Bitcoin: Strong support at 3140/3100
|Daily Forecast - 18 September 2017
Bitcoin
Bitcoin I have only been charting for a week so I am very happy with the negative call on the completion of the head & shoulders at 4200. We hit all targets as far as strong support at 3140/3100. This was an even better call & longs here worked absolutely perfectly as we bottomed way above the stop level of 2900. We shot higher to only 8 pips from resistance at 3880/3910, where a high for the day was in fact predicted. A potential 1800 pips profit last week.
First resistance at 3880/3910 is key to direction but a further recovery is likely eventually. Be ready to buy a break above 4000 (or at least stop out of shorts if holding them) targeting probably the best selling opportunity of the week at 4200/4300. Try shorts with stops above 4500.
Failure to beat first resistance at 3880/3910 targets 3660 & 3530 before good support at 3460/20. A good chance of a bounce from here but longs need stops below 3300. Further losses risks a retest of important support at 3140/3100. Try longs with stops below 2850.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.