BITFINEX:BTCUSD Bitcoin / Dollar
This the third commentary on the Panic Zone. Please read the other two links first. This is the weekly chart but the 1 day chart shows very clearly a large move throught the bottom of the long term trading channel and also slicing down throught the last remnants of Panic Zone support. There is currently no reason to be long in the market. My predictors are pointing to a settling out at the $135 level. There might be some lifetime buy opportunities below $100 in the not too distant future. I will publish the 1 day chart as a follow-up to this commentary.
There is no clear support at the moment between here and $135. Implied by this statement is that support can generate on its own somewhere in between. It may be developing as I write this. However, I would hesitate to lay my money on the line until this trend breaks to the upside. Even with the upside volume in the last 4 hours, the overall trend has not broken. Yes, the indicators could recharge, but they haven't.