A TECHNICAL UPDATE ON BITCOIN-12.10.2021

 

BITCOIN

Closed At:--$57484.79 on 11.10.2021  

 

Support: $55604.02/52853.76/51890.48/50856.57/50308.60/48791.78/47159.49/46394/45080.

 

Resistance:$57670/58330/59464.61/60267/61683.86/64863/73995/78604/87094/95136.

 

Further to my last post on 2.10.2021, please note that now the important range for it is between $50308.60---51890.50---57670 and if it moves above $57670 and sustain on the closing basis then it could retest its all-time high of $64863.10 or may go beyond also. Similarly break below $51890.50 will be an alert point and break below $50308.60 will push it into long term correction mode. The undertone is strong now and it is likely to move up further from here, but till it gives upside breakout from $57670 one can trade the aforesaid range now but avoid long trade if it breaks $51890.50 & 50308.60 levels and sustain on the closing basis because then it may go down further in an accelerated pace and one may get it at much lower levels then.

 

In view of the above observation it is on a good technical footing now and likely to move up further from here, therefore one can structure their long trade with the help of above mentioned range.

 

NOTE: - It is a technical assessment as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 OR INVEST WITHOUT ADEQUATE STOP LOSS.

Note: Price stated here are of spot market.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON BITCOIN-2.10.2021

 

BITCOIN

Closed At:--$48116.94 on 1.10.2021.

Support: $47159.49/46404/46394.28/45080.49/43998.32/43285.21/43285/43241/41946/41295/39787/37458/33520/32270/31227/31114/30681/30549/29361/28953/28893.

 

Resistance: $48791.78/50482.08/50856.57/52853.76/55604.02/58330/59464.61/60267/61683.86/64863.

 

It is on a weak technical footing now and in the long term correction mode in fact it is well below it bear market threshold point of $51890.48 and it has been below it since 14.5.2021 therefore technically it is into bear market now. However the long term  uptrend is still intact till it holds the range of $46500--$40550(figure will change every day) and then the last range of $38925---36825(figure will change every day). The  range for it now is between $40550---42871---46500---52712, please note that if it holds $42781 level on the closing basis then the chance is that it could continue the pullback move and if it moves above $52712 and sustain on the closing basis then it could retest its all-time high of $64863.10 or may go beyond also. Similarly sustained break below $42871 on the closing basis will weaken it and sustained break below $40550 will put the long term uptrend in potential danger and finally break below $36825 will accelerate the fall. Although it is below its bear market threshold point for a long time and into long term correction mode also but at this point of time it seems that it may not break the lower range of $42871---40550—38925, therefore for investor it is suggested to accumulate it on the decline near or within this range for a decent gain in 6—8 months time period with a stop loss of below $36825 and for traders it is suggested to trade the range of $42781----52712  with proper stop loss till either side breakout happens.   

 

NOTE: - It is a technical assessment as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 OR INVEST WITHOUT ADEQUATE STOP LOSS.

Note: Price stated here are of spot market.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON BITCOIN-25.4.2021

 

BITCOIN

Closed At:--$50050.87 on 24.4.2021  

 

Support:$47714.66/46542.51/46347.48/45290.59/43881.15/43241.62/41946.70/39966.41/38406.26.

 

Resistance:$50856.57/52829.54/53555.03/55604.02/58330.57/60267.19/61683.86/64863.10.

 

Further to my post of 16.3.2021 as expected it moved up and hit a new all-time high of $64863.10 on 14.4.2021 and then considerably moved down and currently quoting at $50229(approx) now. Its long term technical parameters are still holding up, but the short and medium term parameters and technical indicators are looking weak now therefore further fall from here cannot be ruled out but with in between short relief rallies. Please note that its important and critical key points as of now are at $61557---$59760.43---$56388.40---$53713.62---$50524.66---$50308(these figures can change).  It is below all its key points now therefore it is into long term correction mode and if it does not bounce back above $50308 &$50524.66(long term correction mode threshold points) and sustain on the closing basis then fall could accelerate from here in coming days. It is important to mention here that its pullback threshold point is at $51761.69(this figure can change), so if it moves above it and sustain on the closing basis then only it is expected to give moderate to reasonable rise else down move may resume again. Going up it will face critical resistance at -$54265.36---56288.88---58312.40---60816.07---61433.41,the possible up move may exhaust at any of these points or earlier also but if it moves and sustain above $61433.41then it could retest its all time high of $64863.10 or may go beyond also, but chances of  happening this looks slightly weak at this point of time. Similarly moving down its critical support points are at-$47714.66---46347.48---45590(this figure can change), please note that sustained close below $45590 could potentially threaten the long term uptrend which may be kept in mind. The short and medium term bias is down but the long term bias is still o.k. as of now.    

