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

This topic contains 36 replies, has 5 voices, and was last updated by  helkvist 1 month, 3 weeks ago.

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  • #616
    margincall
    margincall
    Keymaster

    This is the thread for forecasts on the Bitcoin markets for the month of October.

     

Viewing 15 replies - 1 through 15 (of 36 total)
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  • #18626

    helkvist
    Blocked

    And what would you like, you would know in advance would be rich and happy;)

    • This reply was modified 1 month, 3 weeks ago by  helkvist.
    #18624

    chashka
    Participant

    I look what happened then and now and in shock;)

    • This reply was modified 1 month, 3 weeks ago by  chashka.
    #822
    AndreSnyman
    AndreSnyman
    Participant

    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!

    #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.

    #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!

    #811
    margincall
    margincall
    Keymaster

    A quick Sunday morning update on the Bitcoin USD market.

    Bitcoin found short term support around 5600 and 5700 and has pushed the price to 5830, where it seems like the sellers might be starting to step in.

    The purple line indicates the top of the possible H&S pattern on the 1day charts and this price level has seen a lot of action in the last few weeks. A new all time high will only get set if we break through to 5800 – 5900 with volume.

    For all the bears out there, we are looking towards 5700 – 5600, but the real deal is if we break below 5400.

    At the moment a break to the upside could very well be likely with Segwit2x around the corner. Lets keep a close eye on the markets and see what develops.

    Safe trades!

    #808
    AndreSnyman
    AndreSnyman
    Participant

    Btc is still trading up and down between 5520- 5700 and 6000. The break out trades will be at : 6010 or +-5520.  This will show us where btc is going.

    If you want to trade short term, short at 5960 against the upper trend line or buy at 5520 on the lower trend line. Please use small stops. If you like more risk you can short btc when the trend line breaks at 5760 with a target of 5520-5540. I will be staying long until the trend line breaks to the downside at 5520.

    • This reply was modified 1 year, 3 months ago by AndreSnyman AndreSnyman.
    #805
    AndreSnyman
    AndreSnyman
    Participant

    Btc is building up pressure. There is 2 possible outcomes for btc at these prices.

    Technically speaking we came to test the breakout to the downside at 5998 with divergence. The Rsi is showing this at the top. In order for this to be valid btc must break the trend line at +-5480. the trend line is at an angle and changing as we are moving forward in time.

    The other side of the coin is that btc bounced from the trend line with a nice bullish candle. this means the bull market is still in play.

    We need to be ready to move in both directions when something happens. My advice will be to stay long above the trend line with possible targets of 9800. But if it breaks get out of btc. You can even short the market with a target of 4980 then even 4200!

    We need to be able to adapt our game plan when the charts show us different patterns. I am a long term bull on btc, but if the charts show us we can come down we need to act upon it!

    #804
    AndreSnyman
    AndreSnyman
    Participant

    The entire market including myself thought that the alt coins market is going to jump much more than after the fork. The moment the fork happened all the alts jumped +-25%, some much more! I believed they would keep on going up. At this moment they do not know what they want.

    Back to btc: If we look at the day chart it shows the picture much better. Until the trend line at 5495 breaks we are looking to trade a bull market. The chart shows divergence at 6000, but it needs to be confirmed by the breaking of the trend line! On the hour chart of this morning btc just broke the trend line!

    #796
    AndreSnyman
    AndreSnyman
    Participant

    The market bounced 25$ from the trend line at 5365. yesterday was a quiet day in the markets.

    Resistance 5820 and Support at 5410.

    #795
    AndreSnyman
    AndreSnyman
    Participant

    This is the day chart, our prediction on btc was spot on! Look at how btc is moving in this blue channel. I have included 3 trend lines on btc, Look how volatile btc moved after they broke, the first was broken in September down at +-4400, btc dropped to $3000 in a few days, then it was broken on 24 September to the upside, btc moved from $3900 to $6189.

    We are on the next trend line at 5350. We need to look at market action at these levels. I think btc can bounce from it but if btc breaks this trend line the next proper support is at 4870-4980.

    The worrying sign is that every time those trend lines broke btc came down to test the lower part of the channel. This will be at +-4130, but first btc must break the rend line.

    Very very important level: 5360. (This is a coinbase chart)

    #782
    AndreSnyman
    AndreSnyman
    Participant

    The channel on the daily chart has not broken, btc has given us bearish signals on this chart. Have a look at the hour chart. The day chart is bearish currently with a target of 4980. The big question is where will the money flow go to after the fork! Technically we need to look at the hour chart for a better picture,

    The hour chart is showing the picture better at the moment. Resistance is at 5950, I do not think btc will get there…. but let’s wait for the charts to show us. I have seen that what you think does not have any effect on the markets….lol.  If 5600 breaks expect btc to test the lower trend line on the chart at +-5390. This will also be the actual trend line to break for the bear to continue. I have moved a lot of btc to alt coins today.

    Very important levels is : 5960 and 5600. Between these levels I am neutral to bearish and will be watching these levels! Let the chart show us the direction.  Expect btc to be volatile today.

     

    #776
    AndreSnyman
    AndreSnyman
    Participant

    BTG Fork has happened, I am buying alt coins! Qtum, Neo, LTc, Doge, Steem

    #769
    AndreSnyman
    AndreSnyman
    Participant

    Btc is breaking support, there is a lot of uncertainty about btc gold. Technically btc showed the pullback at the top with the divergence. The trend line support at 5880 broke next support at 5720!

    I am holding my bitcoin for bitcoin gold!

    #768
    margincall
    margincall
    Keymaster

    Good morning, here is my purely technical short term view on the Bitcoin USdollar market.

    There is a lot of bullish news for Bitcoin as well as bearish, long term we all know that the prices should continue going up through our lifetime. With all that said here is my short term view.

    After hitting a new ATH at $6140 (Bitstamp) the market started correcting itself with a sharp drop down to about $5600 where the market responded and pushed the prices back up to the $5900 mark.

    We have a few conflicting chart patterns which seems to be the norm these days on BTCUSD. I drew in the inverted cup and handle and then the fan shows us breaking out of the short term channels.

    Look towards 6100 -6200 to signal the breakout to what would be a new ATH. I have alerts set up for $6100, $6140 and $6200. When these prices get hit there is a strong possibility for a breakout trade long.

    On the flip side if the RSI does not gain some strength $5600 – $5800 should get tested once again. If there is a lot of selling volume present I would consider jumping into a quick short.

    Be sure to ask us if you have any questions about this analysis. Safe trades.

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