BTCUSD - Technical Analysis November 11, 2017 - Current Price $6100

in crypto •  2 years ago  (edited)


BTCUSD - Day Traders Chart Setup

Moving averages:
Green = 50dma
Red = 200dma
Orange = 9ema
Black = 20ema

B2X was cancelled and bitcoin went to the moon -- and then it tanked and BCH rocketed as miners switched to the alternative currency.

You can keep an eye on network hashrate comparison for the two here

I want to look at Bitcoin on the day traders time frame looking for a relief pop.


On the daily time frame a clear M top was set and the price has retraced to the 61.8% fib level from the previous low.

Looking at the stochastic RSI it has scycled into downtrend and dragged the RSI and MACD along with it. No clear support exists until the daily pivot which converges with the 50dma, $5500. We have to look intraday to try and find a support, but I am not advising to catch a falling knife, the price could stagnate and continue lower. The purpose of trying to track BTCUSD here is get an idea on how long the altcoin rally will last.

Screenshot 2017-11-11 22.44.41.png

4 hour

On the 4 hour time frame we see BTCUSD has hit the 200dma and is checking this level as support. We could observe a relief bounce here as we take note of the oversold RSI and Stochastic RSI which has been hugging bottom for some few days.

Bulls will be looking for the price of BTCUSD to bounce here if only for the reason it is oversold and this is where we monitor network hashrate to determine if this is a good buy zone for a scalp or an opportunity to take profits on alt coins priced in BTC.

Bulls will be looking for the price to retest pivot S1 on this time frame, $6391 which would turn the MACD back up to zero line.

Screenshot 2017-11-11 22.44.52.png

1 hour

The 1 hour time frame is also very oversold but it appears some dip buyers are coming in. Bulls need to be cautious of the the death cross that occured on this time frame, 50dma below 200dma. The price will be more bullish if the 9ema and 20ema can be recaptured as support, and begin to curl upwards.

Bulls and Bears should look for a retrace up to the 50dma as the price action has begun to slow and it should be expected that short sellers will close their positions.

If the price can hold the 50dma on this time frame, $6685, it would signal potential reversale of this slight down trend.

Screenshot 2017-11-11 22.45.04.png

Bullish Above: $6268
Bearish Below: $6000

RISK TRADE: Very risky trade is to scale long here, use tight stop losses to limit risk as the problem is we could be catching a falling knife. Alternative trade is look to scale heavier into alt coins on a bounce and rejection of the 1 hour 50dma, $6685. Worse case scenario on BTCUSD as it stands is a test of the daily 50dma, $5500. Best case is a break into new all time highs after the next reversal phase.

Don't forget to use stop losses!!!

Previous Articles:

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.


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while youre not a financial advisor I feel you have provided some valuable information here. Thanks for the good info. When do you expect the altcoin rally to slow down?

as soon as bitcoin transactions start processing again. some are now waiting over 24 hours.

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