Bitcoin lower as expected from our selling opportunity at 14500/600

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 16 January 2018

Bitcoin

Bitcoin lower as expected from our selling opportunity at 14500/600, to hit support at 13000/12800. A BREAK BELOW 12800 IS ANOTHER NEGATIVE SIGNAL & LOOKS INCREASINGLY IMMINENT - sell in to shorts & look for 12600/500, 12300 & 2 week lows at 12050 before the 3 week low at 11160. Do not be surprised if we break this level on the next test.

Holding support at 13000/12800 allows a recovery to 13400, perhaps as far as 13800/900. Gains are likely to be limited but above here look for a selling opportunity at 14500/600. Stop above 15000 but only above strong resistance at 15400/500 is less negative. Bull require a break above above 16400/500 for the bull trend to resume. It would be encouraging above the recovery high of 17300 of course & allows a further recovery towards the all time high at 19550/666. HOWEVER WE STILL HAVE DOUBLE TOP RISK HERE. LONGS COULD PANIC OUT ON THE WAY TO THIS RESISTANCE, SEEING THIS AS THEIR LAST CHANCE BEFORE A COLLAPSE. Bulls need a clean break above 20,000.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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