Bitcoin Trading Analysis [Urgent Update] - 2nd Nov 2017 [1.30PM GMT]

Trading Analysis [Update - 1.30 PM GMT]

The draw down / retracement that we were expecting happened on the intraday charts. As expected due to RSI / Stoch getting to points of prior exhaustion, we saw a sell off from those looking to take profit. Markets opening in the US were probably to blame, causing a huge volume spike and a large sell as people took profits.

Intraday support as strong as this at 6800, could turn into a stronger daily support. Resistance too on the intraday could turn into much stronger daily resistance at 7346. This could turn into a trading range, this sell off is quite substantial and would go unnoticed on the daily.

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