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

#899
AndreSnyman
AndreSnyman
Participant

The daily chart has broken it’s supporting trend line at 6400 and is testing resistance at $6750.

I have added a few fib retracements levels, for the up trend to continue bitcoin came down from it’s top and bounced on the 50% fib at 5500, currently this is the test if bitcoin will fail at these levels I expect it to come down more, but if these levels break it can move up from here. For the downward move we added fib retracements from 7900 to 5600. The level at 6750 is the 50% fib retracement of the move as well. Let’s look at the hour chart:

It broke our trend line at 6200 and we closed our short. This chart is showing me that we are coming down on bitcoin. When $6500 breaks I will be looking to short with a stop loss at $6800 and will look at price action when to close my trade.

My fund is always long bitcoin, when I say i am going short I am closing my long bitcoin trade and looking to buy them cheaper in order for me to get more bitcoin.

Philippians 4:19 : But my God shall supply all your need according to his riches in glory by Christ Jesus.