Overbought, back to test last support

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
182 5 3
The price went up too high too fast. I expect a healthy decline back to where this Sunday rally started. I'm not thinking the entire rally (which is just getting started) is already over here. But I expect at least a pullback before it goes higher. This is my overall outlook for the next weeks:

Entry: $242
Stop Loss: $244
Target: $235

Same chart, zoomed out

Target hit.
ChartArt FluidicFX
Target exceeded :)
Nice call dude, Bfx hit 236.98, $2 from your target. It just took a day or so. The %R was diverging down during the horizontal correction and lower high and then the market dumped.
Bullish divergence 4/14---> 4/26, and also broke out of the ascending triangle. Correction wave and then higher is my call.
ChartArt gbgglenn
I'm not saying the entire rally which is just getting started is already over here. But I expect at least a pullback before it goes higher.
+1 Reply
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