still keep losses in check.

Is BTC/USD a buy or a sell?
The 100 SMA is below the 200 SMA to signal that bearish momentum is very much in play, possibly resulting to a drop that’s the same size as the rectangle chart pattern.

The Rectangle size is 4500 large, resulting in a drop to 26500.

What do you think? What are your opinions on this?
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