March 30 is the projected bottom for the 7-day decline that set-up on the 23rd of March around the 262 level.
It is very constructive that the projected decline to 224 did not happen AND the market held support at 237 where you can see the 20-day mode is holding the market decline. 237 is also where the most volume shows on the "volume profile" on the right side of the graph. The low volume and high volume levels represent important levels.
Look for a move over a previous day high to buy and use 229, 223, 217 as stop loss levels for longs. A break of 237 will be setting up a major down leg, but first we need to stop out long, then roll into shorts because if 237 breaks, it means there isn't enough support to sustain prices at this level and not enough accumulation to start a longer term advance.
Tim 10:13AM 244.90 last BTCUSD March 30, 2015
Comments
timwest
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FOLLOW-UP - Bitcoin is squeezing itself into a tight range and unfortunately isn't BOUNCING after the downtrend time ran out... So... That is a bearish happening, especially when there is so much support just underneath the current market. So, you can see we are between two important levels. Note the "Buy above", which is above a previous day's high and the mode from the 8-day mode there. Stay tuned. -
timwest
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I need to add another yellow triangle to the decline 4-days ago...
WenpingGuo
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Thanks Tim! very clear view. Just look at the biggest picture. the resistance area above 300 created between 2013 and 2014 is much larger than this support built recently. I guess btc will settle down finally around the big supporting area around 60-150.
IvanLabrie
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Looks very nice!
JeroenHouttuin
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Thanks for another refreshing view. Risk/reward ratio doesn't look too great here, so I'll stay on the sidelines a bit longer...
dekanifisher
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Hi Tim, How are we feeling about this chart now? I'm still gunning for advance up to 300 but there's alot of talk about shorting...
Galvin
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300 is long gone, time to start thinking of sub 200 now and possible 100 for a bottom.
dekanifisher1
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I now agree. I'm going for 100. good luck!
rivet.popper
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At this point we're over yesterday's high (at @253 now). So we're expecting at least a 7-day rally from here?
timwest
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Bitcoin needs to "take off" from here or else it will quickly turn into a sell signal.