Analysis method - “Trend’s Potential”
August 13, 2018
Daily chart: Upward correction is possible in direction of the middle Bollinger band (7238.95), however, we have to remember, that market keeps mid-term downward tendency in direction of the lower band (5848.15), that makes long-trades very dangerous.
H4: Locally bitcoin keeps horizontal corridor within Bollinger bands (5995.05-6511.40) so far.
H1: Upward dynamics in direction of the resistance 6511.40 preserves, where new sell signals can appear.
Expectations:
Main scenario: Touch of the 6511.40 area and then slump in direction 6200.19 and 6157.73.
Alternative scenario: Breakout above 6511.40 can drive to continuation of upward correction in direction of the 7238.95 handle.
Trading recommendations:
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Search for sell signals at the 6511.40 area.
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In case of alternative scenario confirmation, longs in direction 7238.95 are possible.
