Currently, we are seeing BTC test the $6000 resistance which was attempted and rejected earlier this week. The upcoming Segwit2x fork is definitely in play here as we are a little over two weeks away from the 494784 block being mined (fork block). Current projections have that happening as of 10/16/17 (Thursday, November 16, 2017, 5:53 AM - per respective reference link provided below). It is without question that the futures prices for the B2X tokens are also at play here since the forecast value (according to coinmarketcap) have these around $1000 per token.
Notwithstanding all that, from a technical perspective, BTC is in a clear uptrend channel, which at a minimum is set to test the previous ATH' with coinciding resistance around $6200, further resistance ahead is found at $6400. Below that, major support levels are found at $5700, $5400, $5000, and $4650. I expect we have a re-test of the previous all time high in the upcoming period, and given the momentum prior to the upcoming fork, it will not surprise us to see at least a minimal test of the $6400 region.
Keep in mind the channel formation as we could also see a corrective regression from the top end of the channel (if we get there) back towards the middle of the channel. Trend lines remain clear. Thanks for reading.
With almost 2 weeks until the Segwit2x fork still left, and given the momentum we have seen play out these days, it will not surprise me to see us cross $7000. Albeit, there is a strong psychological resistance at that level. However, if we are able to cross that, and given the speed of the crypto markets, it would not surprise us to see us aim for $8000 in the event we cross the aforementioned level with force. It is more and more apparent that the market is telling us - no correction prior to Segwit2x - unless that somehow gets derailed in the process leading up to the event.
Hi eag09, just wondering how you got those dash lines. Is it an indicator? Thanks for replying. Newbie trader here.
eag09
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@ravioliren11, Thanks for reading. No such thing as a dumb question, we're all learning here.
That's just horizontal lines based on what I saw as support/resistance at the time of posting. I edited the horizontal lines as dashes for ease of viewing purposes. Keep in mind that the $6400 line was resistance, which got tested several times, finally broken, and has now become minimal support, at least for the time being. We'll see how the week ends up being. I think we're heading for $6900 at the least, but time will tell. Just gotta see what the market and charts tell us.
ravioliren11
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@eag09, Not sure if thats gonna show. Be my first time. I'll reply further when i see the chart lol
ravioliren11
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@ravioliren11, Okey i see it. Anyways, i do believe in btc is rising without volume support. It's gonna drop soon but just not sure which is top hence i havent shorted yet. Im just waiting for a clear signal.
eag09
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@ravioliren11, Yup, its been like that in the past and continued to rise before, so definitely not the first time that it would happen if it continues to rise. We just have to keep a sharp eye, be patient and let things unfold.
ravioliren11
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@eag09, U reckon which is top? Seems to me whales just driving price before segwit2x comes. Not only that with all this news about btc..Agree on be patient and let things unfold.
eag09
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@ravioliren11, Your guess is as good as mine in this market. There's whale activity without a doubt, that's why you gotta know your place and not try to time anything or go against them, as both could be recipes for disaster. It wouldn't surprise me to see a dip before the fork though, minor correction before a higher rally could be possible. Let's see how it plays out.
RahulBarua
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Thanks for TA . where is your Stop loss for 6900 ?
I am getting shaky hands and i think have a tight stop loss
eag09
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@RahulBarua, Thanks for reading. I haven't set up any stop loss. Just trying to read the market and flow with it. Timing the market is impossible and anyone that tells you they can do that is lying to you. Going long into the Segwit2x fork and will be starting to monitor the charts much more closely as the fork approaches. Again, this is just my opinion. You should always do your own analysis and flow with what you see. It is your money at risk after all. Hope this helps.
RahulBarua
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@eag09, Thanks understand. chickened out at 6630 waiting for a dip or good candle .
I was also thinking on lines of no stop loss . looking at the bigger picture .