Daily Forecast - 12 October 2017
Bitcoin tops at the all time high at 4900/4979 & trades sideways on Wednesday to consolidate gains. As I have warned above, there is the risk of a double top sell signal. It is worth trying shorts on any gains towards 4900 today, with stops above 5050 because the downside potential is huge & therefore the profit potential. Minor support at 4730/20 has been tested but below here targets 4620/10. On further losses look for the next target & a short term buying (scalping) opportunity at 4560/50 where a low for the day is likely...and a bounce to 4610/20, perhaps 4710/20 possible. However longs need stops below 4370.
A break above 5050 stops us out of any shorts & acts as a buy signal despite overbought conditions, targeting 5080/5100 then 5240/50.
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.