BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My earlier postings worked. $10,200 was a key low. We got the MACD trough. We got the Williams down arrow. All we need now is a good break through the MA. Back test for yourselves what happens after that. Key support now $10,200. If gets busted then another leg down. Market may have risen to fast and MA been too high for any good support.
Comment: It looks like we need a minimum of another not one but two 2 hour bars and a new low to try and see another potential low support opportunity. We need another pair of troughs to be cited in my MACD chart then like last time look for a Williams arrow down followed by a good break through MA for confirming potential good low formation and support. Like I posted earlier the market rose to fast and the MA was at still to high a level. Then again there were also good technical S & R reasons for reversing down again. Was it just a coincidence?
Comment: I just noticed that if we get on the MACD a lower trough then the previous one then that would be enough to look for good support criteria and wouldn't need to look out for another pair. Hope this makes sense or you may need to read my earlier posts to catch up.
Comment: I haven't checked this but if we get another trough lower than the previous one or a new pair of troughs if it didn't break the last low after doing any of that then the last low may be good enough for a new potential support. Sorry if this is getting confusing but I do all my analysis in real-time and you can back test yourselves. A good break through the MA at some stage is the key for me.
Comment: Interesting potential low at $9,578, as a potential trough showing on my MACD but I don't have a good enough visual looking back in time at my watch criteria to know whether its good enough to make a good break through MA. My 4 hour trend line is stil looking good
Comment: MA may still be too high.
Comment: Here is an interesting observation I'll be watching. If I see a trough appearing (red lines) and at the same time the MA (blue) turns sharply up at the same time on my MACD (12, 26, close, 9) that may confirm a significant low has been reached.
Comment: 20 day moving average I believe is currently around $9,217 could be useful info. Could give my trend line from the 4 hour chart some support.


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