Forecast support levels | $BTC $LTC #Bitcoin #Litecoin #ForexFriends,
RECAP:
The crypto is at that level again, where media-world fundamental news will pressure it downwards against a real-world interest. The net move will likely lock it into a consolidation move as we had seen before it rallied significantly (see links in reference):
1 - "Hello, Houston, Do You Copy?"
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2 - "Hit Target Dead-On ... Consolidates"
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3 - "Bitcoin Consolidation: Recoiling Before Springing?"
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That consolidation led to a succession of successful hits as it rose steadily to the recent high of 683.23 on June 01st 2014 - See added analysis and forecast hits here:
TARGET DEFINITION:
As of today: Saturday, June 14th 2014, the retail market for Bitcoin remains widely interested. This has allowed the recent dumping of seized bitcoins to be absorbed without much adverse effect to any of the exchanges. For a more detailed background on this, feel free to look at my tweet on the subject here, where I posted a ZeroHedge article on the subject:
""$BTCUSD Target Hit: Recent FBI interference may distort #bitcoin further - @tradingview | #litecoin $BTC $LTC #Forex" "
RECENT DUMP ... WHAT GOOD CAME OF IT:
Some of the traders have asked me why would there be some discrepancies between the exchanges. The best I can tell is that exchanges will retain some differential is their liquidity. A massive dump of any issue within one exchange will likely bring another exchange down with it as well, but with some expected delay, and at a level that will probably highlight a difference in move. This may have to do with the number of retail vs. institutional absorption. But one thing is sure, the very fact that a ripple effect exists across exchanges should be perceived as a good thing, as it would suggest that the behavior shows some normalcy in the inter-market relationship. In other words, bitcoin is acting like a currency/asset within an open, inter-related market where the nooks and crannies function properly. By contrast, had it moved with too much discrepancy might suggest a dubious, inarticulate, disjointed relationship across exchanges.
OVERALL:
At this point, the shorter term might see a significant retracement in price. The FBI announcement suggested a later dump than what just occurred. This may have caused traders to exit their higher positions for lower discounted entries.
The forecast levels I have projected are colored to indicate the probability of being reached, green (TG-1 = 526.23) being the highest, yellow (TG-2 = 462.60) the next lower, and red (TG-Lo = 429.17) the lowest - However, as indicated before, IF and ONCE red is reached, it becomes a HIGH probability reversal level.
A failure of the red (TG-Lo = 429.17) to effect a reversal would highly suggests a directional reversal to the DOWN side, although a consolidation within the pink range (423.29/378.95) will define the last trench war waged against bulls, if it ever got there.
A quick thank for continuing to refer my charts across other websites (as per Google search). Please, feel free to thumb-up this chart and share among TradingView users. The friendly referral and kind support is always appreciated.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
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Twitter: @4xForecaster
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