norok

3/30/2015 BTCUSD Weekly Forecast

BITFINEX:BTCUSD   Bitcoin / Dollar
82 0 1
I'm going to start doing these at the beginning of the week rather than the weekend as weekends are typically low in volume/volatility. Ergo, there is no point in trying to place trades over weekends.

Last week yielded a $30 move to the downside off resistance I found during the prior weekend forecast. The timing on the Daily, 4h, and 2h timeframes were near perfect for a play down to support. There were opportunities to play it long off the 240 support and then short again from 253 but I turned them down. You need at least a $10 move to get your Bitfinex commissions per trade down to 5%.

As of this morning we are back at support and holding. The probabilities are increasing that we will break this support. There is a chance that if it can hold 240 and then get back above 270 within the next two weeks that price could continue upward for another test of 300. However, breaking this support with the persisting Weekly downtrend should send price to the next long term support, the year's major low, and beyond to a new low.
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