Price drops to 2600.00 support level and MA50. This zone can stop and reverse the market for short term at least. If we get a reversal signal, we'll have trading oportunity. RSI will have to confirm price reversal. MACD will have to support a new upward movement. DMI will have to allow open long trades. Only after that we should think about opening long trades. But we must be very careful with buying because of Segwit for Bitcoin. Long trades should be opened with stop orders and with close profit targets. Some part of trading volume can be holden as a long term position. If the market can pass through 2600.00 level and MA50, the next reversal zones will be near MA100, 2200.00, 2000.00 and 1850.00 support levels.
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Price breaks the 1st reversal zone. We have to watch for price action near MA100. If the market breaks this support line, we'll see downward movement to 2200.00 support level. If price bounces from MA100, we'll have a reversal signal and new buy opportunity.
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The market was stopped by MA100. This zone can be a local bottom and probably we'll see upward movement.
if BTCe doesn't come back online and at this stage doesn't look like it we gonna enter bear market. forget the charts if they goxed
CedricAubergeduSoleil
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@kamilch, Just saw atweet from Jimmy Song retweeting Kyle Torpey saying it was probably BTC-e who hacked MtGox... still "Under Maintenance"...
Big Thanks to @DLavrov for your interesting charts and analyses.
torjusg
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I think it is also quite significant that the location of the MA100 coincides with the fibonacci 50% if drawn from the top to the bottom at 1850. Most likely I think the reversal will happen there as this was what happened during the 2013/2014 pump at the exact same time. However, the rise leading up to the recent top was much faster, which makes me believe it is possible that the counterreaction would be a bit more brutal.