FOMONOMO

Multiple indicators/patterns suggest a medium term BTCUSD drop

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BITSTAMP:BTCUSD   比特币
I think bitcoin is heading much higher this year. But first some consolidation as indicated by a potential batman cowl from early march until now. Strong resistance at 1250 USD. The Bearish Hangman candle could indicate a move back down to line 2 and potentially the 38% retracement (~1120USD). Even stronger support at the 100 day moving average (currently ~1080 USD). Note the accuracy of various other candlestick patterns with respect to reversal identification. MACD is more neutral as of now, but the RSI is trending down nicely since early 2017, further indicating 1350 USD was the top of this leg. As we continue trending downward toward the blue diagonal lines, we form the handle corresponding to a massive 3 year CUP formation. This cup and handle (not labelled here) will forecast MUCH higher bitcoin prices.
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