Bitcoin/Dollar BTCUSD Weekly - Weak Action Spells 300-180 target

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Sep 4, 2014 484.02 last


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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Well - This one has come together pretty well!
Great one! Waiting for further updates on btcusd))
+2 Reply
timwest vortexspaces
Working on it now
+2 Reply
Nailed it!
+3 Reply
timwest LastBattle
This is still on track, but on a shorter term time frame I have a buy signal. See the other Bitcoin Charts I have produced. Sat Oct 18, 2014
+1 Reply
Nice trade!

http://goo.gl/vlRDhX <= or click on this shorter link to the same article.

Facebook messenger is prepping to handle person to person payments. They are trying to go after Venmo, the most popular person-to-person payment system. Ex-Pay Pal exec was brought over to Facebook and the code looks ready to launch soon. Watch out bitcoin... just another long term competitor.
Avatarhash timwest
That can easily implement bitcoin, dont you think? in future?
and the volume seem to come back, a 30k wall got eaten.. do you think it is enough for pullback to 450ish? or you still think we go down from here?
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