ZuluTrade Blog

Bitcoin reached 161.8%, while moving parabolic!

Market View | Monday, August 14, 2017 10:53 AM GMT

BTCUSD continues to surprise traders! The cryptocurrency exploded to the upside in a parabolic move and reached the long-term Fibonacci extension target of 161.8%! What’s next? We suppose that the next targets are 200% and 261% of Fibo extensions.

Heading to the hourly time frame, any technical analysis is difficult as the price creates gaps in each move. Therefore, we can consider, as potential support, the beginning of the gap (3955).RSI (14) is forming a bearish divergence but it’s too early to confirm this.

Going to the 15m time frame, the bearish divergence on RSI (14) is more obvious while there is a weak scenario of a double top but the price has to violate 3955 to the downside for activating this pattern. If price remains above 4035-4010, the momentum is strongly bullish.  




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