Bitcoin at crucial area

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is in a downtrend. The trend is your friend, therefore you should be short.

BEAR CASE: - BTC is in downtrend, failed to make 200 MA (red line) support. Our short term target is $6,600 but we are at crucial support so be careful with shorts.

BULL CASE - POTENTIAL for Adam & Eve bottom (hasn't formed yet) or "W" bottom. This is also a Harmonic pattern that if successful we should see $+13,000 on BTC . If you want to get long it is better to wait for buying on strength.
Trade closed: target reached: Short term target of $6,600 was hit! I would advise caution with shorts as we are at crucial support here.

Bull Target $8,600.

Bear Target $6,000>
The bull wont return until HODL bulls are vomiting their guts out. Nice chart though love the hopium.
kirchnek MeroviusCapital
@MeroviusCapital, completely agree, this chart is bearish right now and we can only hope this Adam and Eve bottom plays out but so far nothing yet until we get confirmation. I agree that we have yet to see a violent candle that scares most of the weak hands and shakes them out of their trade before we start to go up.

Need to pull in a bunch of shorts so we can squeeze them higher.
i m still bullish
kirchnek JayVirtualWorld
@JayVirtualWorld, I'm bullish long term, we just need to find the bottom so we can start to push for the 100k range. Right now because we have been going down for the past couple months, I still believe the bears are in control but I don't think they have that much of an advantage.
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