TheForecaster
Short

Where are King BiTCOiN Next SUPPORT and Targets

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I have been asked to specify with price levels the next targets of the all mighty Bitcoin             . I would not say it is easy but given the formidable rise in the past and since technical analysis is all about studying historical prices, well there are very few interesting levels to analyses. So I picked the daily chart (Weekly chart is the typical Bubble chart which was extracted by the Tulip             Bubble in the 17h century, The Wall Street Bubble in 1929, the Asian bubble in 1998 and the Dot Com Bubble in 2001 to name the most popular...ahh and forgot the 1987 Black Monday...) which helps a little to figure out the congestion areas. We just reached one, which is 8000 where price has been hitting some days before managing to break though (I still remember the glorious titles when the price went beyond). So I would expect some take profit at these levels by professionals who are happily selling big amounts of futures . Given it is Friday it may way hold until Monday. Remember Hedge Fund trader take Saturday and Sunday off to enjoy and spend their gains. So after we broke 8000 the drop will accelerate to 5000 and to continue shorting I will want to see a daily closure below 8000 (normally I wait 2 consecutive closure but since we are in a bubble burst behavioral analysis comes helpful) on the second day I will watch the market open and if price is heavy an see no buyers I will not wait the following day to sell. Now, I mentioned 5000 which is more a psychological support than a real congestion area so I do not believe it has the strength of 8000. The level that I look for as another major support will be 3000. When we will get there I will post again as a breach of 3000 will be really painful. I have my major take profits at that level and will re-initiate shorts with 2 closure below, same full capacity. Remember my motto: You make more money in a shorter time by shorting....anything. Last note, Why 8000 is not a buy level for me: I use a personal Bollinger Band set up which I have been testing for ages and feel really comfortable, unless it touches it my set up does not allow a trend reverse. After it hits the Bollinger Bands I use two other simple indicators before assessing the trend reversal but that is another story. For info the BB set up is 50 periods with 2.5 Divergence. Good Luck...or S..T as we say in my country.
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