Short term Gains for Bitcoin (24hrs)
Breaking out of a bullish channel, price reacted accordingly, but still within an upward momentum in its forecast, follow support at 6380. Yet, a demand level of 6350 hasn't' been touched as of yet. I would expect price to move UP from that zone. Although we are continuing in a sideways trend (neither a bearish nor bullish) Resistance is present at the 6480 level and a strong Supply level left over from last month Oct 8th-10th from 6540 to 6570*. (*Those zones change on the Bitfinex Chart to 6590) My trade would be limit buy at 6358 & will have a stop loss at 6341 and Target 6560. A very good risk to reward ratio. I'm strictly charting a 60m Kraken chart and would take the trade on a 5 min chart. The Daily chart shows a bit more potential, but we will tackle that this weekend. Thanks for viewing!
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