Bitcoin Trend / 20-09-2017

 Expected trading for today is between 3700.00  support and 4236.00 resistance.  

The decline of bitcoin price was stopped at 61.8% Fibonacci correction level and formed solid support at 3033.00, and Bitcoin price after the bearish correction to 3000.00 level, back to the main bullish trend, moved upwards strongly and breaking 3776.00.

Note: 3033.00 level represents 61.8% Fibonacci correction ( for the rise from 1800.00 to 4980.00).

After the bullish rally, bitcoin started to show some bearish correction after it faced solid resistance at 4075.00 and trying to test 3776.00 level.

Note: 3776.00 level represents 38.2% Fibonacci correction ( for the rise from 1800.00 to 4980.00).

Now Bitcoin Price around 3850.00.

So What Next ..

• Bitcoin returns to test EMA50 to protect the price from more losses.
• Stochastic provide positive motive to push the price to breach the key resistance 4075.00.
• Breaching 4075.00 confirm the continuation of bullish trend.
• Breaking 4236.00 and holding above it will push the price to 4980.00.
• The price must hold above 3776.00 to keep the bullish trend.
• Breaking 3776.00 level and holding below it will cancel the bulish trend.

Expected trading
for today is between 3700.00 support and 4236.00 resistance.
Expected trend for today: Bullish.

Source

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