Bitcoin: Further Recovery Is Likely
Jason Sen | Sep 18, 2017 04:35AM ET
Bitcoin I have only been charting for a week so I am very happy with the negative call on the completion of the head and shoulders at 4200. We hit all targets as far as strong support at 3140/3100. This was an even better call and longs here worked absolutely perfectly as we bottomed way above the stop level of 2900. We shot higher to only 8 pips from resistance at 3880/3910, where a high for the day was in fact predicted. A potential 1800 pips profit last week.
First resistance at 3880/3910 is key to direction but a further recovery is likely eventually. Be ready to buy a break above 4000 (or at least stop out of shorts if holding them) targeting probably the best selling opportunity of the week at 4200/4300. Try shorts with stops above 4500.
Failure to beat first resistance at 3880/3910 targets 3660 and 3530 before good support at 3460/20. A good chance of a bounce from here but longs need stops below 3300. Further losses risks a retest of important support at 3140/3100. Try longs with stops below 2850.
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