BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
215 1
This is gearing up to be a really big month / week(s) for BTC even after the drop we just had. This will give us a huge trading opportunity as well!

In the chart above it's incredibly important to keep an eye on the levels in the Monthly & Weekly over the course of this week. BTC is looking very weak from today "new weekly bar", and this could open a move to 2,980 over the course of this week and potentially much lower into next month.

BTC is finding sellers near 4,150's, important level on both the Monthly & Weekly charts and now a move to 2,980 looks assured. A monthly close below 2,980 would be incredibly bearish .

If however we get a monthly and weekly close above 4150's then we could see a very big rally, however given today's bearishness this is looking unlikely.

This week and month close is super important for overall market structure.

I am short from 4100's. Stops above prior high 4250's

Comment: If we do get a weekly & monthly close below 2,980 then think full retrace of last year to 750.
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