Fractal analysis on cryptocurrencies: BTCUSD for October 8th

Trading 08 oct 2019 Donner votre avis

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For the BTCUSD instrument, the key levels on the H1 scale are 260.38, 254.30, 245.34, 238.19, 230.90, 224.97, 221.17, and 213.88. Attention! At the moment, this instrument has the possibility of short-term transactions, as well as trading in correction zones from the main trend. At the moment, we are following the formation of the initial conditions for the top of October 6. The continuation of the upward movement is expected after the breakdown of 238.19. In this case, the target is 245.34 and consolidation is near this level. A breakdown of 245.34 will lead to a key development of the structure. The target is 254.30. As a potential value for taking profit, we consider the level of 260.38, near which we expect consolidation, as well as a pullback in the correction.

The corrective downward movement is possible in the area after the breakdown of 230.90. The target is 224.97 and we expect a key reversal to the top from this range, so there is a good opportunity to enter the market for purchase. The range of 224.97 – 221.17 is the key support for the upward structure. Its passage by the price will have the development of the downward structure. In this case, the first target – 213.88.

The main trend – the initial conditions for the top of October 6.

Trading recommendations:

Buy: 238.20 Stop Loss: 223.00 Take Profit: 245.00

Buy: 246.00 Stop Loss: 230.90 Take Profit: 254.30 or 260.00

Sell: 221.00 Stop Loss: 230.90 Take Profit: 214.00

Sell: Stop Loss: Take Profit:

The material has been provided by InstaForex Company - www.instaforex.com

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