BTC First Target Reached - Position Open For Possible 2nd Leg Down to $324

[Cryptoalerts.net]

Hi everyone! Very intense price action since yesterday night. Below you will find our weekly report (published on 27.10.14)

Price on Bitstamp above the lower 200MA BB support | Daily time interval

On the long side: For the past four days, price has been ranging between approximately $347 and $358. In this small range, $358 has been acting as near term resistance (pink line). A confirmed break above at least $359 will increase the possibilities of price reaching the 20MA resistance area at $374 – $377 (yellow line). If by that time momentum improves, then it may assist prices to break above $377 and possibly test the upper 20MA BB resistance area at $404-$406.

On the short side: Price weakness has been evident. Important support has been identified around $339. This is actually the area, where on the 8th of October, the 5MA crossed the lower 100MA BB to the upside and produced the rally to $417. If price manages to break below the current range ($347-$358), then it is quite possible that $339 will be tested. Our models estimate that this support must not break. If it does so, it will dramatically increase the possibilities of reaching the lower 200MA BB support area at $320-$324 or further below.

https://i.imgur.com/Ps6Xhc3.jpg

Overall: Price has entered another sideways action and is still weak. Bollinger bands are very wide, except from the 20MA BB’s that have started to contract a bit. RSI is supportive, MACD is still in negative momentum territory and Stochastic is trying to enter the support zone <20.

Possible Scenarios:

Long:
First Target: On a confirmed break above $358 – Price Target $377
Second Target: On a confirmed break above $377 – Price Target $406

Neutral: Price Range $347-$358

Short:
First Target: On a confirmed break below $347 – Price Target $339
Second Target: On a confirmed break below $339 – Price Target $324


https://i.imgur.com/vmXA7Hb.png?1


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The Cryptoalerts.net Team

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[Cryptoalerts.net]

Short Target has been reached.

We have closed 2/3 of the shorts.

Keeping 1/3 with break even stops @ $335, just in case it tests the Lower 200MA BB Currently @ $315 or below.

We will Re-Evaluate our models soon.

[ravenjt]

This analysis is already dated and pointless. No marks for predictive power so far

[Cryptoalerts.net]

This analysis is already dated and pointless. No marks for predictive power so far

Thank you for your comment.

| Below you will find our weekly report (published on 27.10.14) |

***Week ends on the 2nd of November.

This is not a "prediction".

This is a WEEKLY PREVIEW that provides clear trade strategy setups.


The Cryptoalerts.net Team

[fewcoins]

Short Target has been reached.

We have closed 2/3 of the shorts.

Keeping 1/3 with break even stops @ $335, just in case it tests the Lower 200MA BB Currently @ $315 or below.

We will Re-Evaluate our models soon.

Consider closing all shorts before the giant squeeze happens!

[Cryptoalerts.net]

Short Target has been reached.

We have closed 2/3 of the shorts.

Keeping 1/3 with break even stops @ $335, just in case it tests the Lower 200MA BB Currently @ $315 or below.

We will Re-Evaluate our models soon.

Consider closing all shorts before the giant squeeze happens!

Thank you for your comment.

However we have to disagree, as a "giant squeeze" will produce another unhealthy bubble.

Bitcoin needs orderly ascending prices and stability.