What a bloody choppy week that was! My assumption on a price rising didn’t come true and it seems the $130 level is at least as important barrier as the $120 (based on the bitstampUSD chart). The only bright side of a low volatility period is that a nice moves come after that. Maybe such a one just started out today. After two failed breaks through $130 there are strong odds the price will come down (well, it has come down nicely already, but there’s more potential).
Some more supportive factors: 1. The bullish structure with the base point above 120 was destroyed today 2. The significant turning point at $119 is about to be broken (well, it was, but just a spikes, it needs to hold below).
A clear breaking of the $119 strenghtens downward pressure and the price can attack $110 or $100 very quickly.
So with that in mind the coming week’s points are very easy to setup:
Sell immediately or anywhere up to $128. That level is the stop-loss also. The price action should get some steam below $119 and tank down to $110 at least, maybe $106 or $103.
There is no reason even to think about the buy now unless the price gets clearly above 130. In that case the stop-loss is at $127 and profit target at $140. But I really doubt BTC will get there this week.