BITCOIN BTCUSD Failed to reach upside targets, sell breaking 607

BITSTAMP:BTCUSD   Bitcoin / Dollar
866 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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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
Hi! Do you yhink that Bitcoin will dramatically to 450?
GumerShafigulin GumerShafigulin
Sorry, is going to drop down to aprox 450?
timwest PRO GumerShafigulin
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
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
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
Thanks for the reply. Totally agree that bitcoin is the most "technical" chart - I feel the same way.
+1 Reply
Avatarhash timwest
Great chart, can you please give us updated of your thought of bitcoin moving?
timwest PRO Avatarhash
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.
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
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