Bitcoin Analysis: Week of Aug 24 (Intro to Trend)
In the most recent Mid-Week post, which will occasionally be published due to unexpected or severe moves in the market, we concluded with the following statement: So lets go over what happened. The price remained above the established low of US$442, which means the Long Term Up-Trend is still intact (more on that later). This US$440-450 downside target was mentioned as the less likely scenario in the Week of Aug 17 Price Review. As a trader, all possible scenarios are always considered, so that when they happen, there is a plan and you do not end up in ‘panic mode’. The bounce off of this....
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In last week’s post we concluded with the following statement: Now that the price has reached our support target of US$500-530 zone where do we stand now? Lets take a look at the weekly chart. “The odds, however, favor more downside back to the base of the triangle at US$560 and breaking below that should take us down into the US$500-530 zone where the Fibonacci’s will have a chance to create a healthy reversal.” The comment on the 61.8% Fibonacci retracement has been changed to indicate we have reached this critical support point. An additional trend line has been added that uses the....
In last weeks post we concluded with the following statement: Today we will see if we need to re-evaluate this view going into next week. First let’s take a look at the latest weekly chat: Our charts are conflicting; the shorter daily chart is implying continued bearish pressure, as the bullish trend line was broken this week. The longer-term weakly chart on the other hand is not suggesting anyone should panic just yet. Watch for a pull back to the US$500 to US$530 zone while still keeping your eye on the target of US$750. Once one of these zones is approached we would look to re-evaluate....
In last weeks post we concluded with the following statement: Friday Aug 1st started out as an impressive day yet sold off near the end. As a trader of the Fiat Financial Markets it would have been reasonable to pull the trigger and try and take advantage of the upward momentum, but keep in mind, the medium term trend is still down and the trader should have realized within a few days that the breakout back to US$625 is not imminent. Let us now take a look at the long-term view and see where we stand. Friday’s close will help guide us whether we can once again approach the 50% Fibonacci....
In last week’s post, we concluded with the following statement: The price has been very stable which is not something said often in the Bitcoin community. We are pretty much in same position as a week ago. The price dropped a bit below US$500 but rebounded fairly quickly so nothing happened for us to be concerned about. We continue to refer to this level as short term support and would consider it broken if we get a low that is lower then last weeks low of US$485, and this new low isn’t immediately reversed back over US$500. Time to take a look at the long-term chart as always and make a....
In last week’s post we concluded with the following statement: With our Bearish stance we were expecting to see lows in the vicinity of the U$440-450 zone. Price did fall immediately after the publication but made what can be considered a higher low at US$456 and then another one at US$459 the next day. The big question now is: Are these lows in the Mid US$450’s here to stay for a while or is more downside on the way? So on that note, let’s take a look at the long term picture. We are now changing our view point to Long-Term (tentatively) Bullish, Intermediate -Term Bearish, and Short-Term....