A TECHNICAL VIEW ON BITCOIN—14-10-2017

BITCOIN

Support:$5461.02/4975.04/4922.70/4751.63/4661/4625.68.

Resistance: -$5840.30 /6228.60/6743.57/8257.02.

Further to my post of 2-10-2017 as expected it crossed its all time high of $4975.04 and hit a new high of $5840.30 on 13-10-2017 and now trading at ($5726 at 6.55 PM). Its overall technical setup is very good and it is likely to make new highs in coming days/weeks & months provided it holds $4975.04 level on the closing basis, chances of which is very bright. Once it crosses its recent high of $5840.30 the next target point could be $6228.60 & $6743.57 for the near term. However in between the rise it may witness corrective down move also and going down it will find good support at $5461.02 & 4975.04. Since the trend is up, so buy on decline is suggested but not below $4975.04 because sustained break below this mark may take it for deeper down correction therefore in that case you can still buy on decline but at good support points or buy when it bounces back above $4975.04 again. It would be prudent to buy above $4975.04. The bias is highly bullish 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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.