ZuluTrade Blog

Bitcoin gets ready for new High?

Market View | Friday, August 11, 2017 11:00 AM GMT

Bitcoin rebounded on the major support at 3259 level (check post) and continued higher. There is a rising channel, which follows the parabolic move of BTCUSD. According to this, the next potential target is around 3550. Heading to the hourly timeframe, the resistance (R1) gave a short-term selling setup and then the price surged near all times high. If price remains above the current key level for a few hours and retests it, buyers may have a decent buying opportunity targeting 3550 level. Otherwise, we have noted two support zones, if price retraces back, where buyers could have more buying setups. Closing below 3220, it will compromise the bullish outlook.   

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