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

#893
AndreSnyman
AndreSnyman
Participant

Btc broke it’ support trend line. We went short again, I think btc can come down test the bottom of the blue channel at +-4650, but look at how btc bounced from 5500.  Look at the hour chart:

I want to close my short at 5900 and want to enter again if 5487-5600 breaks BUT I think the best play is to stay short until the trend line at 6210 breaks. We made a lot of money on the short, please use your own discretion on this short trade.  Remember that if bitcoin falls there will be people that think it is a bargain to buy bitcoin cheaper, when 5500 breaks please place buy orders at 5000 and do not try to buy all of them back at the bottom of the blue trend. If 6210 breaks I will change my trading strategy.

Resistance: 6200

Support: 5487-5600, $5000 and then $4600