- 2017-10-29
Bitcoin (BTC/USD) is finishing its trading week near 6150.
BTC tried 6350 and it is almost closing now near the resistance line of uptrending corridor. It is still near the resistance line of the corridor and above the conversion line of Ichimoku.
There is possibility of the price going down, breaking through the conversion line, trying the support level at 5600 and even going down to 5300 to try Base line. This will mean that price is moving in the previously determined uptrending corridor.
We see that indicator’s lines are moving higher and there is new Ichemoku cloud. It means strong possibility of BTC breaking 6350 and going further up.
If it opens above the the resistance line of uptrending corridor the price may jump quickly to 6500, 6700, 7000 and even 7400. This will mean strengthening of bullish trend and its trying to form new (higher and more intensive) uptrending corridor.*
If BTC is already bought there should be put a stop-loss above Base Line of Ichimoku Cloud (at 5500 will be rather safe for now).
If BTC breaks the the resistance line of uptrending corridor at 6350 and opens above it again it’ll be a signal to buy. The price is very likely to go up quickly to form a new resistance level of bullish trend. As width of uptranding corridors of BTC sometimes is up to 1500-2000 the price will possibly reach 7500 level at the end of this week and try going higher.
*predictions are made on the basis of several indicators. Only 1 indicator is shown on the screenshots for the purpose of not overloading the chart with technical details and indicators’ lines.