Bitcoin 6 weeks of distribution at $430 now headed lower

I mapped out this decline on January 20th in the Key Hidden Levels Chatroom here at TradingView.

Without going into extreme detail at this moment, I am looking for a decline over the next 4-5 weeks to potentially see the price fall to $260 from $393 at the moment.

There is tremendous distribution in the chart pattern, especially as shown by RgMov, my proprietary "trend" indicator which has been hitting new lows here lately.

$450 is the current stop but that can come down pretty quickly.

Tim 393.01 last BTCUSD-BITFINEX

Commentaire:

So far, on track.

Commentaire:

Lower stop from 450 down to 425.
Prepare to sell any bounces to 390.

Commentaire:

It hit 386 today, 377 last. 386 was the bottom end of the daily resistance level from the mode from 386-394. I picked the middle of the mode at 390 to sell against. What to do now? Lower the stop down to $410 from $425.

Commentaire:

You can have a very tight stop if you sell at 388-398, using a 410 stop (on a daily basis, this is a tight stop) and target the bottom of the current downtrend at 352.50

Trade fermée manuellement:

Time expired for the downtrend (note the time box on the chart for a 6 week decline) - so this downtrend trade is over. Stay tuned.