4xForecaster
Short

First Target Hit ... Next? | $BTC $USD #Bitcoin #Litecoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
2307 14 6
Friends,

As you may recall, last February 10th, we called for a probable reversal and decline of this Bitstamp bitcoin (see analysis here:
Update: Week In Review/Forecast | #LTCUSD #Litecoin #Bitcoin
as well as a BTC-e analysis here: https://www.tradingview.com/v/Z95pqkHo/).

At this hour, our second target got hit (first was the bullish target about 5 candles since the release the first two targets back on February 10th).

At this point, we continue to set our sight on the bearish-most target, defined as TG-Low = 385.94, set on February 22nd.

More analysis/review if/once TG-Low gets hit.

Cheers,


David Alcindor
TradingView.com Moderator as 4xForecaster


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David Alcindor, CMT Affiliate #227974
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Recent analysis on this chart:
Update: Support Held; Bears Persist; Added Target  $BTC #bitcoin
- David
Reply
Very timely David! And well done! Banked some profits at this target - watching for next target. Many thanks - your analyses are extremely helpful. Best wishes, Nick
Reply
hi could you help me please.
i would like to long/short bitcoin
how do i do it
which platform do u use
thanks
nihal.
Reply
4xForecaster PRO nihal.bhat.7
Hello @nihal.bhat.7 - Best is to ask @ronfkingswanson. He is a MOD too, and he has a lot of information on trading bitcoin. David
Reply
Traders,

Now watch for 530.00 acting as overhead resistance. In fact, a BACA (i.e.: "Break Above, Close Above") 635.73 is likely to bring a reversal signal in our system, and should concern any bears.

For now, trend remains bearish without any clear indication of reversal.

Cheers,

David Alcindor
Reply
TG-Low = 385.94, if reached, is likely to cause a relief rally, i.e.: representing a level of broad market unwinding to the upside (an anticipated respite level where MM/ITs would sweep overhead stop-losses).

David Alcindor
Reply
Hi David, thanks for your ongoing analysis. I banked an 12% profit trade yesterday. We have now broken through the 530 level, 570 at time of writing and continue to rise. Do you think we are still bearish in the short term, or do you think the market has reversed? Thanks, Adriano
Reply
Hello @apiviali - Thank you for your inquiry. I just posted a new analysis on this chart - Following is a summary of the most recent:

1 - BTCUSD (Bitstamp) on February 18th - Added confirmation of target TG-1 = 449.89 defined on Feb. 10th:
-
Update: Still Bearish; Target Unchanged | $BTCUSD #Bitcoin


2 - BTCUSD (Bitstamp) on February 23rd - Addition of second bearish target-low, TG-Lo = 385.94 on Feb. 22nd:
-
Update: Support Held; Bears Persist; Added Target  $BTC #bitcoin


3 - Update-2: Here, I am explaining that for the time being, there is yet no indication of any reversal. In fact, i decided to go into some depth to explain my EAGLE trading methodology.
-
Update-2: Relief Rally, EAGLE Strategy Explained | #Bitcoin $BTC


Hoping this helps answer your question and more.

Cheers,

David
Reply
apiviali 4xForecaster
Hi David,
Thanks very much. I'm still a novice, but enjoy learning. Your charts are definitely helping with my education. Thanks for sharing your EAGLE - now to get my head around it! Regards
Reply
Did you remove your latest post? Does that imply that you think the trend has actually reversed? Thanks!
Reply
4xForecaster PRO Toutatis_4179
Hello @aiguo.han.3 - I did not remove any post, and the forecast has not changed. The additional comments that I posted have been on this updated chart:
Update-2: Relief Rally, EAGLE Strategy Explained | #Bitcoin $BTC
- Let me know whether this is what you were looking for - David
Reply
Toutatis_4179 4xForecaster
Yes, that's exactly what I was looking for. Thanks very much David! I've been following your charts recently and really appreciate your work and methods! And, such high-accuracy forecast is even FREE!!
Reply
4xForecaster PRO Toutatis_4179
@aiguo.han.3 - Thank you. I very much appreciate your kind feedback - David
Reply
Thanks David for your analysis which i enjoy to follow :)
IMO there are few chances for TG-Low = 385.94 to be reached just because this target is below the 1 year moving average (430$) and bitcoin has never moved under its long term VWAP (1 or 2 years VWAP).
This VWAP perfectly worked as support with a 50% price increased, right now the price decrease, 530$ should act as support, if breaks, I hope the lowest support will be the long term VWAP.


Right now we see a decrease after a 50% increase from the 1Y VWAP, 530$ should act as support, if it breaks
Reply
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