The Bears are back in town. We have a lot of bearish indicators converging at this $1,000 level right now. Let's take a look and see whats going on here.
1. Massive Trend line that goes back to 2 major points that resulted in heavy turns down in the market 2. Resistance level at this $1,000 area. This acted as very heavy resistance around feb 4th and it's been keeping it down while we have seen btc rise quicker 3. On the day chart the MACD is down, even though it has turned up. On the 4 hour chart here, it's in positive territory but not very convincing 4. RSI is topping - Each previous top we hit these tops in the RSI and started moving down shortly thereafter. We also have a double top on the RSI.
I would be VERY surprised if we do not get a pullback from this point. the question will be is how far the pullback goes.
-Sherem
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Clarification on #3 should be "even though the averages have turned up"
Also, another concern is we have been going up on very low volume.
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Well, that started happening quickly after I posted. I would guess that we'll get a slight rebound up before resuming down again. I imagine the real fireworks will happen after the litecoin fork is completed tomorrow. But... that was a big move, we'll see.