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Bitcoin Will be Attractive at 6200 - Chart Analysis 11/4/2017

Bitcoin has been on a tear and price action still shows a bullish trend.

In the short-term, we might see some consolidation/correction, while the medium to long-term view still looks bullish.

BTCUSD 4H Chart 11/4/2017

btcusd11042017.png

(courtesy of tradingview.com)

Here are some key levels in the short and medium-term based on coinbase exchange prices.

Resistance:     7450

Support 1:       7010
Support 2:      6770
Support 3:      6200
Support 4:      6000

I am particularly interested in the 6200 support. 

For one, I think traders will anticipate the 6000 psychological support, so it might not even make it down there. Though if it does, we should monitor price action and anticipate a rebound.

Secondly, if there is a dip, it will likely face a rising trendline around 6200. 

Finally, I am anticipating the RSI around 40 at that time, and a bullish trend should keep the 4H RSI above 40 for the most part. 

Why I Trade Altcoin/Bitcoin