Bitcoin Do or Die

Bitcoin starts this week at a major support on the Weekly Kijun Sen at $265.  Price has a possibility of holding here and then making a journey into the cloud where there is a high probability it will hit the Weekly Senkou B Resistance at $405.

bitcoin weekly 8-10-2015

bitcoin weekly 8-10-2015

However, the $265 level is NOT a multi-timeframe support.  The Daily is still in a Bullish Ichimoku Wave pattern.  The retracement from the last major move up to $315 in July could still experience a downside to the $238/$248 range and remain bullish long term.

bitcoin daily 8-10-2015

bitcoin daily 8-10-2015

If the current retracement turns completely bearish then Bitcoin will retest the $205 “Do or Die” Support level that it has held through 2015.  This level is highly significant as it is the starting point for the massive bubble run up to $1150 back in 2013.  Violating this level could spell the death of the Bitcoin bulls (the Mooninites)

bitcoin 2013 bullish start

bitcoin 2013 bullish start

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About the Author Maneshkumar Patel