Source: Forex Analysis
BTC has been trading upwards. We noticed that was the up breakout of the 9-day base in the background, which is sign that buyers are in control. Our advice is to watch for buying opportunities on the dips.
Pink rectangle – Resistance $8.786
White lines – top and bottom of the sideways trading range
BTC did break the 9-day base in the background and on that way confirmed the upward momentum.. According to the daily time-frame, BTC is trading one-timeframe higher, which is sign of the upward trend. We noticed that BTC did trade sideways near our Keltner channel middle line and that potential ABC down downward correction did complete in the background. Important support level is found at $8.100. As long as the BTC is trading above $8.100, ur advice is to watch for buying opportunities on the dips with the target at $8.786. In case of the breakout of $8.786, next upward target will be set at the price of $9.068.
The material has been provided by InstaForex Company – www.instaforex.com