BTCUSD 4/20/2015 Weekly Forecast

Apr 20, 2015

This week I have chose the 120 minute (2h) Swing Trading timeframe to illustrate the weekly forecast because it best captures the current consolidation. All Rules for an Ichimoku trend remain true for a bearish trend on the Daily so the highest probability trades will remain shorts.

I am expecting the Swing timeframe consolidation to continue through the early part of the week with a movement out of it 4/22 - 4/23. Price may either retrace to the Support-turned-Resistance 240 level which has a very high probability of holding or will break the low of the consolidation to continue bearish.