BTCUSD the moment that we waited for
Updated
In previous analysis we talked about the Descending triangle which was formed at the 1-day chart up from the previous triangle observed in April. Technical analysis of the chart showed a positive scenario for BTC price upward movement at that moment.
The moment when the price should do a breakout has come. Previously when it came closer to the edge of the triangle it declined sharply, however at this moment the price is at the local support level. So it will be a very bad sign for the future price movement if it fails.
The technical status of Bitcoin became a little bit worse from the previous analysis. According to Stoch RSI it is neutral now but is going to hit overbought zone. Nevertheless major trends and patterns remained the same positive.
We forecasted that breakout should happen at the 4th of October, however in the subsequent updates we mentioned that there should be a decrease to the support zone instead of it and the breakout should be expected between the 9th and 11th of October. It seems like today we will see it happens.
The price can break upward as well as downward. We forecast that with a much higher probability it should go up due to a formed local uptrend which is situated at the support level.
Trading BTC is very risky until the uncertainty about tomorrow's day trade candle value is eliminated. At the same time Alts make small bounces after recent BTC sharp decrease. This can be used for short term scalp trading.
Tomorrow the mood of the market will become clear. In both cases: positive or negative, our trading team knows how to earn money from it, stay tuned, be strong !
Sincerely,
SkyRock Signals team
The moment when the price should do a breakout has come. Previously when it came closer to the edge of the triangle it declined sharply, however at this moment the price is at the local support level. So it will be a very bad sign for the future price movement if it fails.
The technical status of Bitcoin became a little bit worse from the previous analysis. According to Stoch RSI it is neutral now but is going to hit overbought zone. Nevertheless major trends and patterns remained the same positive.
We forecasted that breakout should happen at the 4th of October, however in the subsequent updates we mentioned that there should be a decrease to the support zone instead of it and the breakout should be expected between the 9th and 11th of October. It seems like today we will see it happens.
The price can break upward as well as downward. We forecast that with a much higher probability it should go up due to a formed local uptrend which is situated at the support level.
Trading BTC is very risky until the uncertainty about tomorrow's day trade candle value is eliminated. At the same time Alts make small bounces after recent BTC sharp decrease. This can be used for short term scalp trading.
Tomorrow the mood of the market will become clear. In both cases: positive or negative, our trading team knows how to earn money from it, stay tuned, be strong !
Sincerely,
SkyRock Signals team
Trade active
When the next day trading candle appeared the market sharply went down. People are not ready to break the price upward. Nevertheless the situation became worse the forecast is still in power. Decrease can be observed in the short term as BTC was overbought. Stoch RSI is going to hit oversold zone and we expect a rise soon.The best scenario for now is a quick bounce back and consolidation around $6 500 zone. Trend reverse is delayed and the price will fluctuate in $6 000 - $7 000 interval.
Negative scenario is more probable now. The price will consolidate between $6 050-$6 400 and can go to $5 850 level again
Note
In the recent analysis we forecasted that BTC will fluctuate between $6 000 and $7 000, and then will consolidate around $6 400. As we can see today was impulsive breakthrough an the price penetrated upper side of the descending triangle then it consolidated at the edge of it around $6 400. We can recognize that BTC uncertainty level is very high right now, but current price movements are positive and we can call it a comeback to the positive scenario. Alts will recover soon too
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