So far the price is pretty much following the ABCDE Bearish Triangle pattern I posted a few charts ago. Here is a 2hr view of what I think may happen going forward....
Previous Triangle Chart
Commentaire
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It looks like the placement of my count is off a bit. Either way, the ultimate projection is still south.
Thanks for your work. What's your opinion on this bullish view?
BitcoinBearSlayer
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@GabrielVasile, anything is certainly possible, but I do not put too much stock into the Head and Shoulders lately. There have been too many calls using that pattern which have failed to produce the anticipated results time and time again. In the larger daily or weekly context bit-coin has been bearish since the big top and has yet to reverse course except on the short term on it's way down to where we are now. Time wise, I think the bearish pull back is too short compared to the previous high at the end of 2013. I don't think we will hit the REAL bottom until bulls are angry, disgusted, ticked off and swearing off bit-coin forever. Or something close to that. There is not enough "blood in the streets" as they say, to call a bottom yet in my opinion. The last big rise dropped over 85% of the high before reversing so if this drop is to follow in similar fashion we are still not there yet. Just my two cents. Full disclosure - I'm a long term bitcoin fan waiting for a real bottom before diving back in. It will probably be the last chance I get to own multiple bitcoin in at a dollar price I can afford to invest. Have I missed that turn already? I can't say for sure, but my best estimate says that I have not.