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Short

The bulls are turning into bears (Measuring trend strength)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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1
We were starting to go over into a uptrend after leaving the bottom at 550 US Dollar , but because we broke through the 600 US Dollar area, when Bolivia announced that they are banning Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have still trouble with DDoS attacks on their service providers CloudFlare and Incapsula making trouble for trading bots (and there are also still discussions regarding the 51% issue with GHash ) I expect a downtrend to follow, after we didn't break through the resistance around 620 US Dollar .

I fear the 600 US Dollar neckline (which I described earlier in my chart named "BITCOIN - LEAVING INVERSE HEAD AND SHOULDERS") turned from a support area into the new resistance zone which we are currently bouncing against in the 1-day chart.

http://www.coindesk.com/bolivias-central...
https://twitter.com/btcecom/status/47988...
https://twitter.com/bitfinex/status/4795...
http://www.coindesk.com/51-attacks-real-...

Comments

UPDATE from early Tuesday, 24 June:



Maybe the downtrend is finally increasing after 3 days.
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Bearish it looks... I estimate about around 80% chance we hit 550 in 3 days but doubt we'll go lower unless any bad news come up
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Ah the bears are growing again. But we have not moved. I am curious what will play out over the coming days.
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UPDATE

Just 3 hours later after creating the above chart, the other indicator also turned bearish, as well as the 1-day bar.

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