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

#812
AndreSnyman
AndreSnyman
Participant

When btc broke the 2nd trend line at 5900 it moved very quickly to 6297. It tested the big blue channel almost perfectly. Btc moved back quickly from the resistance at the top of the channel.

Remember to always stay long until proven wrong! Btc is still bullish, short term trades you could have taken profit at 6300 and make a few dollars. We still do not know if this is the high of btc, for btc to start the bear trend it needs to break the down trend line at +-5700 this level moves up as we are trading everyday! it is normal for any market to go up, come down and then to move up even further. There is a lot of sellers at the top of the blue channel every time we get there. Btc needs very good news to get through that channel. I am not saying that it will happen, but if that happens we can see FOMO taking this market to our possible target of $9800-$10 000.

The short term charts is showing us divergence again, but the day chart which is much stronger than the shorter term charts did not confirm this. I will look for short term trades at the top of the channel with very very small stop losses and buys at my support lines, remember the trend is your friend and we are still in a bull trend!

Support : 6064,  5920 and 5670-5700.

Resistance: 6184 and the top of the channel at 6280!