zcsniper
Short

Bitcoin Heading for ~550 and Lower?

BITSTAMP:BTCUSD   Bitcoin / Dollar
953 13 3
1DAY CHART: Looking to see how I can use the Fib Circle in predicting future breakouts on BTCUSD             . breaking out into the new zone, BTC will be moving bullish or bearish . right now we are decaying to ~$600USD and might see it drop nearing $500 as for a possible flash crash. RSI is looking solid for a bullish run, but EU news is starting to injure this market.
I'm always watching the 1-minute and 3-minute charts for situations like now. And they tell me that we have found the bottom and won't go lower, unless China starts a panic in 3-6 hours (Asia morning time-zone).
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ChartArt ChartArt
I looked at you chart again. I first didn't notice that you drew a uptrend which I'm seeing right now - as (3) to (4) - but after that you expect the downtrend at (5). That is something I can't predict right now.
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johnrfraser ChartArt
So you don't agree with 3-4 up to the 618 region or the 4-5 down to 550?
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zcsniper johnrfraser
He doesn't see it going to 550.

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ChartArt zcsniper
I'm starting to change my mind. Because we broke the last $591 low on Bitstamp and Bitfinex and had a new low at $589 on Bitfinex after we already got back to above $605. This means the bottom is not stable yet.
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johnrfraser ChartArt
I think so too...whenever I find myself looking for evidence to back a number (in this case 565 and 525) I'm learning that there has to be a reason.
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johnrfraser ChartArt
Any further thoughts?
People seem to be turning bullish on here...
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ChartArt johnrfraser
I just bought back because the price is so low. But I will sell any minute when I find new warning signs. Asia is waking up very soon the next hours. Let's see if they buy back, too or start a new downtrend.
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johnrfraser ChartArt
Good plan, I too await the changes on the indicators as we hit Monday a.m.
I do note though, that every time we've stopped in this MFI zone we've stalled and price has continued to drop on every occasion...although the entry conditions have been different the previous times...this does make me hesitant.
In contrast, good confluence of bottoming mfi, as well as cloud and horizontal & diagonal support lines in the price chart.
snapshot
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zcsniper johnrfraser
I never change my mind when I release an idea ;)
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ChartArt zcsniper
I just sold again. I fear the next leg down is coming the next hours while I sleep. Too many bearish signs.
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ChartArt ChartArt
I'm happy I sold 10 hours ago at $595. Current price $580, lowest Bitstamp low so far: $576
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zcsniper ChartArt
;D
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