6h Chart - What's clear to me from a technical perspective is that a big bear AB=CD is currently working away. It's tgt is the old November 2013 Low. I have highlighted some other tgt's in case of further downside pressure:
1. 0.786 Fib retracement, If the bulls cannot keep BTC above $250 this has very bearish implications
2. Significant old high ($215) can act as support
3.Golden Ratio extension tgt and psychological round number $150
While there are some signs the bear market is coming to an end; volume divergence, momentum divergence, oversold... unfortunately fundamentally this remains to be seen. Which brings me on the next chart.
1D Chart - After the initial explosion in price and Mt Gox event BTC has traded in divergence to the USD which can be seen from around June 2014 and in convergence with the price of gold from around April 2014. If one has a bearish outlook of Gold and USD through 2015, this is not likely to be a good sign for BTC.
Good luck and good trading for 2015.
1. 0.786 Fib retracement, If the bulls cannot keep BTC above $250 this has very bearish implications
2. Significant old high ($215) can act as support
3.Golden Ratio extension tgt and psychological round number $150
While there are some signs the bear market is coming to an end; volume divergence, momentum divergence, oversold... unfortunately fundamentally this remains to be seen. Which brings me on the next chart.
1D Chart - After the initial explosion in price and Mt Gox event BTC has traded in divergence to the USD which can be seen from around June 2014 and in convergence with the price of gold from around April 2014. If one has a bearish outlook of Gold and USD through 2015, this is not likely to be a good sign for BTC.
Good luck and good trading for 2015.