Bitcoin BearishTrend Resumes

27 thg 1, 2014

The last chart with short term bullish expectation did not really find follow through, though long trade would have been profitable still. However, now the Flat pattern described in earlier charts and Youtube videos (i)youtube.com/watch?v=6Q4SZsJAWIs and (ii) youtube.com/watch?v=7XB2CDRQJxo is likely to play out to the downside in that we have 3 swing down and 3 swing up to form the Flat pattern with wave "c" to the downside which is already in progress. This is more likely to form 5 wave decline to new lower low, with AB=CD Measured move targeting 300 range. If it morphs into a potential large triangle then support could form around 600 level, though at present remains a possibility however slim.

I might not be able to update this after 30th Jan as will be away till 3rd March. Thank you for your interest in my chart and hope you find it useful in your analysis.