Bitcoin: Trend Up
Eddie Tofpik | Sep 04, 2017 07:52
Bitcoin: Trend Up
Despite fears of a pull back last time, the market re-energised itself with a slow start higher after a failed Key Reversal Down attempt two days after my last report. This carried on well until the 17th when prices turned lower following the 'fork'. They stabilised and then had a dramatic try lower on the 22nd that ended with a Key Reversal Up and we were once again moving higher. This petered out at the 50% Projected Fib of the mid-August move at 4923.19 with a Key Reversal Down. However, there has been limited follow through so far (though it is only one session as such) yet I note the low of Saturday's action was in line with the high back in mid-August which leads me to think that the support underneath might be substantial.
So where now? Well, both the Bullish Andrews & Schiff Pitchforks have given good account and are still valid but I'd like to draw your attention to one other thing. If we were to consider the action late July/early-to-mid August as one leg of a bull flag and the second leg starting at the bottom of the dip on the 17th then we have a potential target just short of the next 50% Projected Fib at 5680.59. This seems a reasonable potential bullish scenario. As for a bearish scenario...you'd need to see consecutive closes below the dip at 3581.99 to even consider that at this moment. At this point, I would draw your attention to the crossover dates of the Tines...but they are quite steep and I would rather you looked at them yourselves and not take my word on the dates.
Support is currently at 4482, 4447, 4281 - 4273, 4153 (dynamic), 4116, 4026, 3779 and 3581.
Resistance is at 4710 (dynamic), 4819, 4923 - 5073, 5365, 5516 and 5680.
Bullet point stays fully bullish.
Disclaimer: ADM Investor Services International Limited is authorised and regulated by The Financial Conduct Authority. Member of The London Stock Exchange. Registered office: 4th Floor Millennium Bridge House, 2 Lambeth Hill, London EC4V 3TT. Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.
These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere. © 2014 ADM Investor Services International Limited 2014
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.