Bitcoin hit all downside targets as far as 3230/10

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.


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