This chart is inspired by @DrewR , particularly this chart:
Is Bitcoin in for another large ~45% drop? Sure looks that way. 300-315 still a key zone to watch, but bears are invigorated with a recent break of a key low, 340. 10/21 EMAs have had a good track record since the November 2013 rally. 1st touch/cross = reversal soon, 2nd cross = reversal. Although 275 is a key low and another key level, 260 (April 2013 ATH) is just below, I think it will be broken because it is too clean a price level. Think about it, if you were a market mover, how would you get people to panic? By breaking psychological price levels.
Also Litecoin has broken all post November 2013 lows which may give further indication that Bitcoin is in for a deep dive.
Look at the chart for more comments. If you like, leave a thumbs up. Thank you.
Is Bitcoin in for another large ~45% drop? Sure looks that way. 300-315 still a key zone to watch, but bears are invigorated with a recent break of a key low, 340. 10/21 EMAs have had a good track record since the November 2013 rally. 1st touch/cross = reversal soon, 2nd cross = reversal. Although 275 is a key low and another key level, 260 (April 2013 ATH) is just below, I think it will be broken because it is too clean a price level. Think about it, if you were a market mover, how would you get people to panic? By breaking psychological price levels.
Also Litecoin has broken all post November 2013 lows which may give further indication that Bitcoin is in for a deep dive.
Look at the chart for more comments. If you like, leave a thumbs up. Thank you.
