timwest
Short

BITCOIN BTCUSD Failed to reach upside targets, sell breaking 607

BITSTAMP:BTCUSD   Bitcoin / Dollar
850 11 16
CHART ORIGINALLY PUBLISHED May 8, 2014 @ 443.39 last forecasting a rally towards 761. It fell shy of that upside target, but now is setting up a signal in the opposite direction.

Sell signal setting up ONLY IF Bitcoin drops under 607. Bitcoin failed to rally to the upside target and therefore implies some weakness in the market. The stop is placed above the previous weekly high at 633.

Tim BTCUSD             624.77 last

(Time @ Mode Methodology)
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GumerShafigulin
2 years ago
Hi! Do you yhink that Bitcoin will dramatically to 450?
Reply
GumerShafigulin GumerShafigulin
2 years ago
Sorry, is going to drop down to aprox 450?
Reply
timwest PRO GumerShafigulin
2 years ago
The market is set up to retest the key support level down there near 450. If it fails to drop down to that level, then we can assume that the market is strong again and a more bullish upside forecast can be made at that time. For now, the market is in a weak/neutral state since it failed to rally enough. So, don't worry about if it is going to $450, rather, take trades based on how the market is acting relative to buying and selling as shown on the chart.
+2 Reply
Toutatis_4179 timwest
2 years ago
Great chart! Thanks for sharing. Would you update the chart when you think the key support level has been tested (whether reached or not) and the bottom has been formed?
+1 Reply
timwest PRO Toutatis_4179
2 years ago
Keep asking - I look at Bitcoin every so often (daily). It is the most "technical" chart of anything out there. I think technicals work best when a market is emotional and emerging, so it has been great to watch Bitcoin from a chart perspective. I will do my best, but I think it is set up to decline for many weeks, so I'm not expecting to look for a bottom anytime soon.
+3 Reply
Toutatis_4179 timwest
2 years ago
Thanks for the reply. Totally agree that bitcoin is the most "technical" chart - I feel the same way.
+1 Reply
Avatarhash timwest
2 years ago
Great chart, can you please give us updated of your thought of bitcoin moving?
Reply
timwest PRO Avatarhash
2 years ago
Time is about to run out on the decline and that will free up Bitcoin to rally. I will see what I can do in about a week. The chart is suggesting that the market could lift quite a bit because it can't seem to sell off. When a market is ripe to sell off (as Bitcoin has been) and it doesn't, then you do want to get long. The long-side trade is setting up for sure here.
Reply
BuyBitcoin.WS timwest
2 years ago
what if the sell off starts occuring like now (since seems weve started to head down on HUOBI a little), do you see us heading to the 400s still? I think 550 will be a good and strong support
Reply
TerryKinder PRO timwest
2 years ago
I have a feeling if we break under $565 this time on Bitstamp price will continue to move lower - this time below $550. May take a few days for $550 to break. The flip side of Bitcoin "not selling off" is that it isn't holding gains either.

My reading is that the Bitcoin price will probably continue declining into late August. This is based on taking a look at chart patterns and some crude cycle analysis.
+1 Reply
Yes, the Bitcoin price action appears weak lately. Volume has been weak, MACD continues to decline and other technical indicators appear to point to the price going down as well.
+1 Reply
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