Time for one last rally?
It looks almost certain that bitcoin will fall further but is there scope for one last rally? There are two reasons I think there might be. Firstly, on bitstamp there is a significant zone of support beginning at 310 which the bears have been scratching at for some time without making much of a dent. It seems the bears may need some momentum before they can break through. Secondly, the resistance level at $340 was never really tested on bitstamp or bitfinex, where the price limped up to $337 on Dec 23rd.
If a rally does take place then there could be a good short opportunity opening in the 339-449 region taking profits near the $275 support level or possibly the long term descending trend line at around 250-240. After that it is crunch time for bitcoin as we approach the rising trend line from the past few years.
If a rally does take place then there could be a good short opportunity opening in the 339-449 region taking profits near the $275 support level or possibly the long term descending trend line at around 250-240. After that it is crunch time for bitcoin as we approach the rising trend line from the past few years.
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