Bitcoin: Trend Up?
Eddie Tofpik | Oct 02, 2017 07:03
The support I suggested that might be substantial underneath the market back at the start of September turned out to not to be so: prices initially tested lower, recovered and then took a full attack at lower levels. The drop went all the way down to the June highs and well below last time's '3581.99'. In fact, what I actually wrote was:
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.
Guess what? We never had consecutive closes! Yes - we did go below 3581.99 and yes - we had a single close below 3581.99. However, we did not have consecutive closes below 3581.99. Hence, that's the reason we still have a Bullish bullet point above...though with a question mark obviously as the Short MA has turned down. Interestingly, the day of the low is one of the same ones I pointed out in the redundant crossovers of Tine last time.
The drop lower was therefore tempered and you could see it was not going to try further for not only the previously stated reason, but also because when we should have had markets head lower we instead had markets head sideways with Indecisive Dojis...take a look at the Daily Chart above to see examples.
As we moved towards the end of September you can see that the market has regained some of its Bullish incentive but that it is of a more measured, cautious approach...which I think is fine for the state of this market. We are above the recent 50% Fib at 3975.96 and you can see a gradual ascent cautiously occurring. To change that you'll still need those two consecutive closes 3581.99 but I would modify that to say you'd also need good action below 2971.02.
Support is currently 4213.13, 4022.02, 3975.96, 3850.61, 3777.04 - 3738.80, 3647.50 (dynamic), 3514.00, 3408.26, 3299.64 and 3078.76 - 2935.39.
Resistance is currently at 4377.65, 4423.92 (dynamic), 4679.97, 4981.44, 5548.20 (dynamic), 5746.63 and 5983.12.
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