Bitcoin/Dollar BTCUSD Weekly Time At Price Downtrend Target 300

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
648 0 6
More downside appears to be likely for Bitcoin             as long as the price stays under the 620 area labeled with a red-7.

The 11-week distribution is in its 7th week of decline now. 4 more weeks to decline.

The 7-week distribution might complete week-1 if this week holds below the red line through Friday, March 28.

I would imagine that there is heavy supply in the 550-area to halt any rally from here.

It looks possible that the 120 level may be tested at some point in the future as that is where 16 weeks of time occurred.

Stay posted.

Tim 11:00PM EST Thursday, March 27, 2014 520 last
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