4xForecaster

Nearing Support; Threat In Directional Change | #BTCUSD #BTC

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
498 3 1
A few days ago, we defined a potential level of support at 895.32, representing a level of significant support. Look for price spikes at that level, as the market absorbs stop-losses and new long orders.

Again, a break of 884.75 opens the floor to bearish targets, one of which we drew as a preliminary candidate, although we remain neutral-to-bullish in our current outlook.

That outlook would change given structural changes in this particular chart.

OVERALL:
Watch for significant "fights" at 895.32 via volume spikes, A structural deterioration from 884.75 and below would open floor to lower targets yet to be defined.

Cheers,


David Alcindor | 4xQuad.com
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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flibbr PRO
2 years ago
Still can't see BTC hitting 1190 no matter how hard I try.
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4xForecaster PRO flibbr
2 years ago
@flibbr, there is nothing wrong with your expectation. I myself raise my own eyebrows when I plug the data and get targets that seem way out of range from the current reality. Especially considering the recent price action, there is nothing about this BTC market that tells me (the human part of system) that it could even get there, but once I "press the button" so to speak, it keeps pointing up there.

Right now, I expect some stop-loss hunting over the weekend, with 895.32 offering a potential ZONE of support (similar to the one that occurred in the "pink" area, where candle wicks punched through, but institutional traders settled at the candle bodies, thus respecting the zone).

So, as written, the data still holds, and the directional bias remains bullish, both on a structural (higher highs and higher lows since the "strong Support" low (a definite line in the sand), and recent price action.

As always, time will tell and offer PERFECT hindsight.

David
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flibbr PRO 4xForecaster
2 years ago
Yes, that 880-910 support zone is seriously strong.

This is about as bullish a chart as I can make right now on BTC/USD Gox.. It holds out some hope. . The funny thing is, when the price starts going up, no one wants to get 'left behind'. . . but unless the movement stays strong.. it seems to die out quite quickly right now.

snapshot
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