Bitcoin BTCUSD WEEKLY - $124 is the biggest KEY SUPPORT
January 14, 2015, $185.37 last
BOTTOM ZONE REACHED
Dramatic selloff approached the 16-week base level at 124 labeled on the chart with this weeks low of 152.
The 11-week consolidation at $357 set up a clear sell signal on the week of Dec 21, 2014 when an entire week traded below that "most frequent price" at $357.
There are 11 weeks in the consolidation, and we are only on week 4 of the decline, so there are 7 weeks left to go to complete the distribution and create enough accumulation for a rally.
If the market moves down to $124, look for a significant rebound to the $230-$300 area where I would look to establish short positions for an ultimate decline under $124 after several bounces from that level.
Tim
BOTTOM ZONE REACHED
Dramatic selloff approached the 16-week base level at 124 labeled on the chart with this weeks low of 152.
The 11-week consolidation at $357 set up a clear sell signal on the week of Dec 21, 2014 when an entire week traded below that "most frequent price" at $357.
There are 11 weeks in the consolidation, and we are only on week 4 of the decline, so there are 7 weeks left to go to complete the distribution and create enough accumulation for a rally.
If the market moves down to $124, look for a significant rebound to the $230-$300 area where I would look to establish short positions for an ultimate decline under $124 after several bounces from that level.
Tim
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