Daily chart:
Bitcoin keeps two tendencies simultaneously. Overall - mid-term growth in direction of the upper Bollinger band ($5719 for a coin). Local - accumulation of potential before probable further growth. This is indicated by correction of ADX, that corresponds to absence of trending potential for impulse movement.
Thus trading tactics may be seeking for long signals at short-term declines.
H4-chart:
Local ADX shows growth, that tells about big forecast importance of the resistance 5250 at upper Bollinger band. While this barrier is unbroken, market will stay within the range of upper Bollinger bands (5106-5250). And break higher would be an important trigger for the launch of a new upward rally.
H1-chart:
Intraday it’s noteworthy, that the coin has settled above PPZ 5170, that allows bulls to accumulate purchase volume in direction of the upper Bollinger band (5310). At the same time here an activity of ADX indicator is absent as well.
Expectations:
Main scenario: Flat at the 5170-5200 area.
Alternative scenario: Growth in direction 5310.
Trading recommendations:
Longs from the 5170 level in direction 5310.
Bitcoin keeps two tendencies simultaneously. Overall - mid-term growth in direction of the upper Bollinger band ($5719 for a coin). Local - accumulation of potential before probable further growth. This is indicated by correction of ADX, that corresponds to absence of trending potential for impulse movement.
Thus trading tactics may be seeking for long signals at short-term declines.
Local ADX shows growth, that tells about big forecast importance of the resistance 5250 at upper Bollinger band. While this barrier is unbroken, market will stay within the range of upper Bollinger bands (5106-5250). And break higher would be an important trigger for the launch of a new upward rally.
Intraday it’s noteworthy, that the coin has settled above PPZ 5170, that allows bulls to accumulate purchase volume in direction of the upper Bollinger band (5310). At the same time here an activity of ADX indicator is absent as well.
Expectations:
Main scenario: Flat at the 5170-5200 area.
Alternative scenario: Growth in direction 5310.
Trading recommendations:
Longs from the 5170 level in direction 5310.