timwest

REPUBLISHING MAY 8th FORECAST FOR BITCOIN - UNTOUCHED

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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5
SO FAR, so good.

Tim

7/3/2014 1:29PM EST
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Comments

The recent rip through $600 with conviction was telling. I'd imagine we will see $700 soon on BTC, assuming bulls can keep the buying pressure on. BTC has first mover advantage in the digital coin arena.

Judging from Tim's chart, the 750 to 850 area is cluttered and would serve as a formidable overhead resistance on any intermediate uptrend move. Let's see what happens, things could get interesting.
+1 Reply
timwest Syncubate
Exactly Syncubate - 750-800 is massive supply and I strongly suggest that Bitcoin won't get thru that level on this push. It will take 3-4 attempts on a weekly basis to chew through that supply. It is great level to sell short against.
Reply
Very similar to mine... My 11 week resistance is just a bit higher, and I consider our current $675 level stronger resistance due to the proximity to recent price action with volume on this price level results in a much greater % of bagholders at this level than that near $800.
+1 Reply
one of the most accurate Bitcoin analysis on TV.
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