Bitcoin/Dollar BTCUSD Weekly - Weak Action Spells 300-180 target
Sep 4, 2014 484.02 last
PRESSING MY ANALYSIS ANOTHER TIME HERE:
BTCUSD fell all the way back to the level where the last rally emerged from and that action spells WEAKNESS to the overall tone of the market, especially AFTER IT FAILED to rally high enough to confirm the last uptrend set-up. THEREFORE - I will conclude that Bitcoin is being DISTRIBUTED heavily here and that this entire zone above us is our measuring stick for a decline to the 200 or lower area.
The two lowest risk places to sell Bitcoin are up against the distribution zone at 540-580 and on a break of 440 support. I know that seems to be a wide range, but there is just so much overhead supply here and I want to allow for some upside - at least a break above a previous week's high - not too much of a rally, but enough to get "discount buyers" excited.
Tim 9/4/2014 9:45PM EST 484.21 last
PRESSING MY ANALYSIS ANOTHER TIME HERE:
BTCUSD fell all the way back to the level where the last rally emerged from and that action spells WEAKNESS to the overall tone of the market, especially AFTER IT FAILED to rally high enough to confirm the last uptrend set-up. THEREFORE - I will conclude that Bitcoin is being DISTRIBUTED heavily here and that this entire zone above us is our measuring stick for a decline to the 200 or lower area.
The two lowest risk places to sell Bitcoin are up against the distribution zone at 540-580 and on a break of 440 support. I know that seems to be a wide range, but there is just so much overhead supply here and I want to allow for some upside - at least a break above a previous week's high - not too much of a rally, but enough to get "discount buyers" excited.
Tim 9/4/2014 9:45PM EST 484.21 last
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