IMPORTANT DISCLAIMER

BTC/USD 24.08.2017

BTC/USD pair has seen an increase in volatility over the last several days. One could also witness a false hit, happened on August 22. Closure of marginal market positions led to such a rapid movement. However, the recovery was fast, which once again has proved the strength of $3900 zone.

 

Technically, the situation is as follows:

$4400 resistance zone has proven strong. In case of $4400 hit and confident settling, a new rally is likely to happen.

 

  • Support zone of the $3900 zone. Despite the false hit, the support zone is still around $3900. But one should be careful since volatility is strong and short-term stop order moves might not be the best decision right now.

  • False hit. Study this movement carefully, it shows how the market works and why BTC price moves up or down.

  • The $3900-$4400 channel is likely to keep on in the coming weeks, along with buys from lower borders of the channel and sells from the upper borders. It’s a possible scenario, but on the current market, opening short positions might not be a good idea. An important factor to consider here is trading volume.

  • BTC-related news has been positive. The Segwit activation and fight for mining powers with BCH have led to an increasing news flow and growing popularity of Bitcoin.

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