BTCUSD market technical outlook Analysis method - “Trend Potent

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Daily chart:

Bitcoin remains to be in an uptrend. The closest actual target of growth is the dynamic resistance 9171 (upper Bollinger band ). Though from mid-term point of view there are virtually no doubts, that we’ll see the mark of $10000 shortly.


We note an important local support where we can open long-trades today. It’s 8338 (middle Bollinger band ). Correction below this mark is unlikely.


Within intraday time-frame the market stands in the horizontal channel inside Bollinger bands (8665-8827). ADX indicator resides in a weak area, therefore the main expectation today will be a continuation of potential accumulation within these borders.


Main scenario: Flat in the 8665-8827 range.

Alternative scenario: Continuation of growth towards 9171.

Trading recommendations:

Looking for potential buy signals during decline of the quotes towards 8665 and perhaps 8338.


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