Daily Forecast - 15 September 2017
Bitcoin hit all downside targets as far as 3230/10. We are now getting very oversold in what is still a bull trend. 3230/10 is the 100 day moving average & could certainly mark a low for the correction. However if you buy on a retest today bear in mind there is a risk of further small losses as far as 3140/3100. Longs need stops below 3000.
We are probably very close to a low for the correction...or maybe the 100 day moving average at 3230/10 will already mark that low. If so we look for a bounce to 3475/85 & probably as far as resistance at 3620/50. We should struggle here initially & could even sell off back to 3250/00. However a break above 3700 targets 3790/99 & resistance at 3880/3910. A good chance of a high for the day if reached, but shorts need stops above 4000.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.