BITFINEX:BTCUSD   Bitcoin / Dollar
Kommentar: Need to redo this, i see support/resistance at 7800
Kommentar: ie broken support and higher probability to the downside DYOR!!!
Kommentar: Respecting that trendline and stying in the downward channel
Kommentar: Looks like a breakout - more likely a fakeout
nice analysis, thanks
@evilak, it's highly technical lol - I just do these to keep myself accountable - thanks for following!
With the current volumes do you really think it will go lower?
JimmyLufton andrecalves82
@andrecalves82, I think it already did
andrecalves82 JimmyLufton
@JimmyLufton, but went up again though....
JimmyLufton andrecalves82
@andrecalves82, yup - and it will go down again ;)
andrecalves82 JimmyLufton
@JimmyLufton, I'm really hoping you are right. I missed the 6000 price.... I'm waiting it fall again in order to buy. In your analysis, what will be the new low low?
JimmyLufton andrecalves82
@andrecalves82, Wave theory suggests we're in the 4th wave (up) and should get a 5th wave (down) - 5th wave is usually smaller than third wave, so it could either break 6k or form a double bottom - either move will suggest a change in trend and hopefully long term uptrend - we would then want to see a higher high as confirmation of uptrend - just my opinion from what i make of the chart an wave theroy is just a theory.

I wasn't sure if 3rd wave down had finished hence my previous bearish position
andrecalves82 JimmyLufton
@JimmyLufton, Thanks for the reply. Interesting explanation.
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