support and resistance

Bitcoin is at major support 3600/580.

We are at major support on the Chinese exchange okcoin, also true with Huobi. 3600 or 580 is pretty major support. For the bull case, a fast and high volume bounce would argue for a continuation of the bull trend. If we consolidate around this level, it is bearish.

 

Long term bullish trendline support Update2

From yesterday's post, we were at the trendline. Currently, price is below trendline, but still at support from the horizontal line. If price rallies above the trendline again, it is definitely bullish. If we break below support, it is bearish. This suggests that we are at a critical point. In other words, wherever the price moves will determine the new direction.

5-26-2014 Bitcoin chart update. Target 610 and 710 USD/BTC

This is my first post since I made a post on r/bitcoinmarket regarding interest in a technical blog. I want to do a bitcoin blog because I think bitcoin has a lot of potential to become the future currency of the world. More importantly, I want to bring in my technical knowledge of 6 years from the stock/futures market into bitcoin. There seem to be a lack of technical analysis and statistics in bitcoin, but a whole lot of speculation.

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