Crypto Screener Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Technical Analysis – October 2017 Reply To: Bitcoin (BTC) Technical Analysis – October 2017

#805
AndreSnyman
AndreSnyman
Participant

Btc is building up pressure. There is 2 possible outcomes for btc at these prices.

Technically speaking we came to test the breakout to the downside at 5998 with divergence. The Rsi is showing this at the top. In order for this to be valid btc must break the trend line at +-5480. the trend line is at an angle and changing as we are moving forward in time.

The other side of the coin is that btc bounced from the trend line with a nice bullish candle. this means the bull market is still in play.

We need to be ready to move in both directions when something happens. My advice will be to stay long above the trend line with possible targets of 9800. But if it breaks get out of btc. You can even short the market with a target of 4980 then even 4200!

We need to be able to adapt our game plan when the charts show us different patterns. I am a long term bull on btc, but if the charts show us we can come down we need to act upon it!