ZuluTrade Blog
Image

Market View

BTCUSD exceeded our expectations to the downside!

Monday, November 13, 2017 7:34 AM GMT

Our expectations were verified during the weekend. The pattern’s measured target was completed at 6200$ and BTCUSD continued even lower near 5800. Even if the short-term intraday bounce played well on Friday.

Reviewing the H4 TF, the cryptocurrency jumped to the upside when RSI was oversold. It is currently heading to the broken trendline (T1). Bulls need to be cautious in case of bearish rejection in this area.

H4

Heading to the hourly TF, we have noted a potential Elliot wave structure, which means we may anticipate a lower low for a possible new upside reaction. If BTCUSD records a new low then we would like to have a bullish RSI divergence to verify the wave pattern.

H1

Later today, we may prepare a technical analysis for our long-term to short-term view on the cryptocurrencies. Don’t miss it!

Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.