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

#814
AndreSnyman
AndreSnyman
Participant

This is the 4 hour chart. Btc has got a lot of resistance at the top of our blue channel. Look at the one candle that spiked to the top of the channel but came down quickly.  Btc is trading in a small range at the moment, this can be a good sign for the bulls as the bears is not driving the market quickly away from the resistance at the top. I am still long with my possible FOMO target at 9800 but I am also looking at the technical indicators. The hour chart is showing divergence again, remember for this to be valid we need to break the down trend line at +-5700. The daily chart’s indicators is at a crossing point today, this will show us the direction for bitcoin in the next day or two!

I will be looking at the next levels to make decisions to trade today:

Support lines at 6080 , 5920 and the big one at +-5700

Resistance line at 6150-6180 and the top of the channel at 6300.