BITCOINS - Is this a retracement or a change in trend?
BITCOIN made an all-time high on 8 Nov 2017 at $7,900 but within the next four trading days, the price dropped to $6,200.
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, this instrument has a near-term upward directional bias and there is no evidence of a change in the trend at this point.
Based on our forecast, if the bullish momentum continues, we could potentially see this instrument reach the recent high of $7,900 and if this level is taken out, we could also see this instrument challenge $8,200 as the first target followed by $10,200 as the second target. On the other hand, if there is a sudden change of the directional bias on this instrument, we could potentially see it retrace to $5,600 as our first target level, and if this level cannot provide the necessary support, this instrument could potentially be retraced to $4,300.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
#BITCOIN #FORECAST
Investors like you may be wondering this pair's movement in the following week. From a technical outlook, this instrument has a near-term upward directional bias and there is no evidence of a change in the trend at this point.
Based on our forecast, if the bullish momentum continues, we could potentially see this instrument reach the recent high of $7,900 and if this level is taken out, we could also see this instrument challenge $8,200 as the first target followed by $10,200 as the second target. On the other hand, if there is a sudden change of the directional bias on this instrument, we could potentially see it retrace to $5,600 as our first target level, and if this level cannot provide the necessary support, this instrument could potentially be retraced to $4,300.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
#BITCOIN #FORECAST
Comment:
We hit 5600 on 12 Nov 2017!