Pre-Auction Results Notes

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Review: Yesterday price was contained by R1 and S1 as expected, even with the breach of P early in the day. Late in the day price made another attempt to breach the previous high of 607 but was denied. As explained earlier, price will sometimes oscillate around P when the market is undecided and that is very much the case as you and I wait for the results from the Auction.

Preview: the following points are now in play:

R2 614 (615 played a key resistance area twice recently)
RM2 611
R1 608 (608 was yesterdays RM2 and 607 is the latest swing high that has held 3 times now)
RM1 604 (604 was yesterdays R1 and has been a resistance point before though not as strong as 607)
P 600 (600 is a key psychological level and there is even some indication that Auction bids were near 600. Yesterdays P was 599 further enforcing this very important level.)
SM1 597
S1 594 (yesterdays SM1 and low and has provided decent support in the near term)
SM2 590
S2 587 (585 played a key support role on 6/23-24 and then a resistance role on 6/27 - I expect this to be the lowest possible area before the expected bullish move past 620)

620 is a key level and a breach of this would be considered a signal that the bull trend has resumed.
665-70 should be a TP area with the .236 at 652 from there for potential reload.


I forgot to move the chart back to end as I was typing this - i will have a MOD delete this so i can repost it with the right chart as soon as possible.
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