CRYPTANALYSIS - HOUSE VIEW ON KEY ALTCOINS

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79. TECHNICAL ANALYSIS: BTCUSD (Published: 22nd Nov, 2017)

Analysis

  • BTC/USD has been in a steady rising channel, with 2 significant correction recently
  • The stochastic indicator showed oversold signal for the second correction, but the correction did not make a lower low
  • Price rebounded there at $8000, indicating that the uptrend remains in action and the psychological $8000 level is a solid support
  • Price is expected to reach the top of the channel, which is around $8430

Suggestion

  • Right now would be a good opportunity to long, but proper risk management is required as the volume is diminishing and hence the next move might take long
  • More risk averse traders can also wait for a bigger correction before going long, because the price has been going up for 10 days with diminishing rate of growth, hence such correction is inevitable

 

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