Lower low looks likely

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Selling has been strong, and has all but broken previous trend line . With the end of the tax year approaching I think there is still more selling to come.

There is another trend line (1), strong horizontal resistance (2) and a bearish trend line (3) all crossing at the 78.6% fib level for BTCUSD all time.

I think we are certainly headed for $4,200 or so, and I believe it will take a few weeks. There will likely be small bounces on the way down. RSI is showing that there is still room to go lower.

After that point we can consider a cautious reversal which may be fairly protracted.

This is my Primary projection now, my bullish optimism has been beaten down :-O
Comment: additional validation


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