Bitcoin Correction to Continue a Little Longer

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In the previous column, I suggested that the long-term chart for Bitcoin looks positively charming, to me.  But that is not to say that the short-term looks the same :-).  Let’s look again at an 8-day chart, now that the last candle has closed and a new one opened:

This is the “big” view.  As you can see, the 1×1 angle and the 1st arc support have both held on a closing basis, so far.  Here is a close-up of the recent candles on that chart:

Price is again testing both the 1×1 and the 1st arc.  I continue to expect both to hold on a closing basis, but intra-candle support will likely break.  And of course there is still almost 8 days until the next candle opens, so a test of the lows around 800 seems quite likely.

Let’s look

Read more ... source: CryptoCoinsNews

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