Below you will find our Weekly Preview Report.
Price at Bitstamp Below Technical Resistance (issued on 10.11.14)
On the long side: The Upper 20MA BB at $377 serves as technical resistance. Price needs to overcome this level with good volume. A confirmed break above this point may increase the possibilities for reaching temporary resistance at approximately $391. If price manages to pierce through the latter with conviction, then the $410 upper target could be visited.
On the short side: The latest breakout from the $359-363 area serves as a temporary support. It is estimated that a breach below this level may possibly increase negative momentum, leading price to visit the $347 near term support or below.
Overall: All our model indicators have been aligned upwards, supporting the recent rally. This is quite healthy and may possibly support price to move even further. Only the Stochastic reveals signs of temporary exhaustion, but this is not yet worrisome, as the rally has been a bit quick, especially during the last two days. A good signal of continuation would be for the latter to remain elevated above the 80.00 area. Finally, any possible negative divergences shall be noted and not ignored.
Possible Scenarios:
Long Price Setup: On a confirmed break above $377 - Price Target $391
Neutral Price Range: $363-$377
Short Price Setup: On a confirmed break below $363 - Price Target $348
For frequent updates and observations feel free to follow our Twitter account: twitter.com/Cryptoalertsnet
© 2014 - Cryptoalerts.net
Price at Bitstamp Below Technical Resistance (issued on 10.11.14)
On the long side: The Upper 20MA BB at $377 serves as technical resistance. Price needs to overcome this level with good volume. A confirmed break above this point may increase the possibilities for reaching temporary resistance at approximately $391. If price manages to pierce through the latter with conviction, then the $410 upper target could be visited.
On the short side: The latest breakout from the $359-363 area serves as a temporary support. It is estimated that a breach below this level may possibly increase negative momentum, leading price to visit the $347 near term support or below.
Overall: All our model indicators have been aligned upwards, supporting the recent rally. This is quite healthy and may possibly support price to move even further. Only the Stochastic reveals signs of temporary exhaustion, but this is not yet worrisome, as the rally has been a bit quick, especially during the last two days. A good signal of continuation would be for the latter to remain elevated above the 80.00 area. Finally, any possible negative divergences shall be noted and not ignored.
Possible Scenarios:
Long Price Setup: On a confirmed break above $377 - Price Target $391
Neutral Price Range: $363-$377
Short Price Setup: On a confirmed break below $363 - Price Target $348
For frequent updates and observations feel free to follow our Twitter account: twitter.com/Cryptoalertsnet
© 2014 - Cryptoalerts.net