Bitcoin Daily Downtrend is holding. Another leg down is likely.
We are inside a clear downtrend channel in the Daily RSI. As long as it holds the most likely scenario is price going down. First to retest the 1500 CNY area and then 1300 CNY area. This should play in the next days/few weeks.
Shorting from 1700 CNY area gives a 4:1 risk/reward ratio to 1300 CNY area with a stop loss if channes breaks above 1800 CNY are. So that's a massive profit and a very likely scenario while bitcoin looks very weak.
Bitcoin Fundamentals remain in bad situation, plus Bitstamp was recently hacked. That means less fiat incoming from new adopters for a while, plus really bad press for bitcoin.
It is now being published in all mass media as the "Worst Currency Performance in 2014" so it won't help either.
Finally Litecoin is crashing at the moment, making lower lows. That means some of litecoiners cashing out to bitcoin and then to fiat.
Good luck!
Shorting from 1700 CNY area gives a 4:1 risk/reward ratio to 1300 CNY area with a stop loss if channes breaks above 1800 CNY are. So that's a massive profit and a very likely scenario while bitcoin looks very weak.
Bitcoin Fundamentals remain in bad situation, plus Bitstamp was recently hacked. That means less fiat incoming from new adopters for a while, plus really bad press for bitcoin.
It is now being published in all mass media as the "Worst Currency Performance in 2014" so it won't help either.
Finally Litecoin is crashing at the moment, making lower lows. That means some of litecoiners cashing out to bitcoin and then to fiat.
Good luck!
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