Okay Death throws may be a little dramatic, we have a large bear flag/pennant forming on the daily chart but more important is the smaller flag that is well formed on the hourly, if this breaks down it will test the major trend line support at the bottom of the channel at around $728 from there we could see the daily flag break and free fall down to around $200-$300. I guess we will need to watch bitcoin, as it should bounce off around 9200 mark and head back up, this may stop the fall and the bulls make prevent it.
I just walked through several alt coins, maybe 20. ALL are decaying vs USD. Some real bad -10%+ and some not so much -6%+ (ETH -6.7%). I think this is a rout across the spectrum. Unless something steps in to stop it, we are going to see some serious carnage. It's possible there is support for BTC at 9450. We shall see.
TroyByrne
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@MaxBlue, Yeah seems like some support around 9500, the H&S on btc looked to have it move lower to 9200 but there is still time yet, I have a buy set at 9200 and closed my shorts at 9600ish but opened a smaller one again at 9700 and will wait and see if she goes down some more, I got 200%+ on the last short. Plenty made better, has been a good couple of days for those not attached to being a bull only. Eth seems to found support and bounced a few times, Im not in on this trade, just for information purposes. Good Luck
MaxBlue
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@TroyByrne, The Pooper has his main support the dashed green line which I'm guessing is going to be around 9400. If that gives up and we see a close of a 4 hr candle below it then there could be some free fall on the way. Been reading this guy CALLMEPOPE. Have you seen his charts?
TroyByrne
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@MaxBlue, All hail da Pooper, I have seen a few of callmepope's charts.
Doc-al-Citadel
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but i get the feeling everything's going to come down hard one more time?!?
TroyByrne
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@qdoc, Yeah I tend to agree, I would not be surprised if we don't see some sub5k numbers before hitting 15k+ again.