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BTC WEEKLY CHART "The Panic Zone" Blood in the streets

BITFINEX:BTCUSD   Bitcoin / Dollar
I have been talking about the "Panic Zone" since last September. The only difference is that we are now in the middle of the zone and there is so much panic, historically high volume , that the price has moved below the one year trend line .

That's a little too much blood in the streets and the "crows" are swooping in to pick at the bones. Crows are early arrivals at any feast of the deceased. The "vultures" are still circling overhead and the pack of "lions" is waiting in the weeds for the rest of the herd to panic. The crows will push the price back up to the one year trend but the trend and target fulfilment has a few more weeks to play out.

There is no sign of a buy signal. There are no counter trends. RSI , MACD , and Price are all moving down. There should be solid support at $135. The lions will pounce on this. The vultures will pick at the bones when the lions are done.

The wave boys will try to predict when all this is going to play out and they even have the balls to pick a target on the next rally. That's all a bunch of hooey. The market action dictates when to buy and when to sell. Nothing more and nothing less.

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