CRYPTANALYSIS - HOUSE VIEW ON KEY ALTCOINS

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57. TECHNICAL ANALYSIS: BTCUSD (Published: 11th Oct, 2017)

Analysis

  • Bearish divergence on RSI: price moved up to test $4900 but RSI dropped subsequently
  • As a result, the price fell quickly and penetrated through the support trendline.
  • Stochastic indicator is showing a slight oversold signal, meaning that the price can move up a bit to test the trendline at around $4820 before going down again
  • Market has priced-in the upcoming forks, which led to the recent rally. Therefore, unless there is any shocking news, the price is not likely to fall significantly and form a bearish trend

Suggestion

  • Look for upward momentum when the price retests $4820 and buy in if volume confirms the upward wave
  • Else wait until the end of the second wave correction and take a safer long trade at the bottom trend line around $4700

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