Bitcoin price forecast and technical analysis 08.10.2017
Review:
As assumed in the last analysis, Bitcoin had already terminated the correction (dashed blue) and initiated the continuation of the trend upwards. The break above 4365 confirmed this assumption and led to the expected test of 4449. 4365 was also the latest time to close remaining short positions of the correction wave. Thats why we said stop loss orders should be placed here.
Forecast:
This means that the scenario of the last analysis is still active. We continue to expect to enter the 4555-4600 range. As noted, there is an increased probability of a high being formed at 4555-4600. We expect to start a dynamic wave towards 3900.
If 4600 is exceeded, this would reduce the probability of the bearish scenario. We'll have to watch out for 4629. A 4629 rupture would suggest a test of 4702.
Bitcoin hourly chart
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