  

In view of the above observation, it is into long term corrective mode now and it could come out of it only, if it moves above $50524.66 and sustain on the closing basis, but it will give moderate to reasonable rise only once it closes above $51761.69 and sustain,therefore for safe trader  it is suggested to try long trade only once it closes above $51761.69 and sustain. However aggressive traders can try long trade on decline also at appropriate points or near $45590 but not below it with self defined stop losses. Please note that long trade in  long term corrective mode could be a very risky proposition, particulary buying on decline. So be alert and cautious in the long trade at this point of time.  

 

 

Note: Price stated here is of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN-16.3.2021

 

BITCOIN

Closed At:--$55907.20 on 15.3.2021  

 

Support:$55312.80/54769.58/53959.40/52462/51284.68/48095.72/47879/46542/46347.48/43241.62/

 

Resistance:$ 57331.50/58330.57/61683.86/62435/62970/64095/67656/74770/82745/83993/.

 

Further to my post of 21.2.2021 it hit an all-time high of $61683.86 on 13.3.2021 and then moved down and currently quoting at $55558(approx) now. It is still looks highly bullish and after corrective down move it is expected to resume the up move again.  Please note that its important and critical key points as of now are at $57331.50---$53959.40---$51284.70---$47879(these figures can change).  It is below its 1^st key point of $57331.50 therefore it is in a very short corrective mode which can last for 3-5 days or may be more. Please note that sustained break below$53959.40 can push it into short term correction mode which can last slightly longer, sustained break below$51284.70 can push it into medium term correction mode which can last even and lastly and most importantly sustained break below $47879 on the closing basis can push it into long term correction mode which can potentially threaten the uptrend also. The bias is positive as of now.   

  

In view of the above observation, it is still in the uptrend but in very short corrective mode now and it could come out of it, if it moves above $57331.50 and sustain on the closing basis, even if it moves down from here and get into deep corrective mode but as long as it holds$47879 on the closing basis there is no threat to the uptrend. Therefore buy on decline is suggested at appropriate points with self defined stop loss or near $47879 but not below it with a stop loss of $46500. It seems that after correction is over it is strongly likely to resume the up move again and hit a new all-time high again in coming days.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN-22.2.2021

 

BITCOIN

Closed At:--$57539.94 on 21.2.2021  

 

Support: $-50937.28/46347.48/43881.15/41946.70/39966.41/38406.20/37446.15

32270.18/30549.60/28953.37.

 

Resistance: $-58330.57/62969.91/74769.96/83993.12.

 

Further to my post of 21.2.2021 please note that as it has hit a new all-time high of $58330.57 today, therefore its Important and critical key points have changed and as of now are at $54920---$51397.55---$48722.76---$45533.80---$45317.70(these figures will change if it hits a new high again). It is suggested to buy on decline at appropriate points but not below $45533.80 & $45317.70. The rest of the observation will remain the same.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN-21.2.2021

 

BITCOIN

Closed At:--$56099.52 on 20.2.2021  

 

Support: $-50937.28/46347.48/43881.15/41946.70/39966.41/38406.20/37446.15

32270.18/30549.60/28953.37.

 

Resistance: $-57505.23/62969.91/74769.96/83993.12.

