BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Hello everyone. It has been a while since I last posted a chart. Since January I was hoping to see a better recovery for btc . Perhaps a 6k range would have been nice to give some relief to the market but now btc is trapped again in the daily. The weekly opened up strong but if the daily fails to recover it will definitely drag the price down on the weekly as well.

As of now I am leaning towards a short but very cautious because btc still has some chances of push up. Looking at the monthly I still have strong short sentiment I was just hoping to short at a higher price.

If indeed we end up falling, my first target would be $2900 range for this leg down. Time will tell. Not a very comfortable level to place a trade.

Trade with caution.

Your money, your choices.

Comment: This was the previous set up for the rally and we failed to break through the risk zone.
Comment: BTC still struggling to break the killer MA. the RSI also facing some resistance now and a breakdown is getting painted clearer now. I would think longing this market now is probably a poor choice but your money your choices. I am holding my lower target at 28-29 range.

Happy trading.


wish I had of listened to you months ago , now i'm crying in my beer!
@TomPower, hey man. You know I don’t post a lot. I am still not convinced we are done falling. Be careful who you listen to around here. Most top TAs have been proven to be clowns. Remember, I’m just a carpenter. As I said before, just save some money just in case my monthly btc prediction is right. $220-$560 range. Take care.
+1 Reply
Excellent analysis! You are definitely in the top :)
@gvoommen, thanks. Now the waiting and watching is the real test. Patience is a must in trading.
gvoommen ChartsOnTime
@ChartsOnTime, Yes you are a legend and a prophet :)
@gvoommen, i think you are mistaken. I’m a carpenter and I enjoy it a lot.
gvoommen ChartsOnTime
@ChartsOnTime, You must be the richest carpenter in town :)
@gvoommen, Im a happy carpenter. That is what matters. Money comes and goes. :)
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