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Author Topic: Weekly Target at Near Term Resistance $358 has Been Hit.  (Read 841 times)
Cryptoalerts.net
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November 09, 2014, 07:06:39 PM
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Check our weekly preview (issued on 03.11.14): http://www.reddit.com/r/BitcoinMarkets/comments/2lddzd/bitcoin_weekly_report_follow_up_051114/

Our models estimate that price shall spent some time around this area.

A confirmed break above $359, will open the possibilities for reaching technical resistance at $377.





Additionally below you will find our latest update (issued 08.11.14)

Quick Update | 1HR time interval

For the past 30 hours price has entered another consolidation mode.

On the long side: The Upper 20MA BB serves as a temporary overhead resistance at $345. A confirmed break above this point will possibly assist further upside to retest the $352-$353 area.

On the short side: Support is converging at approximately $341 where both the Lower 20MA BB and the 100MA meet. Our models estimate that a confirmation break below this area may increase the possibilities of reaching the 200MA near term support at $335.



Overall: After a rally to $353, price confirmed a throwback. This is not something unexpected as price usually needs to normalize after a breakout. Consolidation is confirmed by the diminishing volume and the flat RSI. MACD is in negative territory and a positive signal cross may assist upward movement. Finally, Stochastic has turned positive and assists price at the time of writing.

Possible Scenarios:

   Long Price Setup: On a confirmed break above $345 – Price Target $353
   Neutral: Price Range $340-$345
   Short Price Setup: On a confirmed break below $340 – Price Target $335


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