FortFS

BTCUSD market technical Analysis method - “Trend Potential”

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

Local slump of the quotes took place on the
back of daily bearish divergence of RSI oscillator.There were cases in the history of this upward rally already when market didn’t give a damn to such divergences. But a feeling of overheating preserves, therefore we can consider only one more upward swing
in direction of the upper Bollinger band 9171.

At the same time current decline may head
in direction of the middle Bollinger band (7658).


H4-chart:

A bullish pinbar was formed from the dynamic
support 8519 (middle Bollinger band ), that also confirms actuality of upward scenario in direction 9171 (upper band).


H1-chart:

On hourly chart a counter-signal is present
(in relation to H4-pin) - break of the lower Bollinger band . Such setup is being traded as a rule from the middle band (8639 mark, watch the red trajectory). Thus break of upper Bollinger band ($8780) might cancel this signal (black arrow).



Expectations:


Main scenario: Touch of 8639 and then decline
in direction 8100.

Alternative scenario: Growth above 8680 and
further movement towards 9171.

Trading recommendations:


Shorts from the 8639 towards 8100.



Longs to break 8680 towards 9171.

Comments

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