Bounce from here

[afbitcoins]

Trendline reached



With price falling sharply bitcoin price has reached a trendline which goes back a long way on log scale. For bullish scenario you want to see rebound off that line from hereabouts. Be wary of conceeding support as broken too soon though, small spike below that line would not be surprise. I reckon a run back up to top the channel could be on the cards. What you think ? 

[newIndia]

Remember this ?

[NUFCrichard]

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

[newIndia]

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

Attack ? How come someone can attack a 4 billion USD market cap ?

[Kipsy89]

I hate to rain on your parade, but those lines don't seem to make much sense to me... Also, the volume just isn't high enough to warrant a trend-reversal as of now. People are waiting for at least $275 to be crossed, if you ask me...

[Arv1e]

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

Sorry but i cant see any sustained attack in the last 8 weeks. The price is consistently dropping through low volume and every so often rises when volume increases to then slowly slide back.

[desertfox470]

I think it will end up bouncing back. It has before when it reached this price. The only problem is that it is the weekend so nothing will most likely happen until monday for it to bounce back. Hopefully it does bounce back though.

[Arv1e]

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

Attack ? How come someone can attack a 4 billion USD market cap ?

Definition of ATTACK>>>> when a group of Bulls or Bears start to buy or sell in unison thereby increasing volume turnover and affecting the price substantially in either direction

[bigtimespaghetti]

I think it will end up bouncing back. It has before when it reached this price. The only problem is that it is the weekend so nothing will most likely happen until monday for it to bounce back. Hopefully it does bounce back though.

Or slices lower as people cut their loose?

[minerpumpkin]

Pretty arbitrary lines, if you ask me... No, this really needs a stronger rebound first. The volume starts to gain momentum, but isn't high enough. It looks like it's going down even further right now. We need to remain calm and don't act irrationally now...

[desertfox470]

I think it will end up bouncing back. It has before when it reached this price. The only problem is that it is the weekend so nothing will most likely happen until monday for it to bounce back. Hopefully it does bounce back though.

Or slices lower as people cut their loose?

While that is true if that price even somehow bounces back by a $1 or $2 it might give people a bit of confidence to buy. Then the price seems to rise by itself.

[bigtimespaghetti]

I think it will end up bouncing back. It has before when it reached this price. The only problem is that it is the weekend so nothing will most likely happen until monday for it to bounce back. Hopefully it does bounce back though.

Or slices lower as people cut their loose?

While that is true if that price even somehow bounces back by a $1 or $2 it might give people a bit of confidence to buy. Then the price seems to rise by itself.

I think this might be the washout the Bears have been waiting for, so I still expect some downside to at least $280

[Bifta]

Either way, i'm waiting to see what happens next.  Seems like the ETF could be a big spark.

[LOBSTER]

Either way, i'm waiting to see what happens next.  Seems like the ETF could be a big spark.

I hope it so far. When are the WV twins going to launch ETF?

[bigtimespaghetti]

Either way, i'm waiting to see what happens next.  Seems like the ETF could be a big spark.

That'll be months away I would have thought?

[rammy2k2]

no sign of bouncing so far ....

[Pecunia non olet]

OP is making these posts while secretly panicdumping

[newIndia]

Well i hope so, it seems like a sustained attack where every couple of weeks the price gets beaten down 5%

Attack ? How come someone can attack a 4 billion USD market cap ?

Definition of ATTACK>>>> when a group of Bulls or Bears start to buy or sell in unison thereby increasing volume turnover and affecting the price substantially in either direction

For a brief moment, I read it as follows...

Definition of ATTACK>>>> when a group of Bulls jump on a group of Bears

[orpington]

The real bounce will be at $260.

[waaat?]

The real bounce will be at $260.

at 260$ people will say it'll bounce from 240$

BUT at 240$ the real panic sets in

There is no bounce this time

there is a moment people like OP will loose hope and dump their heavy bags - be ready for it.