BTCUSD - Technical Analysis October 9, 2017 - Current Price $4694
BTCUSD
Happy Thanks Giving from Canada. We were watching BTCUSD last week for a decisiv move and as mentioned in our previous article, we were bullish above $4430 and at the time of making that call we were waiting to enter a position. Overall this is a very strong move and conducive for a retest of the $5k level. If you missed the $400s we will be looking for a dip buying opportunity off of the 1 hour and 4 horu timeframes.
daily
Looking very strong on the daily time frame, trades should be aware of the MACD as a bullish divergence appears inevitable provided BTCUSD can take the $4700 level and confirm it as support.
Continued bullish momentum can drive the stochastic RSI higher continuing the uptrend, but it would be prudent to expect consolidation here
4 hour
On the 4 hour time frame we cleared the double top and are now watching the overbought status of the RSI and the extended Stochastic. Target price before a retrace would be approximately $4758, pivot resistance R2 on this time frame.
1 hour
Lots of volume is driving the price on the 1 hour timeframe and while the stochastic RSI appears to be heading again into uptrend status, bulls should begin watching for consolidation and a dip as the RSI is in overbought territory. On a retrace we will be watching for support at the $4650 level (whole number, psychoological) and the 30ema on this time frame ($4579)
Bullish Above: $4760
Bearish Below: $4620
RISK TRADE: scale a long positon into consolidation, set stop a lose loss or exit if price loses $4650
Don't forget to use stop losses!!!
It is important to recognize extended moves and mange risk when taking a position on a runway winner. Those who positioned in the $4400s for this rally shoudl begin to trim and trail positions - that is risk management, capital preservation.
Previous Articles:
BTCUSD
ETHUSD
DASHUSD
ZECUSD
XMRUSD
LTCUSD
U.S. Dollar Index
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
thank you can you please post weekly analysis will follow you cheers ;)
Excellent post @satchmo. I need this stuff.
glad if it helps, my goal is to just show people how swing trading can be done by using price thresholds. Good Luck!
I have a feeling it is going to be a great 2018!
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