Top Menu

06.04.15 – Bitcoin – Weekly Preview

Price at Bitfinex testing 100MA support | Daily time interval

On the long side: Previous week’s near term resistance at $262 has been tested once and proved adequate. Up to the time of writing, $262 serves as temporary resistance (orange dashed line). A successful continuation will find resistance at $267, which is the confirmed reversal from 24.03.15 (red dashed line). Upper target is estimated at $271, which is the 23.03.15 rejection point (purple dashed line).

On the short side: Recent market action has established temporary support at $254 (green dashed line). A reversal below will possibly test $250 intermediate support (white dashed line). Our models suggest that a strong continuation may increase the possibilities of testing $245 breakout support (light blue dashed line). Near term support for this week rests at $240 (blue dashed line).

060415 - Bitfinex - BTCUSD

06.04.15 – Bitfinex – Daily Candlestick Chart

Overall: Market provides small signs of improvement but light reversals may materialize before any significant break to the uspide. RSI is steadily ascending along with the market. A break above <53 may support prices further. MACD has confirmed a positive cross and has the potential of continuation but it is still under negative pressure. Finally, Stochastic is overbought for the past four days. If it remains elevated, additional sideways movement may be expected.

Possible Scenarios:

Long: On appropriate confirmations – Potential Target $271

Long Target Breakdown:

  1. On a confirmed signal above $262 – Price Target $267 | Probability: 29%
  2. On a confirmed signal above $267 – Price Target $271 | Probability: 24%

Neutral: Price Range $254-$262

Short: On appropriate confirmations – Potential Target $240

Short Target Breakdown:

  1. On a confirmed signal below $254 – Price Target $250 | Probability: 24%
  2. On a confirmed signal below $250 – Price Target $245 | Probability: 29%
  3. On a confirmed signal below $245 – Price Target $240 | Probability: 36%

Our Stance: Neutral to short.


Price at Bitstamp testing 100MA support | Daily time interval

Possible Scenarios:

Long: On a confirmed signal above $262 – Potential Target $272 | Probability: 32%
Neutral: Price Range $254-$262 | Probability: 29%
Short: On a confirmed signal below $254 – Potential Target $241 | Probability: 39%


Price at BTCe testing 100MA support | Daily time interval

Possible Scenarios:

Long: On a confirmed signal above $257 – Potential Target $270 | Probability: 32%
Neutral: Price Range $250-$257 | Probability: 29%
Short: On a confirmed signal below $250 – Potential Target $234 | Probability: 39%


Price at Kraken testing 100MA support | Daily time interval

Possible Scenarios:

Long: On a confirmed signal above €237 – Potential Target €253 | Probability: 32%
Neutral: Price Range €230-€237 | Probability: 29%
Short: On a confirmed signal below €230 – Potential Target €214 | Probability: 39%


Price at OKCoin testing 100MA support | Daily time interval

Possible Scenarios:

Long: On a confirmed signal above ¥1616 – Potential Target ¥1674 | Probability: 32%
Neutral: Price Range ¥1572-¥1616 | Probability: 29%
Short: On a confirmed signal below ¥1572 – Potential Target ¥1490 | Probability: 39%


Price at Huobi testing 100MA support | Daily time interval

Possible Scenarios:

Long: On a confirmed signal above ¥1621 – Potential Target ¥1676 | Probability: 32%
Neutral: Price Range ¥1573-¥1621 | Probability: 29%
Short: On a confirmed signal below ¥1573 – Potential Target ¥1492 | Probability: 39%

 

© 2015 – Cryptoalerts.netTip Me With ChangeTip

, , , , , , , , ,

No comments yet.

Leave a Reply