 

Kindly refer to my post of 13.1.2021 when it was in correction and consolidation mode but the trend was bullish and it hit an all-time high of 57505.23 today. It is exhibiting robust strength for the continuation of the up move but the only concern is that it has been rising vertically from the level of $29000 and in last 24 trading sessions it has almost doubled, please note that the vertical rise may have vertical fall too, therefore looking at such a phenomenal rise in a short period of time makes it vulnerable for correction also and it could happen any time soon. It’s Important and critical key points as of now are at $54289---$50766.99---$48092---$44903.24---$44687.14(these figures will change if it hits a new high).  Please note that break below $54289 can push it into very short term correction which can last for 2-3 days, sustained break below $50766.99 can push it into real short term correction mode which can last for 5-8 day or more, sustained break below $48092 can push it into medium term correction mode which can last even longer and lastly but most importantly sustained break below $44903.24 & $44687.14 can push it into long term correction mode which can last much longer and could be a potential threat for the uptrend which may please be noted. But the overall technical parameters are strong as of now therefore it seems that it may not witness sharp or deep correction and most likely to resume the uptrend after the correction is over. The long term bias is up as of now, therefore it is likely to scale new highs in coming days but of course with intermittent down corrections.  

 

In view of the above observation it is in strong uptrend but at the same time vulnerable for correction also at this point of time, since it is so strong technically it may correct now or may be after some more rise but as long as it holds $44903.24 & $44687.14(these figures will change upward once it hits new high) on the closing basis the long term uptrend will remain intact. Therefore it is suggested to buy on decline at the appropriate points (with the help of support points and important and critical points mentioned above) but not below $44903.24 & $44687.14 because then it could go in for deep correction also. I once again repeat that future outlook is hugely bullish but with slight caution because of the recent vertical rise.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN—13-1-2021

 

BITCOIN

Closed At:--$33922.96 on 12.1.2021  

 

Support: $33239/32800/32053/30549.60/29711/29148/28288.84/27142/26829/26116/25922/24209/22569/22159/21470/20089/19845/17995/17619/16709.

 

Resistance: $ 34387/34609/34903/35906/36248/37593/39256/39668/41946.70/45047/46300/47430/48990/60387/74770/78828.

 

I was highly bullish on it since August-2020 when the price was around $11760 (see my post of 3.8.2020 & 29.11.2020) and it recently hit an all-time high of $41946.70 on 8.1.2021 and thereafter corrected sharply and hit a recent low of $30549.60 on 11.1.2021 and currently moving in a range of $37277---$32800. Please note that its important and critical key points as of now are at $37276.89---$35906.12---$34387.57---$33239.20---$32800.43   and it is below its first three key points now which indicates that it is in short to medium term correction mode and this correction may last for few days, but the important thing is that as long as it hold $33239.20 & $32800.43 on the closing basis it could resume the up move again after correction and consolidation is over. But it is very important to note here that sustained break below $32800.43 on the closing basis will push it into long term correction mode which may please be noted. The bias is positive as of now.       

 

In view of the above observation, it is still in the uptrend but in correction and consolidation mode and the important range for it now is between $37277---$32800 and breakout on either side will decide the further direction but as of now it is likely to resume up move again after correction. Therefore it is suggested that one can trade this range off course with long trade at appropriate points with self-defined stop losses with the help of support & resistance points mentioned above, but avoid long trade below $32800.43 for sure and your final authentic stop loss would be $30400.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN—29.11.2020

 

BITCOIN

Closed At:--$17717.42 on 28.11.2020  

 

Support: $17712.40/16709.46/16351.03/15903.44/15783.95/15567.85.

 

Resistance:$17781.80/18353.40/18393.95/18936.62/19390.97/20089/20218/20532/21270.

 

I was highly bullish on it (see my post of 3.8.2020) and I am still bullish, after my buy recommendation at $11759.59 on 1.8.2020 it hit a recent high of $19390.97 on 25.11.2020 and then corrected sharply the next day and made a recent bottom of $16351.03 on 26.11.2020 and currently quoting at $17700+. It seems that it is consolidating here and will resume the up momentum again in coming days, provided it sustain above it most important and key points of $17155---16709.46---15783.95( $17155 & 15783.95 figures will move upwards if it moves above its recent high of $19390.97). Please note that sustained break below $17155 on the closing basis can push it into short to medium term correction mode but as long as it stays above $ 16709.46 it is likely to retest its all time high top of $20089 and may go beyond it also. But if it moves below $15783.95 and sustain on the closing basis then it can get into long term correction mode and uptrend will be potentially threatened. The overall technical setup does not indicate deep correction as on now, so even if it corrects further it may be a short correction and it will bounce back and resume the up move again.

