Course overview bitcoin — Restore short-term growth (16.04.2018)
This is our first publication on the SWT method on this resource, so the text will be somewhat more lengthy and detailed.
The main trend in the cryptocurrency remains up (figure 2 in the right column of the digital indicator in the upper left corner of the chart to the main trend — Basic)), correction is on the long-term trend (-1 digital display), it comes in the form of medium term downtrend (figure -2 digital display), but the purpose of corrective decline to $10703,93 long ago met and exceeded. Panic selling of bitcoin wore excessive and stopped at the cluster supports $5944,82, which started with the recovery.
At the time of printing graphs in the recovery process involved short-term uptrend with the upside target of $12743,29. The local pattern of movements look at the chart time scale.
Market growth in the last two weeks determined local uptrend, and last weekend, the quotes came in the confidence interval of the objectives of the local trend defined by the levels of resistance $8216,10-$8628,76, which began quite expected correction (Since the objectives of local growth).
Local trend — the trend week cycle. Correction for it is usually held in the framework of the trend day cycle, and the correction range at the time of printing graphs defined key channel trend of the day $7858,27-$8405,60.
Breakthrough the upper boundary of the key channel will continue to implement the scenario of short-term growth with a target of $12743,29 the breakout of which will continue the growth of quotations already in the medium-term trend with a target at $14065,51. This scenario is a priority.
Break of the lower border of the channel key $7858,27-$8405,60 with the boundary of the confidence interval at the level of $7724,25 to suspend the development scenario, short-term growth of crypto currencies, but most likely will not cancel future higher valuations.
In terms of trading tactics currently we need to wait for the retracement in the daily trend to resume buying bitcoin. Pending orders to buy in the range of levels of support $7724,25-$7858,27, but with the restored growth in the short-term trend, the market may not reach this range, turning up the levels of higher prices. In this case you need to buy on signs of reversal, we have to perform this task trading robot, analyzing the status and direction of the market trend of younger levels of the hierarchy — of-day, intraday, hourly and intra-hour trend trends.
Resistance levels. 8216,10, 8405,60, 8628,76, 12743,29, 14065,51, 19421,20.
Support levels. 7858,27, 7724,25, 7054,87, 6422,80, 5944,22.
1. Given the levels of support and resistance are a calculation of the mathematical expectation of the objectives of the movement of the market. The real purpose may differ due to variance (spread) of possible values.
2. The terminology given on the website with a description of the SWT method.
Market analysis made on the basis of the SWT-method
Author: Nicholas Skrigan, Ph. D., project analyst Coinspot