Bitcoin: Oversold In A Bull Trend
Jason Sen | Sep 15, 2017 06:20AM ET
Bitcoin hit all downside targets as far as 3230/10. We are now getting very oversold in what is still a bull trend. 3230/10 is the 100 day moving average and could certainly mark a low for the correction. However if you buy on a retest today bear in mind there is a risk of further small losses as far as 3140/3100. Longs need stops below 3000.
We are probably very close to a low for the correction...or maybe the 100 day moving average at 3230/10 will already mark that low. If so we look for a bounce to 3475/85 and probably as far as resistance at 3620/50. We should struggle here initially and could even sell off back to 3250/00. However a break above 3700 targets 3790/99 and resistance at 3880/3910. A good chance of a high for the day if reached, but shorts need stops above 4000.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.