BTCUSD 4/27/2015 Weekly Forecast

Last week I chose to show the 120m timeframe as it best captured the consolidation we were in for that week. I projected a breakout on Wednesday to $240 which is essentially a pullback on the Daily timeframe to the Ichimoku Kijun Sen (26 period Mean). Unfortunately for my forecast I was just 24 hours off and for my actual trading was $1 off my entry to add to my existing short breakout from the Ichimoku cloud.

This week we continue the bearish trade from the cloud breakout. My exit will be price getting above the Kijun Sen which is consistent on any trading time frame. I have projected the Daily Kijun Sen which will define the bearish trend over the next several days. The projection is based on the current low and the Kijun Sen may move lower as price breaks the present Daily low.

Price will remain bearish to retest the 175 low as long as it remains below the Kijun Sen on the daily. If price can cross the Kijun Sen at any point we may then see a bullish retracement. A consolidation this week could bring that to occur.

tl;dr Daily Breakout Short still open. Trend on the Daily and Weekly remain definitively bearish to 175.