Mid-Month Outlook for Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
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Applying a Gann Fan and Fib levels from the low point before the recent bullish uptrend to the high point of the uptrend reveals several support and resistance levels that have shown to be valid.

The yellow lines on this chart show the zones where price action has been directly influenced by these areas of support and resistance .Because the Gann Fan and Fib levels are still providing good signals, I would say it is safe to use them as we proceed into the weeks ahead.

At this point, price action has mostly remained above local support and has now reached the intersection of two support levels (8/1 Gann Fan line & 0.618 Fib line) marked on the chart by the green circle. We could see the price action go either way here. If these support zones hold, we could see a move up to the 0.5 fib line just above $600. Beyond that, if we break the 0.5 Fib line, we could see a move to the $630 area or the 0.382 Fib line which sits just below $650.

On the other hand, if support fails to hold, we could see a move down to the $515 area at the 0.764 Fib level.

What do you think? Feel free to comment below! If my chart has helped you with your trading, give it a thumbs up!

Good Luck,
Comment: Gann Fan still exerting its influence on price as we head into December. If BTC decides to go parabolic, it will be interesting to see how these levels affect the price.
Thanks for the outlook, The Gann Fan is an interesting indicator. Many traders pointing out the quadriple bottom in the 520s area. My outloook depends on the news, and if there will be any significant news that might adversely affect BTC, otherwise I believe the upward trend is inevitable (of course I might be off by a few months) :
Yep, had the same support and resistance lines traced here. Good to see this, feel I'm not alone. :)
The Gann Fan is a nice addition, will look more into it and let you know if any insights. Cheers
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