Technical analytics

Bitcoin market technical outlook

Cryptocurrencies

Analysis method - “Trend’s Potential”

September 14, 2018


Daily chart: Upward phase of corrective movement in direction of middle Bollinger band (6706.26) within lower bands (the range is 5936.12-6706.26).

H4: Locally an upward potential is observed, that allows bulls to reckon on the break of upper Bollinger band and growth towards the 6706.26 region.

H1: Local horizontal trading corridor within Bollinger bands (6366.77-6510.70). We can also consider bearish setup O&U, that was received on junior time-frames. Thus, the 6510.70 level is a key zone for defining of upward or downward scenarios.


Expectations:

Main scenario: Growth towards the 6510.70 area and then downward pullback in direction 6366.77.

Alternative scenario: Breakthrough above 6510.77 and further growth in direction 6706.26.

Trading recommendations:

  1. Longs towards 6510.70 and, probably, 6706.26.

  2. Shorts from the 6510.70 level.

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