Daily Forecast - 12 October 2017
Bitcoin
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.
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