Mid-Term Update: Breakdown Imminent

The price is currently 374.26 USD/BTC on Bitstamp. The dump two days ago caused the RSI to drop another level but yesterday's recovery took it just just high enough to give the impression of a sound recovery. Again, today is critical. Momentum is right at the top of its converging channel and RSI is leaning on that already broken support. Unless there's a breakout to the upside soon and we break that red resistance (unlikely), that purple support is going to get a retest and likely be broken, possibly sooner than indicated by the forecast. I'm going to be busy over the next couple of days so take a copy of this chart if you're interested in monitoring those indicators.