A TECHNICAL VIEW ON BITCOIN—2-11-2017

BITCOIN

Closed At:--$6767.31 on 1-11-2017   

Price on 2-11-2017 at$6805.06 (at 8AM)

Support: $ 6743.57/6687.42/6228.60/6194.88/6040.85/6035.48.

Resistance: -$7484.42/8257.02/8773.97

Further to my post of 14-10-2017 it moved in an envisaged manner and crossed all the expected points. It looks highly bullish on the chart and expected to move up further, however it may witness moderate to sharp down correction from time to time but the trend is clearly up. Therefore only long trade is suggested and buy on decline strategy should be adopted or one can even buy now and average out on decline. The upside target could be -$7484.42/8257.02/8773.97. Moving down it has strong support in the range of $6194---6035 and break below 6035 can only accelerate the down correction which may be noted.

Remark: - It is in long term uptrend; therefore only buying is suggested as mentioned 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.