Bitcoin Analysis: Week of Sep 14 (Intro to Moving Averages)
We are now changing our view point to Long-Term (tentatively) Bullish, Intermediate -Term Bearish, and Short-Term Bearish. Unless we see some positive signs we are now focused on the possible Double Bottom target of US$440-450 zone. If that can hold, there might be some signs of a healthy recovery. If not, the next step down will be all the way to the US$360-380 zone but we will analyze that possibility in due time.
As always we provide potential less-likely outcomes so that the reader can consider all options. Price can obviously reverse at any moment with or without a news event so in case it does, watch the US$500 resistance level which has already proven its relevance on Sep 3rd. If that mark can be broken in quick fashion there is plenty of technical resistance right above it, starting with US$530 (Fibonacci), US$560-580 (Descending Triangle), US$630-650 (Fibonacci)
With our Bearish stance we were expecting to see lows in the vicinity of the U$440-450 zone. Price did fall immediately after the publication but made what can be considered a higher low at US$456 and then another one at US$459 the next day. The big question now is: Are these lows in the Mid US$450′s here to stay for a while or is more downside on the way? So on that note, let’s take a look at the long term picture.
This post was published at Coin Telegraph on 2014-09-14.