BuyBitcoin.WS
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Bitcoin Decision Time at Triangle Break of $288 or 276 - Update2

BITFINEX:BTCUSD   Bitcoin / Dollar
As expected from my previous warning and TV chart, we broke past the first triangle signaling a short/sell entry then we blew past the 270 support area too. I am expecting the whale to rebuy lower at initially 25x-257 area and then few quick wicks down to 244-238 area as a test of the current uptrend. This was too be expected after the longs were at all time high with no new fresh money flowing in Bitcoin to keep the market going. Certainly the whale on finex was not going to push the market past 300 at its own expense, but it did try to provide a fake support for 11 days if not more to keep the market stable.

Current price on Bitfinex at the time of typing this is 271, this is the target for the retrace before more down (275 with fomo bulls). I recommend selling here if you have not yet. I don't currently trust the oversold indicators on the 4H and 1D that say we bottomed here, reason is simple -- the uptrend was artificially pumped as a ponzi and the support at 275-270 was forced for several weeks instead of letting the market do whatever it was supposed to do which was to retrace to 250-257 area initially. Hence, I believe that the Bitcoin market will automatically adjust itself at some point as it is doing as part of an equilibrium buyers vs sellers. And Yes Mt. Gox's Willy is not there to keep this going as it use to (sorry bulls).

I now am convinced that a rally to 360-380 target which I estimated earlier to hit on August 25 2015 (which corresponds with the LTC             Halving day (sell the news event!)) will not occur anymore solely based on my earlier explanation of the whale selling its coins at the current levels. I will reanalyze the market again once we reach lower target and see if we can look again past $300

Long Targets:

279-275 -> this area has already been hit, I expect it to fail soon.
250-257 -> first area of high buy interest with a Fib of 0.618
238-244 -> second area of buying interest opportunity (chances of being hit is rather low for now)

Even if those levels are reached, the uptrend and bullish market still remains INTACT as long as we remain above the bottom blue dotted line (238-243) area.

I also see that we are potentially having a round bottom within ANOTHER bigger round bottom, that's right! It is like a Bitcoinception - refer to this chart of mine:
snapshot


As always use caution when trading BTC and be smart about your entries.

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BuyBitcoin.WS
a year ago
Getting there quick

snapshot
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