BITCOIN, Priority is Upward!

26 thg 8, 2019

Current situation is clear enough: BTC moves in an upward channel. The next impulse can be caused by any exit from this channel. We already have two touches of resistance and two touches of support. Meanwhile, there is the most important resistance level at $10500, where we usually see strong sell pressure. In fact, the rollback of the upward movement didn't neutralize it, therefore, the priority is still upward. There's also another fake breakout of an upward resistance, which gives another point for bulls. Thus, despite the upward resistance, we can see almost equal peaks on top and rising dips on bottom, so the priority is long.

However, we must always be prepared for a negative outcome! Taking into account large number of fake breakdowns, for the true dump market needs not only to break through support zone, but move to $9800 - $9900 level with a shadow to $9750. Obviously we can't guarantee that the price is strong enough to keep $9800 before the further dump, we can expect a strong impulse breaking of $9800 - $9900 zone straight to $9700 and lower.

At the moment the priority of the market is a move to $10750 - $11000 zone. 83% for long and 17% for short.