zippy1day

BTC Possible Short Term Bull/Bear Targets?

BITSTAMP:BTCUSD   Bitcoin / Dolar
637 5 8
I am neutral at the moment but still consider this to be a Bull Market with short term weakness....not as some would have you believe going to $100. It is still Buil market long term because the Orange Ichimoku Line is still above the cloud and out of price until it is broke? The momentum is bearish because of the recent events and the possible formation of a Large Cup, however this is is subjective and is likely to be a Falling Wedge caused by recent lows of $540 & $465 which will have to be resolved by breaking the recent downtrend line.
Komen: This bear target looks unlikely so probably more sideways on the cards?
That is a very aggresive price drop you have here. We have already dropped alot since the peak in june. I would surprised if it keeps going for much longer.
Balas
zippy1day PRO veryevilone
You are probably right, I would wonder what sort of bottom was being sought to go below $465 but I have seen EW projections in that area which I don't fully understand? With such an aggressive fall at $540 & $465 the turnaround away from the falling wedge would have to be significant!
Balas
If it breaks the $566.71 level. Then we have a confirmed downtrend :(
Balas
It broke but like to see your reason why this level?
Balas
sangli PRO zippy1day
I use SMA (K) lines as final supports in my analysis. It broke the FMA (T) which I consider as initial supports. So, if it breaks both supports, I'm quite wary. I'm still new to this. Still learning.
Balas
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