Bitcoin: Can Bulls Regain Control?
Jason Sen | Sep 19, 2017 06:20AM ET
Bitcoin beats first resistance at 3880/3910 as predicted, targeting probably the best selling opportunity of the week at 4200/4300. Try shorts with stops above 4500. Bulls will need to see a sustained break above 4400 if they are to have any hope of regaining control of this market. Unlikely, but a break higher targets 4650/4700 before a retest of the all time high at 4900/4979.
Failure to beat our selling opportunity at 4200/4300 as we expect, targets 3980/60 and minor support at 3850/3800, perhaps as far as better support at 3760/30. A good area if you are scalping and want to take profit on shorts but longs are far too risky. A break below 3680 keeps the pressure on for 3450/40 and good support at 3450/00. Watch for a short term bounce from here.
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