take a look at your weekly chart.
This is bitstamp since it seems to be popular these days. But same levels in place across the board for the most part.
Basically, there is a stable trend since BTC broke out it's $30 cap. I have that trend marked in yellow.
At this time, BTC is extremely overbought, more so than it was on the initial breakout. This is because volume is about 2/3rd less with prices being about the same. So don't see that in this particular snapshot since bitstamp is a much smaller slice of the overall market.
Suffice to say, there is approximately 2/3 less volume in the overall market now than when we saw prices at these levels earlier this year.
I believe this level is definitely a medium to long term top. Pressure is certainly on to sell.
I have 3 levels I am watching on the down trend.
200, 150 and 100 approximately. I will be a buyer at all those levels.
I am also watching 300 level. If somehow the price manages to crack 300, I suspect the price will quickly double up to 600. Not holding my breath on that call.
I look for a nice bounce off 200 in the counter trend, then again at 150, and ultimately a reach down to the major stable support line somewhere around 100+.
I predict the next major low is 113.05 in about 6 weeks. Just in time for Christmas profit taking.
