A serious bitcoin chart

BITFINEX:BTCUSD   Bitcoin / Dollar
634 2 9
So, first off, I show why I took profit at 225 as per my last published chart. These consolidations are pretty key. Orders get paired here. Price is held at these levels because they are where smart money wants to accum/distribute.

Once we break down, its confirmed smart money is selling this level. So when we return to it, we expect a reaction.

Now, we just rose from 160-225 which is like i dunno 25% or something.... I think people need to take this into account. 50$ is 25% of a bitcoin now. That is a huge move, which I think needs some retracing.

Where do we retrace too... Well, I think there are a lot of bears still out there, I think in this environment, people will FOMO bear hard given the chance. The memory of being a victorious bear is still too fresh in their mind. I expect a deep retracement.... Just to the OTE             sweet spot.

Hmm... I guess tthats it. GLGT.
also my stop is way to big, i forgot to adjust it.
+1 Reply
Great chart and nicely drawn fibs
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