Bitcoin held just below our target & selling opportunity at 4200/4300

Daily Forecast - 22 September 2017

Bitcoin

Bitcoin held just below our target & selling opportunity at 4200/4300 & headed lower exactly as predicted, as we close in on our target & good support at 3450/00. Watch for a short term bounce from here. The longer term outlook is negative so longs are way too risky. Cover shorts if you are scalping. If we bounce, we can look for selling opportunity in the 4000/4300 area. A break below 3400 is another negative signal targeting 3230/00 before good support at the 3000/2970 low.

Holding 3450/00 allows a recovery to 3700/3740. Gains are likely to be limited in the negative trend but if we continue higher look for 3850, perhaps as far as 4000. Exit any longs if you are holding & try shorts up to the best selling opportunity of the week at 4200/4300. Stops above 4600. (Give it some room in these volatile conditions). Bulls will need to see a weekly above 4500 if they are to have any hope of regaining control of this market. Unlikely I think, but an unexpected break higher targets 4650/4700 before a retest of the all time high at 4900/4979.