Simple TA on the Weekly Bitcoin outcome

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
To me the outlook is bullish on the weekly. We have been hanging around the 390 zone for a while, which acted as large support zone back in 2014, with multiple tests of support and eventual breakdown.

We've broken out this zone on the weekly, with a new candle tomorrow, which if it closes nice a solid, should mean we have a nice launch pad for $550-600 as the next "big short". I also think the lagging line poking above the Bearish Senkou Kumo cloud, which feeds into my bullish outlook.

After that I feel the 550-600 zone can be a good short, but if momentum has picked up, we might get to 700.


Near 700 :)
Seems we're still on the way up :)
if we get an overshoot blowoff top...then taking out 685 could happen. i'm thinking 700 is very possible before pullback.
Pansyfaust coinwatcher
It really does depend on the next weekly candle. We closed well above the 390 this week, and if we only retrace $20 from a $60 candle, then I'm still quite hopeful. It will really just depend on the next weekly candle for confirmation that we'll stay above $440-450. Breaking down below 410 would make me jittery for more up.