Hello, dear Subscribers!
During the last week we were less active especially in TradingView and free Basic Telegram channel. The whole team was developing an algorithm and backtesting it. Moreover we adjusted analysis technique to the new market conditions and received a clear forecast for Bitcoin local price action. The algorithm and technique were tested during this week and 6 confirmation were received. We will release a new product soon which will enhance automatic and signal trading.
At the 1-day timeframe chart we can see Bitcoin's price crossed down EMA 200 on the 24th of September and failed to push back on 11th of October. This indicates a global descending trend is still in power. Price touches upper edge of the trend channel with subsequent sharp decreases. Currently the price is on the way back to the support of the fractal replication. Fractal repeatings are placed in squares at the charts. Analysis of the 1-day timeframe chart reveals the possibility of descending movement to the level around $7 731. Afterwards there should be an upward trend with gradual movements right to the border of the edge where in case of penetration rejection will be the most favorable place to open short position.
Taking a closer look at the short-term timeframe chart it can be seen that such fractal replications divide price action to sectors. Each subsequent sector can be forecasted using average trend line of the previous sector. As we can see descending local trend leads to a pump while ascending local trend leads to sudden dump after the price reaches the previous bottom. We have the same situation right now. Thus we can confirm short term decrease which should bring a gradual increase afterwards.
Conclusion:
Although the forecast is bearish and probability of the further decrease scenario is very high we still have a little chance of penetration at the point A. In case this scenario happens the price moves above EMA 200 and returns Bitcoin to the long scenario.Stay tuned to receive updates of this trading idea!
Best regards,
SkyRock Signals
During the last week we were less active especially in TradingView and free Basic Telegram channel. The whole team was developing an algorithm and backtesting it. Moreover we adjusted analysis technique to the new market conditions and received a clear forecast for Bitcoin local price action. The algorithm and technique were tested during this week and 6 confirmation were received. We will release a new product soon which will enhance automatic and signal trading.
At the 1-day timeframe chart we can see Bitcoin's price crossed down EMA 200 on the 24th of September and failed to push back on 11th of October. This indicates a global descending trend is still in power. Price touches upper edge of the trend channel with subsequent sharp decreases. Currently the price is on the way back to the support of the fractal replication. Fractal repeatings are placed in squares at the charts. Analysis of the 1-day timeframe chart reveals the possibility of descending movement to the level around $7 731. Afterwards there should be an upward trend with gradual movements right to the border of the edge where in case of penetration rejection will be the most favorable place to open short position.
Taking a closer look at the short-term timeframe chart it can be seen that such fractal replications divide price action to sectors. Each subsequent sector can be forecasted using average trend line of the previous sector. As we can see descending local trend leads to a pump while ascending local trend leads to sudden dump after the price reaches the previous bottom. We have the same situation right now. Thus we can confirm short term decrease which should bring a gradual increase afterwards.
Conclusion:
Although the forecast is bearish and probability of the further decrease scenario is very high we still have a little chance of penetration at the point A. In case this scenario happens the price moves above EMA 200 and returns Bitcoin to the long scenario.Stay tuned to receive updates of this trading idea!
Best regards,
SkyRock Signals
Trade active:
The price action has reached local top of the fractal structure after a gradual decrease during the night. The price is ready to go down again to the area of $7 731. Forecasted scenario becomes active
Trade active:
At the analysis chart you can see the forecast about upcoming price rise to point (A). It was ashared on 19th of October and 7 days after the prce action reached point (A). Currently Bitcoin will follow the second step of the analysis and will go down locally.
Overall, a new analysis including the latest fundamental foundings will be released. At the moment it is better to stick to this technical analysis until new is released
Overall, a new analysis including the latest fundamental foundings will be released. At the moment it is better to stick to this technical analysis until new is released
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