Bitcoin BTCUSD WEEKLY - $124 is the biggest KEY SUPPORT
January 14, 2015, $185.37 last
BOTTOM ZONE REACHED
Dramatic selloff approached the 16-week base level at 124 labeled on the chart with this weeks low of 152.
The 11-week consolidation at $357 set up a clear sell signal on the week of Dec 21, 2014 when an entire week traded below that "most frequent price" at $357.
There are 11 weeks in the consolidation, and we are only on week 4 of the decline, so there are 7 weeks left to go to complete the distribution and create enough accumulation for a rally.
If the market moves down to $124, look for a significant rebound to the $230-$300 area where I would look to establish short positions for an ultimate decline under $124 after several bounces from that level.
Tim
BOTTOM ZONE REACHED
Dramatic selloff approached the 16-week base level at 124 labeled on the chart with this weeks low of 152.
The 11-week consolidation at $357 set up a clear sell signal on the week of Dec 21, 2014 when an entire week traded below that "most frequent price" at $357.
There are 11 weeks in the consolidation, and we are only on week 4 of the decline, so there are 7 weeks left to go to complete the distribution and create enough accumulation for a rally.
If the market moves down to $124, look for a significant rebound to the $230-$300 area where I would look to establish short positions for an ultimate decline under $124 after several bounces from that level.
Tim
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.