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.
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.
Search for sell signals at the 6511.40 area.
In case of alternative scenario confirmation, longs in direction 7238.95 are possible.