IMPORTANT DISCLAIMER

BTC/USD 10.08.2017

 

Last week bitcoin world has witnessed a very important event. $2900 resistance zone that remained untouched since the beginning of June, has been hit. If you look at the day chart, you will see a clear triangle, one of the most powerful shapes in tech analysis.

 

 

To evaluate current situation we should go down one timeframe.

  1. There has been no 2900 retest. Very powerful movement + general market mood leave this level far behind. Retests of this level in the nearest days are not likely.

  2. More likely is a retest of $3200 support zone. That’s a new level that has been tested and new movements towards this level are highly probable.

  3. Potential resistance zone of $3500. Round levels are traditionally strong, but right now it is hard to tell it’s strength.

  4. News background is very strong, but news stories are on decline, that can slightly influence the price and contribute to correction in the coming week.

  5. BCC movements have slight to no influence on BTC. No correlation for now.

 

During the next week $3200 level and $3500 tests will have critical importance. Range formation and movement along the trend are both possible.

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