BITCOIN
Support: $4344.65/4224.64/4094.07/4039.29/3998.11/3970.55/3951.04/3906.18/3868—57/3681—66/3553.53/3445.64/3247.67/3155.53/2946.62.
Resistance: -$4455.70/4455.97/4484.70/4626.52/4655—61/4714.08/4975.049
(All Time High).
After hitting an all time high of $4975.04
on 2.9.2017 it corrected sharply on adverse news in China about it and hit a
low of $2946.62 on 15.9.2017 but gradually recovered reasonably well and now
trading at around $4422 (2.10.17 at 10.25 A.M). Its long term trend is up but
moving up from here it will face stiff
resistance at $4428.12/4496.33 &4569.35 but once it moves above $4569.35
and sustain on the closing basis then it is likely to test or cross it’s all
time high of $4975.04 ,chances of which are looking pretty bright at this point
of time. Similarly moving down it will find good support at 4344.65—4338.71/4224.64/4094.07/4039.29.
Please note that the range of 4344.65—4338.71 is very important for the month
of October-2017, so sustained break below this range can drag it down to lower
support levels as mentioned above and break below 4039.29 can take it down for
deeper correction, therefore it is suggested to hold buying if it moves below
4039.29 and sustain till it gives indication of correction completion or bounce
back above 4094.07 and sustain on the closing basis or one may try long call
near important support points as mentioned at the top(see support points at the top). The technical setup is good,
long term trend is up and bias as now is also up, therefore it is suggested to
buy now or on decline as advised.
It is important to mention here that long
term up trend will only be threatened if it breaks 3274 level (it changes every
day) and sustain, chances of which looks very slim in near time period as of
now.
Remark:
- It is in long term uptrend;
therefore buy on decline strategy should be adopted as suggested above.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Contact me for
strategic guidance to enter and exit trade.
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Thank you for sharing your views.