Bitcoin Trend / Midday Update 21-09-2017
The decline of bitcoin price was stopped at 61.8% Fibonacci correction level (for the rise from 1800.00 to 4980.00) and formed solid support at 3033.00, and Bitcoin price after the bearish correction to 3000.00 level, back to the main bullish trend, moved upwards strongly and breaking 3776.00. After the bullish rally, bitcoin started to show some bearish correction after it faced solid resistance at 4075.00 and trying to test 3776.00 level that represents 38.2% Fibonacci correction (for the rise from 1800.00 to 4980.00).
So What Next..
Expected trading for the rest of day is between 3700.00 support and 4236.00 resistance.
- Bitcoin price keep stability above the key support 3776.00.
- Stochastic start to provide positive signal to reinforce the chances of resume the bullish trend.
- Breaching 4030.00 confirm the continuation of bullish trend.
- Breaking 4236.00 and holding above it will push the price to 4980.00.
- The price must hold above 3776.00 to keep the bullish trend.
- Breaking 3776.00 level and holding below it will cancel the bulish trend.
Expected trading
for the rest of day is between 3700.00 support and 4236.00 resistance.
Expected trend for the rest of day: Bullish.
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Thanks For Reading
Always appreciate your non-hype and factual analysis.
@lordoftruth,
After a long long time I could see BTC bouncing in range! Hope it will break S and R soon! Thanks for sharing such great analysis report with us!
Cheers~
I want to learn about it. is there anyone can teach me?
do you think bitcoin will reach 5000$ soon?
If break 4236.00 and hold above it, will see 4980.00..
My point of view; the price will move towards 5500.00 before the end of the year..
I want to learn about it. is there anyone can teach me?
So what next?))) We will see BTC for $5000 to the end of the year.
Have you thought about what will happen next year?
I guess we will see a new all time hight before November . And what happens at the end of the year will depend on if we see a Fork at November or not .
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I think there's nothing to learn! The best strategy is "buy and hold". :) If you buy a crypto currency now it will definitely grow after a couple of years. The main thing is to wait for this moment. Do not panic! And do not sell earlier!
I think bitcoin is going to stable after long time.. will see what china has to say..
great work and very helpful ..
Cheers!
I'm glad that the trend is back! It's too early to talk about long-term results! But I'm sure that we will get pleasant surprises.