FortFS

BTCUSD market technical outlook Analysis method - “Trend Potent

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar

Daily chart:
As we see, bitcoin continues to post new records not giving a damn to the systematic divergence of oscillator. There is a high probability of testing and break of the next round level $9000, from where bulls of course will strive to reach the mark of $10000.

H4-chart:

Local ADX stands in a relatively weak zone, that allows to count on pullback to the previously broken pivot-level 8130 (middle Bollinger band ).

However the chart has attributes of “bullish flag” formation, that may drive to impulse upward movement without any pullback.

H1-chart:

The closest actual target for long-trades stands at the level of dynamic resistance 9171 (upper Bollinger band ).

Let’s note potential zones, that can be used for long-trades. These are levels 8456 and 8130. Each of them may resume an upward wave.


Expectations:

Main scenario: Testing of the 8456 mark and following growth in direction 9171.

Alternative scenario: Deeper prior correction towards 8130 and then growth in direction 9171.

Trading recommendations:


Longs from the levels 8456 and 8130 towards 9171.

Comments

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