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Bitcoin report for 11th October.

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Bitcoin has very important resistance at 6600/6650 & we topped exactly here. This market is ready to move & holding here should trigger significant selling pressure this week to target 6500/6450 then 6325. On further losses look for 6250. Below 6200 look for 6100, 6000, 5900/5880 & the low for this year at 5780. A break above 6650 allows a recovery to resistance at 6750/6800 & this could still halt the rally, proving to be a false break higher, to shake out the weak shorts; stops above 6950. A break higher however targets an excellent selling opportunity at 7200/7250. Try shorts with stops above 7350.

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About the author

Jason Sen, founder of DayTradeIdeas, began his trading career in the options pits on the ‘open outcry’ trading floor of the London International Financial Futures Exchange (LIFFE) in 1987 at the age of 19, trading a broad range of financial futures and options on his own account. In 2001 when the trading floor closed he successfully made the transition to electronic day trading. Trading the financial markets is all Jason has ever done, every day, for over 25 years!

Jason uses this experience to advise traders at some of the largest Investment Banks and is also the leading provider of daily technical analysis to the UK's professional day trading arcades. The exact same analysis that Professional Traders follow daily is now available to Independent Traders.

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