Long

BTCUSD market technical outlook Analysis method - “Trend Potent

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.

FortFS

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.