Bitcoin BTCUSD WEEKLY - $124 is the biggest KEY SUPPORT

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
5108 19 52
January 14, 2015, $185.37 last


Dramatic selloff approached the 16-week base level at 124 labeled on the chart with this weeks low of 152.

The 11-week consolidation at $357 set up a clear sell signal on the week of Dec 21, 2014 when an entire week traded below that "most frequent price" at $357.

There are 11 weeks in the consolidation, and we are only on week 4 of the decline, so there are 7 weeks left to go to complete the distribution and create enough accumulation for a rally.

If the market moves down to $124, look for a significant rebound to the $230-$300 area where I would look to establish short positions for an ultimate decline under $124 after several bounces from that level.

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BTC reached the $300 upper target area ($309 actual high) - looking for downside to new lows.
+4 Reply
Hey Tim, by new low you think we will visit $123 and bounce or you think we could wash down under it to $100, $75 or $60?
timwest BitcoinGuru
I will just keep watching it unfold - I've had very smart people tell me that bitcoin will just be on a glide path towards as low a number as possible. Track @jamielissette on Twitter - probably the smartest, sharpest trader I've ever met.
+1 Reply
Very smart people also said the internet was just a fad in the 1990s. In the end, let's admit you have no idea what's going to happen with this technology. It could blossom or fizzle just like any other industry. TA, as usual, can only recount history.
+2 Reply
rivet.popper rivet.popper
And here Tim, if you'd like to actually learn about the technology before you predict its doom, you'll be taken a lot more seriously. It's the Wall St. Journal calling it a revolution. Are they smart enough for you? http://www.wsj.com/articles/the-revolutionary-power-of-digital-currency-1422035061?utm_campaign=Socialflow&utm_source=Socialflow&utm_medium=Tweet
-2 Reply
timwest rivet.popper
Thanks for the article. I think there is a great debate out there on the topic. I've read plenty from Marc Andreessen explaining quite well that Bitcoin technology will be a revolution. It's hard to predict the price of bitcoin fundamentally, so I listen to smart people on both sides of the argument. The technicals on Bitcoin have been excellent for the past couple of years. And as for traders, I'll still put Jamie's opinion at the top of my list.
timwest rivet.popper
I read the article - it does as good as Andreessen's at extolling the virtues of bitcoin for transactions. Nothing new to learn there. The question is always, how do you make money from it and how do you know its pricing in the future? I'm sick of the current system that robs people of so much money that disappears into the "banking system".
+1 Reply
timwest rivet.popper
Bill Gates did say that about the internet. It was shocking when he said it too. I think we all could tell he was talking his own position, but he was smart enough to change his mind.
Then maybe your friend Jamie will change his mind too when he sees BTC's broader implications. In the meantime, reducing BTC to trader chatter is a mistake. Like I said, as an analyst all you can do is look at history. You have no idea whatsoever what the future will hold for this industry or what news may come out tomorrow.
BitWave timwest
jamielissette: "bitcoin very quietly down to 231 recently on way to 2.5 " LOL, I seriously doubt that we'll see $2.5/btc..
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