As others here have pointed out it looks like past patterns are being repeated.
Now seems to match Dec better than Aug 2014 imo - indicating faster decline possible on the bearish channel in green. To be confirmed if previous highest volume support around 235 breaks.
The Dec drop took around 38 days to complete ending with price falling off a cliff. This time projecting forward 26 days (38-12) the channel completes with price around $160-190 depending how its drawn. If like last time prices in these areas trigger a panic sell-off it could bottom in the low $100 area.
RSI currently comfortably not oversold on 12 hr, daily or weekly charts.
Bitfinex order book shows less volume to get to $160 than $300
Now seems to match Dec better than Aug 2014 imo - indicating faster decline possible on the bearish channel in green. To be confirmed if previous highest volume support around 235 breaks.
The Dec drop took around 38 days to complete ending with price falling off a cliff. This time projecting forward 26 days (38-12) the channel completes with price around $160-190 depending how its drawn. If like last time prices in these areas trigger a panic sell-off it could bottom in the low $100 area.
RSI currently comfortably not oversold on 12 hr, daily or weekly charts.
Bitfinex order book shows less volume to get to $160 than $300
