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Dear colleagues, due to the fairly widespread in cryptocurrencies, the trading strategy for the cycle in them will change depending on the expansion and narrowing of volatility in hourly prices. When there is no possibility of trading in the adjustment zones of the cycle, where the price range is narrow enough, we will proceed from the initial conditions for the development of the main trend and trade from them according to the trend. If the spread is narrow, then trading signals will be indicated taking into account trading in the correction. Most likely, we will almost always trade on the Bitcoin instrument according to the trend from the initial conditions, and on the BCH/USD instrument, we will also capture correction zones as the main trend develops, since the spread allows this to be done. In this analytics, you can always find out information when we trade by trend,
Forecast for October 7:
Analytical review of cryptocurrency on a scale of H1:
For the Bitcoin instrument, the key levels on the H1 scale are: 8136.00, 8039.00 and 7634.00. Attention! This instrument is characterized by medium-term trend trading. At the moment, the price has canceled the formation of the upward structure from September 30, and we expect the local structure to be formed for the top, which should happen up to the level of 8136.38. After which, we will determine the zone for entering the market. The noise range is 8136.38 - 8039.21, and is a key support for the downward cycle of October 1.
The level of 7634.77 is the key resistance for the downtrend from October 1. However, the dimension of this structure is such that so far we do not define further goals for the downward trend, but expect the development of an upward trend.
The main trend - we expect the formation of local initial conditions for the upward cycle.
Trading recommendations:
Buy: Stop Loss: Take profit: To continue : Stop Loss:
Sell : Stop Loss : Take profit : To continue : Stop Loss :
For the BCH/USD instrument, the key levels on the H1 scale are: 257.44, 250.28, 240.03, 231.41, 216.12, 209.45 and 202.94. Attention! At the moment, this instrument has the ability to carry out short-term transactions, as well as trade in adjustment zones from the main trend. Also, in the meantime, the price is in an equilibrium state, and we do not observe pronounced initial conditions for any particular direction. The breakdown of the level of 231.41 will lead to the formation of an ascending structure. In this case, the first potential target is 240.03. The breakdown of which, in turn, must be accompanied by a pronounced upward movement to the level of 250.28. For the potential value for the top, we consider the level of 257.44, and near which price consolidation is expected.
Short-term downward movement is possible in the range of 216.12 - 209.45, hence, there is a high probability of a reversal in upward movement. The breakdown of the level of 209.45 will lead to the formation of a local structure for the subsequent development of a downward trend.
The main trend is the equilibrium situation.
Trading recommendations:
Buy: 231.41 Stop Loss: 216.12 Take Profit: 240.00
Buy: 240.05 Stop Loss: 227.30 Take Profit: 250.25
Sell: 216.12 Stop Loss: 227.30 Take Profit: 209.45
Sell: 209.45 Stop Loss: 216.12 Take Profit: 202.95
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