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

This topic contains 26 replies, has 3 voices, and was last updated by margincall margincall 1 year, 5 months ago.

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  • #823
    admin
    admin
    Moderator

    This is the thread for analysis on the Bitcoin markets for the month of November 2017. Safe trades!

Viewing 11 replies - 16 through 26 (of 26 total)
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  • #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

     

    #879
    AndreSnyman
    AndreSnyman
    Participant

    Our short targets was hit at 6800 and 6500. Look at the daily chart, as long as bitcoin stay above 6400 I will stay long. We made nice profit on our short targets! Btc is still overbought and can still come down but I am trading my signals and will execute my trades on my profit levels. This is still a bull market! If  my trend line at $6400 breaks I will be going short again!

    For the shorter term traders, look at the hour chart:

    When btc broke $6800 it was a quick fall to $6500, we are currently testing the trend line which is resistance at $ 6890. I think it can be a possible short trade with a stop loss above the trend line. I am on my way to watch the million dollar gholf at Sun City! Enjoy your trades!

    Phillipians 4:19!

    #866
    AndreSnyman
    AndreSnyman
    Participant

    Our short was triggered yesterday at 7200. My stop loss on the short will be at +-7500 but price action will need to confirm the trend is still bullish!

    There is lots of rumors about the fork in bitcoin currently. I do not think anybody know for certain what will happen. Luckily we have charts to show us what to do, we need to act on them and trade them when we see the trade. Currently this looks like a top, and I need to act on that!

    Resistance: 7400

    Support : 6880 and 6400!

    #858
    AndreSnyman
    AndreSnyman
    Participant

    Our next short will be triggered at 7200. Btc spiked last night after the announcement that Segwit 2 was cancelled then it dropped $900-$1300 depending on the exchange you are trading. When $7200 breaks btc is going to fall down far, but it needs to break first!

    I have bought a few alt coins and will look at this chart to make my decision on bitcoin! I am going to wait and see what the markets are doing before I am making my next decision, we had a great run! I will be locking in profits! Long alt coins is a great trade at the moment!

    Resistance: 7540

    #853
    AndreSnyman
    AndreSnyman
    Participant

    Btc broke the trend line this morning with great momentum. Our stop loss on the short which was a small profit level was triggered at 7240! I am long btc again. We  will need to see how bitcoin react at 7400- 7500.

    I am saying this for the past 3 days, when there is a turn in any market from bullish to bearish the market can whiplash you before the run continues up or down. We can only look at the charts and take the signals in front of us. The daily chart’s predicted top at $8200 and even $ 9800 is still in play. I will not trade with that in my mind, as this can also be the possible turning point for bitcoin!

    Support : 7220 and 7000

    Resistance: 7400-7500

    #849
    AndreSnyman
    AndreSnyman
    Participant

    Our short on bitcoin is currently in profit. We need to look at the trend line at 7240 to see if btc is still going down or going to break higher. A strong bull market does not just leave it’s grip on the market! My day chart target of $8200 is still in play, I expect btc to test $6600 before we can go higher. At $6600 we need to look for price action to see which way btc will go next! The trend line at 7240 will show me if I will stay short or buy back my btc. Our 2nd short was triggered at $7270 when the trend line broke

    #844
    AndreSnyman
    AndreSnyman
    Participant

    Btc is on the 2 trend line, I am shorting bitcoin when this trend line breaks. I closed my short trade when it broke the high, but will open it again after the 2nd trend line breaks. The problem when we see a top of a trend that was very bullish is that the market just does not allow the trend to be broken without a fight. On the day chart the bullish trend is still in play. Support on the day chart is at 6540 and 6200!

    Support 7128 and 6880 and 6500.

    Resistance: 7400. I will be looking to short more at that level.

    • This reply was modified 1 year, 6 months ago by AndreSnyman AndreSnyman.
    #840
    AndreSnyman
    AndreSnyman
    Participant

    The hour chart broke it’s support line. I am closing more than half  my position on btc and looking to buy them back at +-6650.  If 6650 breaks we can go down to 6410! We started the month long at +-6450 we are taking +-$800 profit on a huge part of our position. If 6420 breaks I will be buying them back, the trade will be given on our slack group.

    A bull market does not just give up steam, so look for good levels to take profit!

    Resistance 7400.

    Support: 6850 and 6650

    #836
    AndreSnyman
    AndreSnyman
    Participant

    My first chart did not post on the website.

    Btc made a great move to an all time high at $7400, then retraced sharply to $6700. At this moment btc is trading between $6800 and $7100. It looks as if it is breaking up again at the moment.  First level to look out for is $6800-$6920 then $6640. This is my new stop loss for my long trade. I will look at price action at $6640 to see what we will be doing with our long position.

    Btc is trading in a range at $6800-$7100, it is good for a market to trade up and down and not just move up in one candle

    Remember no one knows exactly where the top is, we need to trade the charts and look at the trend. The trend is still up, someone will be lucky to get the exact top of bitcoin, this will happen 2% of the time. I am looking at fib extensions for possible tops and will see what the charts say at my profit level of $8200 then $9800! The short term charts showed divergence at $7100 and also at $5800, if we followed them we would not have been making this extra $1300 profit. Stay long until proven wrong!

    Support $6800-6920, $6640 and $6380(the top of the blue channel where btc broke)

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

    • This reply was modified 1 year, 6 months ago by AndreSnyman AndreSnyman.
    #834
    AndreSnyman
    AndreSnyman
    Participant

    Look at how strong btc is, we are in new territory with fresh new highs. I will stay long, my first target is $8200-$8250 with my extreme target at $9800-$10 000. The only reason I think it can turn at $10 000 is because it will be the 1st time btc will break into 5 digit numbers. If 8200 breaks to the upside the next fib extension is actually at $11400. Please do not try to predict a top, the charts is showing us strength. The shorter term charts is showing divergence, but they showed divergence from $5800.

     

    #824
    admin
    admin
    Moderator

    @andresnyman posted this morning:

    Btc has closed above the trend line, we need to watch the chart pattern and see what the price action does at these levels. This is extremely bullish! My 1st target will be 8000- 8200 then we will see if we get to $9800-$10 000.

    Support zones: 6330( the blue channel) and +-5720

    Let’s stay long until proven wrong, remember to always look at price action. This can be a false break, we do not know if btc will go to our targets. I will trade what the charts tell me to do and at the moment it says we will go up!

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