 

In view of the above observation, it is in the uptrend now, therefore it is strongly suggested to adopt buy on decline strategy at appropriate points or near $15784 but not below it with a stop loss of $15760 because break below this level could accelerate the corrective move. Therefore in that case one should buy only once it bounces back above it again and sustain on the closing basis. But for safe traders it is suggested to buy on decline at appropriate points or near $16709.46 but not below it with a stop loss of $16650. I once again reiterate that deep correction is not likely as of now. The bias is bullish as of now

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON BITCOIN—3.8.2020

 

BITCOIN

Closed At:--$11759.59 on 1.8.2020  

 

Support: $10947/10898.70/10457.63/10199.87/9964.50/9163.10/8975.

 

Resistance: -$11794.78/11833/11958.50/12040.30/12273.82/12350.10/13129.53/13226.60/13796.49/16930.90/17712.40/18353.40/20089.

 

Critical points moving up:-$11324---11415.86---11640.15----13796.49---16101.14---16709.46.

 

Critical points moving down:-$11132.89---10723.42---10392.48---10199.87---10061.54---9652---9951----8975.53.

 

It is looking very strong on the technical chart. It has given breakout from the long term down trend line on 22.7.2020 after a long time, which is a very positive sign and indicates big up move ahead off course with intermittent corrections. Since it had big rise after the breakout .so it is consolidating now and will eventually resumes the up move again, but if it breaks and sustain below $11132.89 on the closing basis then it could correct from here before resuming the up move. Moving down in correction it will find good support at $ 10723---10392---10199---10061----9652---9551 levels and it could bounce from any of these points and may resume the up move again. It is important to mention here that looking at the overall technical setup it may not correct sharply which may please be noted. However moving up it will stiff resistance at $11415.86---11640.15---11794.78---12273.82---13129.53---13796.49 levels, sustained break above $11415.86 on the closing basis will indicate that it can resume the up move and break above $11794.78 will confirm the resumption of the up move again and finally sustained break above $13796.49 on the closing basis will take it higher at much faster pace, which may please be noted.

 

In view of the above observation, it is in uptrend now, therefore it is strongly suggested to adopt buy on decline strategy as of now but not below $10199 because break below this level could accelerate the corrective move. Therefore in that case one should buy only once it bounces back above it again and sustain on the closing basis. I once again reiterate that deep correction is not likely as of now.

 

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 favourable  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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL OBSERVATION ON BITCOIN---26-1-2018

BITCOIN—26-1-2018

Closed At:--$11259.40 on 25-1-18  

Support: $ 10831.39/10403(it changes every day)/10129.70/9402.29/9202.05/8348.

Resistance: -$11265/11616.35/11967.19/12401.30/12508.34/13103.

After hitting an all time high of $20089 on 17-12-17 it had a sharp correction and hit a low of $9402.29 on 17-1-18. But now it seems that the deep correction may be over and a short term bottom is in place at $9402.29 as it has made higher bottom at $10129.70 on 22-1-18 but yet to make higher top, the recent top is at $13103. Please note that as long as it holds $10831.39 level on the closing basis chances are that it may cross the recent top of $13103 and rally may continue but moving up it will face stiff resistance at -$11616.35/11967.19/12401.30/12508.34. Similarly sustained break below $10831 may break the recent higher bottom at$10129.70 and it may slip down further which may please be noted.

Since it has made higher bottom at$10129.70 but the short term moving average placement are not good now, it may consolidate here in the range of $10831---11970 for some time before deciding which way to move so  at this point of time it is evenly poised.

It is important to mention here that it will pick up real fast and smooth up momentum when it moves and sustain above $14160.It is still in long term uptrend now and the trend will only be threatened if it break below $10403(it changes every day) and sustain.So avoid fresh buying if it sustains below $10403 on the closing basis because then it may slip down further and you may get it at much lower rate may be in the range of 9200--8450.

Remark: - It is still in long term uptrend; but after the deep correction it is consolidating now and it seems that it may resume the uptrend in near term after consolidation is over. The technical setup  looks weak as of now  ,however buying is still recommended but on sharp declines only.  

 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.

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.

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.

A TECHNICAL OBSERVATION ON BITCOIN---2-10-2017

 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.