Correction down to about $6500 before we can go higher

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Short Term -> Medium Term:

We are shortly before another rally as the choppy index says. This think has to go down before it can lift off the triangle (because I do not want to buy high :). In addition there is still planty of room to play within the triangle before it has to leave that area.

The white fat horizontal lines showing where the average monthly price is/was (expansion line), while the blue is the same but weekly. Blue or white boxes are consulidation zones, while again blue meens weekly and white means monthly.

- dayly RSI shows lower lows so far and is double topping
- dayly smothed Heikinaschi turniing red
- dayly price was rejected at to top of the triangle already twice (double topping)
- shortterm Trend channel has been left to the downside

if price goes through $8400, which is a strong area as it is the expansion line for monthly and weekly, we will likely go further down dipping shortly through $6450 to test the last monthly expansion line and propertly eat up the meekly liquidity, where retail traider will give liquidity with all ther SL.
In addition this point would be a Fib retracement 0.618 line.

will go long at this level at three positions (green boxes).
I belive that we will then have a short breath (shitting around 7k - 8k), before we finally will go to the moon.


Nice work bro, check my TA

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